Investing in a property or buying a property is no joke, as people put in their lifetime savings in it. While buying an old property there are more than usual questions that are to be asked to oneself. Here is a checklist that should be considered before buying an old property.
Legality
Ensure that there are no other claimants to the proeprty. Check whether the proeprty has joint ownership, and if yes, ensure that all co-owners have authrised the sale. Seeking the property titles along with original documents will help in knowing if the existing owner has bought the proeprty on resale. In case any of the documents from the chain of titles is not stamped as regulated, the banks might refuse to offer a loan for the purchase of a resale property. This is one of the msot improtant points that is to be considered while doing any such transaction. Although it is extremely time consuming, still worth investing time for secured and safe future transactions.
Dues, if any
Next very important point is to see if it is a disputed property or not. One should make sure that the property is free of all legal dues at the time it is being sold in resale. Any known or unknown discrepancy can be a cause of dispute at a later stage. Copy of title documents including sale or conveyance deed in case it is a third or fourth resale should be converted in the name of the present seller on a priority basis. Even the small details should be checked, failing which the new owner can land in trouble.
Checklist for Resale properties
1. One might have difficulty in seeking a loan if the resale property is older than 10 years.
2. Receipts of payments made to the developer and builder-buyer agreement are needed.
3. A possession letter from the developer to the original allottee is a must to buy a resale property.
4. To find out the exact reason behind selling the property is extremely important.