Checklist for buying resale property

Checklist for buying resale property

Checklist for buying resale property

Property buyers always have two options: a new house or purchase from the resale market. Looking at the current state of delays in approvals and possessions, many industry experts suggest that entering the resale market might prove beneficial. However, while making a purchase from the resale market, one should keep in mind that it offers its own challenges, checklists and areas of precautions.

While buying a resale property , one should:

  • Check all the documents related to the registration of the property. If required, take legal help for verification of the papers.
  • Confirm the debt status and that the property has all the required approvals from the authorities.
  • Make sure that there are no outstanding bills, for instance, property tax, water charges, society tax and electricity bills.
  • According to the condition of the property, take into consideration the amount that will be spent on repairs and renovation.
  • Check that the property does not have unauthorized extensions.
  • Verify the original sale deed, certificates of completion, occupancy and No Objection Certificate.

Buying a resale property can be beneficial as it is highly open to negotiations. Moreover, in case of resale properties one does not have to worry about location, neighbourhood, nearby amenities etc. as all of these factors are already established and one can easily verify them. For properties on sale in your area visit: http://www.makaan.com/search-property .

Last Updated: Fri Jun 07 2013

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