Tips on Buying a Resale Property
Resale property is a good option for buyers who do not want to wait 3 to 4 years to get possession of their property. To ensure that you are not duped of your hard earned money, it is advisable to do a thorough research about the property. Before purchasing a resale property, there are a number of legal documents and checklist that a buyer needs to take care of to avoid any problems in future.
You can opt for a resale property that is already registered with the local authority or is unregistered as in the case of Delhi/NCR where a property is registered only after its completion. Here is a checklist that you need to take care of based on its registration status:
Unregistered Property:
1) Builder Buyer Agreement: Builder Buyer Agreement is one of the most important documents that you need to check while buying an unregistered property. Builder Buyer Agreement contains details about the building, the payment mode, time of completion of the project, size of the apartment, towers and approvals, to name a few. Builder Buyer Agreement is signed by the both the parties.
2) Ledger: Ledger is another important document that you should check when buying a resale property. By checking the ledger, you will be assured that the resale property is cleared of all dues and there are no outstanding dues remaining.
3) Receipt of Payments Made Till Date: The next important document that you should check while buying a resale property is the receipt of payments made till date. This will give you a clear idea about the payments that have been made and also the dues that have not yet been cleared.
4) Checklist for Unregistered Property: Apart from the legal documents, you also need to check that the resale property has received all the legal approvals in order to avoid any problems in the future. It is essential to ensure that all the layouts and the plans have been approved by the concerned authorities prior to buying the property.
If you are planning to buy a property that has already been registered, keep in mind the checklist below:
Registered Property:
1) Registration Document and Possession Letter: Prior to buying a registered resale property, make it a point to check the registration document of the property. The documents related to the registration of the document should be available. Apart from the registration document, you should also check the possession letter issued by the builder of the resale property.
2) RWA Dues: This is another important point that you should keep in mind while buying a registered resale property. Ensure that all the property taxes have been paid and there are no dues left. There should be no outstanding bills like property taxes, water charges, society bills and electricity bills. Apart from the RWA dues, get a no objection certificate from the respective authorities prior to buying a resale property.
3) Checklist for Registered Property: Apart from the above mentioned legal documents, make sure that the property is free of all debts. In case the property is under debt, check whether approval from the appropriate authority has been taken. When buying a registered resale property, you will have to pay transfer charges.
These are some of the points that you have to keep in mind while buying a resale property so that you get a fair deal. A thorough research before purchasing a resale property will give you peace of mind for years to come.
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