Important Points & Documentation to be Kept in Mind while Purchasing Property
While purchasing property from private builders, construction & real estate companies one has to book the property by paying a registration amount and thereafter periodic installments for which the company gives you a proper stamped receipt, allotment letter and sale agreement on your payments. Keep in mind the details of building plan, layout, carpet area, built up area, super built up area, facilities, maintenance, parking and other charges, escalation & handover clauses. At times it is advisable to purchase private property through consultants, brokers & agents who give you better discounts than the company. However you must take note that whether the discounts offered and the broker’s commission is indeed to your advantage and satisfaction. Checklist for customers starts from verifying the conveyance of property title, license, development rights, authority approvals, clear and marketable title of the project & builder. Always ask for occupation & completion certificate and ensure the registration of conveyance deed after you pay the entire payment.
People purchase property for either residential or investment purposes, it is highly advisable not to purchase property in haste but rather after careful survey & planning. Property to be purchased could be of following types namely a plot to construct a house, ready-made constructed house, flat allotted by city/town development authority, flat allotted by private builders, construction & real estate companies receiving payments in phased manner, property on resale and commercial property.
Visions Ahead provides professional & personalized services with humane touch perspectives and offers best options through our liaison & land banks which include real estate companies, developers, investors, valuators, financers, banks, estate managers and landlords. Our transactions are completely candid and transparent and we share every minute details with our clients keeping them in complete loop. We build relationships through clients satisfaction and ensure they are for a lifetime. Since the real estate is one of the fastest growing market in India, we encourage NRI’s and HNI’S to invest here from among the plethora of suitable viable options available with us for housing, commercial and corporate needs. We are here to guide you at every step in your real estate sourcing needs, finalizations, deeds, documentations, transactions, registration, and handover and after sale services. Visions Ahead understands the value of your hard earned money and investments and advises you as one of its own.
We at Visions Ahead have a deep rooted understanding to the need for a perfect place to live and work in harmony, be it a house, office or industry and so cater to all with matching solutions in real estate while buying, selling, renting land, building and Housing. For us every client in need for shelter is god sent and deserves ample attention as per his needs. Visions Ahead helps you in taking better and viable real estate decisions through our extensive and diverse valuations of assets among ever changing market value projections .We also have tailor made arrangements and deal in attached and multi dwelling units be it apartments, multi family houses, factories, industrial units, plots, terraced houses, condominiums, cooperatives and duplexes .
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If you are buying property on resale from previous occupier ensure that the earnest money paid is not more than five percent of the total agreed cost to be on the safer side. An agreement to sale is prepared on a stamp paper where all terms and conditions of the agreed contracts are documented. It is most secured to register the agreement of sale in case amount is more. Duly notarized Stamp papers of hundred rupees are generally used for small earnest amount payments, but there is a risk factor of the court accepting or not accepting the same in case of a seller default & dispute as it’s a unregistered agreement to sale. This contract agreement to sale contains all the details of the property, ownership rights as per the lease deed. Help of experienced real estate consultant’s like Visions Ahead, lawyer and authorized registration agents is recommended as large number of crucial documents are required to be verified, prepared and processed legally as lease deed, will, future liability, certificate of clearance and NOC from electricity, water, society offices along with Possession certificate and house tax applicability. At this stage all original documents such as allotment letter, payment receipts, registration documents of the seller, electric meter installation and any intermediate transaction details and related documents if the seller is not the allotee must be taken over by the buyer. This para should be included in the documents relating to agreement to sale.