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Preliminary Checks to Carry Out before Buying the Property of Your Dreams: An Extract from ‘How to Buy a House’

Deciding to purchase, determining your choice and then sorting out the fine print and getting into the nitty gritty of buying a house may seem daunting at first. However, approach the exercise scientifically and make sure you are driven by facts and information. After all, it is your money, your property and your lifestyle that is at stake. The best way to ensure that you have made the right choice is to do your own research. Use the data that is available online and in print and then go and check the sites on your own. Take charge and move forward. You will find that being armed with the right information can make the whole exercise enjoyable and fulfilling.

Here are some tips to guide you in buying the property of your dreams:

  • Check for proper conveyance of title in favour of the builder, i.e., the property title should be in the developer’s name.
  • Check the licence/development right/approvals from municipal and town and country planning departments in the city.
  • Check clear and marketable title of the project— does the developer have the right to develop and sell the project?
  • Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
  • Ensure whether reputed financial companies approve the project—this will help you in getting financial loans. Normally developers tie up with financial institutions to lend to the retail buyers. If your bank is not registered, you may have to secure all the papers from the developer and get the processing done individually for your loan.
  • See the tentative layout/building plan provided by the builder.
  • Ask for occupation/completion certificate if you are purchasing a completed project where possession has been handed over.
  • Finally, ensure the Conveyance Deed is registered after the entire payment has been made. This ensures that the property titles are in your name. If there is a loan from a financial institution, this property will be hypothecated to the bank until the loan is repaid.

Buy E. Jayashree Kurup’s helpful guide to bagging the house of your dreams here.

How to Buy a House_Front

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