Whether you are up to buying a property for residential or commercial purpose, the task is always challenging. Even if you are a veteran in property transaction, your job would not be easy at all. In most cases, property deals are taken up with the aid of professional help. To ease out your task of property purchase, the following check list would help you to a great extent during the real estate search.
As a buyer you are recommended to study the general market trends. This would help you to get a clear idea of the prevalent prices of the units similar to the one you intend to buy.
From the seller get the photocopies of all the deeds of the property. You are advised to get in touch with a good advocate to receive some legal opinion. Ascertain few important details like survey number, registration district of the property, village and such that are required during the registration for sale. Make sure that all the encumbrances and loans taken on the property are met. In fact, the title of the vendor should be clear and ready to be marketed.
Check the approved plan. Many properties are built in deviation of the approved plan. So, before buying always check out the number of floors and the square footage mentioned in the approved plan.
You should also take notice of the clearances provided by the municipality, pollution, water, electricity and lift authorities along with fire and occupancy certificates.
Make yourself aware of building by-laws of the area in order to verify infringements with respect to setback, side setback, height, square-footage and such.
Find out the total amount you have to arrange as you have to bear many hidden duties like transfer fees, registration charges, stamp duties, other outgoings like the property tax, water, electricity charges, society charges, maintenance charges and other such.
After you have made the payments you may, get the legal possession of the property along with original documents of the title from the property vendor.
Put your name as the name of property holder in the records of the society, electricity company, municipal corporation, Index II and such.
To make the real estate search more accurate,check the plumbing systems, water faucets, drainage and sanitary fittings.
Inspect the electrical systems, the circuit breakers, capacity of the electric meter, wires, functioning of light fittings and such.
Check the paint work of the ceilings, roofs, walls, and such.
Have a look at the foundation, basement and visible structures.
Above all, ensure the structural stability of the building.
For a successful real estate search appoint a good realty agent, one who knows in and out of the real estate market trend. A good real estate investment churns good profit.
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