Buying a property is arguably the biggest investment one makes in his/her life. Hence, one needs to be completely sure of what they are putting their money in, so there are no future risks. If you are considering buying an old apartment but are faced with several questions, here is a checklist you might want to consider:
Legal
Though tedious and time consuming, one must go through elaborate legal formalities and paperwork in buying an old apartment. Atulay Nehra, Legal and Investment Consultant, Magicbricks Bureau says, “It is crucial to assess whether the seller is the legal owner of the property or not. All documents must be properly registered in the government records”.
“The title of a resale property must be clearly defined. Purchase agreement, sale deed, No Objection Certificate (NOC) from the society, copy of builder-buyer agreement and the documents establishing the chronological chain of ownership are the basic documents you need to have before buying an old property,” adds Nehra.
Before buying an old property, ensure there are no dues on the property from electricity, water and property tax department is a must. While the maintenance, electricity and water dues can be checked from the builders and the society, tax can be checked from the revenue department.
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Finance
Since the apartment is being bought from an individual and not a developer, checking the financial history of the apartment is crucial. It is important to keep track of all the financial transactions that have taken place.
“If a bank had offered financial support to the seller for buying the property, NOC from that bank is required as well,” says Nehra.
One must also consider the cash component that sometime prevails in such deals.
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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23
E-mail: mchithane@gmail.com
MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23
E-mail: mchithane@gmail.com
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