How to Buy a Resale Property?
Bangalore: The most important advantage of buying a resale flat is that it should be in a strategic location where there is no new supply. If one has enough cash to dispose without relying on a home loan, buying a home even if it is 20 years or more old can be a good investment. But the property must be in a high demand location with low or no new supply as this would mean that the project would come up for redevelopment, thus ensuring a profit, reports Economic Times.
Essential Documents and procedures:
All the requisite documents that are relevant during the sale of primary residential property would be needed for resale property transaction as well. The resale property seller should have all the original copy of the documents when selling the property.
Adding to it, the original copy of sales deed and the society share certificate is also necessary during the process or else the property transaction cannot be carried out. The buyers need to keep in mind that mainly for resale property, re-registration and proper transaction are most important. Other vital documents that are required for the registration are society letter with the details about the year of construction, built-up area of the apartment, number of lifts and the number of floors in the building.
Apart from these documents, there is a need for an assessment bill from the municipality, a NOC (non-objection certificate) from the Collector-only if the property is under Collector’s land, a property card copy and payment receipt for registration fees. Moreover, it is always better that the buyer of the resale apartment asks for a proper ownership history from the seller.
After arranging all the documents, the local registrar will check the genuineness of all the documents. And, if the buyers are borrowing money from bank to buy the resale property then bank will perform their due diligence before providing the loan.