However, cash property buyers can simplify the home buying process by dedicatedly resolving all their queries related to buying property. It is also important to take note of the prevailing market conditions, as these can generate a genuine insight into short-term trends and help prospective cash property buyers gain a feel for what they will need to pay to achieve their goals.
Here is a list of frequently asked questions related to buying property:
What are the documents that one needs to check before buying a property? :
Before buying a property, one needs to check the following:
Proper conveyance of title in favour of the builder
License/development right/approvals of the builder
Clear and marketable title of the project
Ensure execution of proper Allotment Letter/Sale Agreements on your payments
The tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference between plinth area and carpet area is reasonable.
Ensure whether reputed financial companies approve the project. This will help you in getting financial loans
Ask for Occupational/Completion Certificate
Ensure the Conveyance Deed is registered after the entire payment has been made
Check Deed of Conveyance, Mutation Certificate (for complete property), Land Registration Status, Search Report, Sanction Plan and Payment Schedule (for under construction).
Go through all the documents related to the origin of the property, chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, fire safety and Completion Certificate
For re-sale property, check demand notice related to renovation, tax dues and latest receipts of payments made towards various out-goings including water, electricity and ground rent.
What are the things to actually look for when zeroing in on a house? : Budget, type of property, location, objective of buying and choice of property are the determining factors for purchase of property. Real estate values are generally governed by demand and supply. This may vary on a project to project basis. The projects which see good demand usually do not see a price correction.
These are the most frequently asked questions which will help the first-time property buyers in resolving their real estate queries.