I have never purchased property and know nothing about it. Looking to purchase a flat from a well established big builder making a community of 1000 flats in uttarkhand. I live in Delhi currently and all my identity documents are of Delhi. Can you please guide me on the dos and donts of the purchase? What papers will the builder want from me? Identity documents? PAN and adhar? What agreements need to be signed? What should I check about the legal status of the flat before purchase? I will not require a loan, so we can omit any discussion on loan.
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Hello,
You will have to sign a builder buyer agreement which the builder will give you also known as BBA, after signing that you will be required to pay the amount as asked by the builder. The builder will ask you to give your PAN, AADHAR and one more ID.
Regards
1) contact a local lawyer
2) take 30 years title search
3) check whether title of builder is clear and marketable
4) apply for bank loan
5) bank would do due diligence and then only sanction loan
6) even if you don't need loan apply for loan . it would dissuade builder from selling flat to multiple purchasers
7) agreement for sale would be entered into wherein you agree to make some down payment and pay balance amount inX period . Check whether plans are sanctioned by municipal corporation
8) registered sale deed is entered into between builder and flat purchaser
9) builder can offer possession only after issue of OC
Checklist For Buying A Property
1) Land titles/ construction permits/ Approvals from authorities :
2) Agreement :
3) Title clearance certificate :
4) Income Tax clearance (37-I and 230 A):
5) Stamp duty and registration:
6) Society clearance and membership:
7) Taking possession of the flat:
Checklist for buying a property
1) Land titles/ construction permits/ Approvals from authorities :
Ownership of land in favor of the builder
Conveyance of property in favor of the society
Urban Land Ceiling and Regulation Act clearance certificate, if applicable
Power of Attorney executed by the landlord in favor of the developer in case it is joint
development between landlord and developer
Permission to use land for non agricultural purpose
Original plans approved by municipal authorities (total area, number of floors, etc.)
Commencement Certificate issued by municipal authorities permitting the developer to
begin construction
Occupation Certificate issued by authorities certifying that the building is complete and
fit for occupation.
However before making any agreement do get it checked and drafted by a lawyer.
Sir it requires a detail discussion.. Kindly contact me on phone for proper guidance and consultation.. You can obtain my contact no. From my profile .. Regards Hemant Chaudhary
1. Get the legal due diligence done of the flat you are proposing to buy. Engage the services of a local lawyer.
2. You need to sign the builder-buyer agreement essentially.
3. The builder will only want your address and identification proofs. The Builder-Buyer agreement will be signed in presence of witnesses.
4. The legal status will be verified in the due diligence conducted by your lawyer.
5. Same as above. The property should be free from encumbrances and the builder must have a clear title to sell off this flat to you.
Properties in the region are available in the form of villas, apartments or land with best prices, consequently attracting real estate investors to invest in the property of Uttarakhand.
The bye laws of Uttarakhand say that for non – Uttarakhand residents, they are allowed to buy land up to 300 sq. Yards (2,700 sq. Feet). There are no restrictions in buying an apartment (flat).
Visit the proposed property personally to make sure it provides exactly what you want in the way of location and proximity to amenities. Its closeness to other important areas within the town plays an important role, and hence you must choose just the right location for your holiday home.
1 Sale Deed, Title Deed, Mother Deed, Conveyance Deed
2 RTC Extracts
3 Katha Certificates and Extracts
4 Mutation Registration Extracts
5 Joint Development Agreement
6 Power of Attorney
7 Sanctioned Building plan
8 NOC from Electricity Dept. / Pollution Dept. / Water Works / Port Authority
9 Sale & Construction agreement between developer/Builder & 1st owner
10 Copy of Possession letter from Builder / Developer
11 Any Loans on Property verification
12 Sale Agreement with the Seller
13 All Paid Tax receipts
14 EC up to date for last 13 years
15 Demand letter from Vendor before disbursement
16 NOC from Society / Building
17 No Due Certificate
18 Approved Plan
19 Layout approval plan
20 Auction Sale confirmation letter from local authority
21 Release Deed if any
22 Completion Certificate
23 Occupancy Certificate
24 Deed of Declaration
Any other relevant document
Most important that you obtain a legal opinion from your own lawyer too.
