What are the documents to check before buying a resale flat in Mumbai?

Which documents do I need to submit while applying for a home loan for a resale flat?

• Agreement to Sell (ATS)
• Chain of Title or Sale Deed.
• NOC from the society or other concerned bodies.
• Share Certificates in case of societies.
• Title Report.
• Occupancy/Completion Certificate (OC)
• Encumbrance Certificate (EC)

What all to check before buying a resale flat?

Buying a resale property? Here’s your document checklist

1. Homebuyers are often misinformed about the documents involved in a resale property transaction.
2. Sale deed.
3. Building plan.
4. Completion/Occupancy Certificate.
5. Encumbrance certificate.
6. Tax paid receipts.
7. Home loan clearance document must be verified.

Is buying an old apartment a good investment?

No definitely not. Apartment reduce in its value as it ages. Unlike land that appreciates with time, apartment starts depreciating and losing its value typically after 7 years of completion. This is because the building has a definitive age unlike land.

What documents need to check before buying a flat in Bangalore?

Documents to check before you buy any property in Bengaluru

1. Reviewed by Prabhakar Shetty, practising advocate at the Karnataka High Court.
2. a) Khata certificate.
3. b) Khata extract.
4. 4) Tax paid receipts.
5. 5) PTCL endorsement.
6. 6) Land acquisition.
7. 7) Family tree.
8. 8) General Power of Attorney.

What to see before buying a plot?

There are certain factors you must keep in mind before buying a residential plot:

• Location. This is a really significant reason when you decide to buy a residential plot.
• Value of the plot.
• Area of the plot.
• Builder verification.
• Title deed verification.
• Necessary approvals by the local body.

What will happens to apartments after 100 years?

The development authority of a particular area provides land development rights to developers and sells properties for a lease of 99 years. This means that anyone who purchases a residential or commercial property will own it only for a period of 99 years, after which the ownership is given back to the landowner.

Is it good to buy 20 year old apartment?

The life of a building is normally taken as fifty years while financing a bank loan by bankers. So property value will depreciate by 2\% per year. Thus there is no harm in purchasing a property which is 20 years old.

What is Property Checklist?

Description of Property Document: R.T.C is issued by the Village Accountant. It contains details of the extent of land in a survey number or a sub-survey number, the extent of kharab land therein, the names of the present and previous owners, their respective holdings and names of the tenants.

What are the things to check when buying a property in Bangalore?

Check if it CIDCO approved, or alternately if property is old then proper CC, Plan Copy and saat bara utara (7-12 utara) documents there with seller. Check if all previous dues has been paid like (electric bill, yearly municipal charges for property, society charges) etc.

How important are the listed points in buying a property in Mumbai?

All listed points are important and should be considered in your property purchase decision, May be a 2 BHK flat in Mumbai or any other in resale deal.

What documents should I ask for when buying a resale property?

A sale deed is one of the most important documents that a buyer should ask for when buying a resale property. It records the actual transfer of ownership of the property and acts as a proof of sale. An encumbrance certificate proves that the property is free from any monetary or legal liabilities and has a clear title.

What are the documents required when buying a property in India?

This includes father’s name, address, PAN number, aadhaar number, and bank account information. It must also provide exact details of the property’s location and municipal, tehsil (administrative division) or collector’s land record number.