What should be the checklist for buying a resale properties 12 year old in Bangalore? - Quora
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However, a Khata Extract is nothing but obtaining the property details from the assessment registrar and is important at the time of property buying and acquiring trade license.
Occupancy Certificate for a constructed property: An Occupancy Certificate is obtained after the completion of a project construction by a builder. It is given only after the authorities carry out an inspection on the property. The certificate evidences that the project constructed by the builder has met all the given norms. An Occupancy Certificate will be needed at the time of property buying, seeking a home loan, before taking the property possession and for Khata transfer.
It basically confirms that the project is ready to be occupied. Without a building approval plan, a building will be deemed as an illegal construction as per the Karnataka Municipal Corporations KMC Act. The authorities sanction a building approval plan taking into consideration the zonal classification, road width, floor area ratio FAR and plot depth. One can obtain a building approval plan by submitting a set of documents such as the Title Deed, property assessment extract, property PID number, city survey sketch from the Department of Survey and Settlement and Land Recordsup-to-date tax paid receipt, earlier sanctioned plans if anyproperty drawings, 2 copies of demand drafts, foundation certificate if any and a land use certificate issued by the competent authority viz.
Furthermore the requisites of acquiring a building plan include hiring a registered architect to draw a plan that meets the applicable bye laws. Making it easier to obtain a building approval plan, the newly invented BBMP software- Automated Building Approval Plan will issue the plan within a period of just working days, provided it meets all the requirements.
A PC confirms proper construction and allows people to take possession of the property. This document is not reissued at the time of resale; however, it is passed on to the successive owner. A Conversion Certificate or a DC District Commissioner certificate is acquired to change the property status from an agricultural land use to a non-agricultural land use viz.
The Conversion Certificate plays an important role especially in cities with vast areas of agricultural land. It is issued by a competent authority by requesting the department of Town and Country Planning to issue a NOC for the conversion of such a land.
In order to get a DC Conversion Certificate, the land owner should submit various documents such as ownership documents, a photo copy of the land survey number, a photo copy of the revenue survey map of the village denoting the location of the land proposed for conversion and any other information required by the authority.
Realty tips: Builder floors good option for independent living
What are the important steps a buyer should take before buying a resale apartment or independent house? The buyer should ensure that the property has a marketable title One of the most important aspects of buying a resale property is to ask the seller for a clear marketable property title. Once you have zeroed down on a resale property, ensure that there are no other claimants for the property. Check whether the property has joint ownership and if yes, ensure that all co-owners have authorized the sale.
Seeking the property titles along with the original documents will help in knowing if the existing owner has bought the property on resale. In case any of the documents from the chain of titles are not stamped as regulated, the banks might refuse to offer a loan for the purchase of a resale property. One might also have difficulty in seeking a loan if the resale property is older than 10 years. A bank considers a loan only once the existing owner completely repays the loan and has the original documents formally released.
On the other hand, the existing owner will not be able to repay the existing mortgage until the buyer seeking the property raises a new loan. The buyer should also be aware of the amount that is to be paid to the society at the time of transfer of ownership, as some societies charge higher rates.
Loan eligibility of the buyer If you have decided to buy the resale property via loan, you should keep in mind that not all banks approve loans for properties that are older than 10 years.
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This is because the banks do not want to take risks considering the depreciating property value. Also most banks lend only if the value of the outstanding loan is beneath the value of the property. For example, if a property is worth 10 lakhs, the buyer will have to pay 5 lakhs as down payment. The down payment will likely be more if the property is older than 20 years.
Property valuation It is advisable that the buyer seeks technical expertise to evaluate the property before approaching the bank, as the bank would safeguard its interests by evaluating the property at a lower rate considering the depreciating property value in future. This makes the buyer eligible for a lower loan amount irrespective of a higher income, since the bank caps the loan amount around 80 percent of the concluded valuation.
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Ready-to-move apartment In case of a resale apartment, it is always wiser to buy a ready-to-move in property with all the amenities. There are people who want independent living space and do not want to be part of group housing," says Om Ahuja, chief executive officer residential servicesJones Lang LaSalle, a real estate brokerage.
However, builder floors have drawbacks. They do not have facilities such as gymnasium, swimming pool, security and power back-up that a number of modern society apartments have. Some realty companies which are well recognised at least in the area where they work also develop builder floors. Though this means you do not have to pay any maintenance fee either.
In locations like Mumbai, high land cost makes low-rise apartments less feasible. Most builder floors are usually developed by small local real estate players, often in collaboration with land owners, with the two sharing equity. Generally, the builder puts in money for development, while the owner contributes land.Real Estate- Tips For Buying Resale Property
As land prices account for per cent cost of a property in metro cities, the builder gets one out of four floors. In non-metros, due to lower land costs, the builder gets a bigger pie of the property. In some cases, builder floors are made by redeveloping an existing structure.
The original owner may add more floors on his own or in collaboration with a builder and sell them. Buy realty before launch, get discount If the builder floor you are buying has been developed in collaboration with a developer, the transaction involves a tripartite agreement involving you, the land owner and the builder. Most developers of builder floors are individuals or small companies. A lease, usually for 99 years, is also an option.
It all depends on terms the buyer and seller agree to. Like any property, sale of a builder floor should be registered with the local registration office after payment of duty. If the law does not allow registration of builder floors in the area where you want to buy, do not go ahead with the deal.
In some cases, sale is executed through a memorandum of understanding between the buyer and the owner who has a clear title but is yet to get the right to transfer the title. Many builder floors are available for sale through power of attorney without registration of the sale deed. In Octoberthe Supreme Court ruled that any property sale on power of attorney has no legal sanctity and immovable property can be sold or transferred only through registered deeds.
Power of attorney is a legal contract that gives the holder the right to maintain, rent, lease, mortgage or sell a property on behalf of the owner. It does not transfer ownership rights. Properties sold through power of attorney are not eligible for home loans from banks. So, properties which cannot be transferred through registered sale deeds should be avoided.