This is the typical checklist.
Checklist For Buying A Property
Below mentioned is the checklist for buying a property with brief explanation:
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.
2) Agreement :
Check the serial number of flat, floor is clearly indicated in the agreement;
Carpet area/built-up area and purchase consideration of property is clearly stated;
Floor plan of the specified property is annexed with the agreement;
All the amenities (type of construction, floorings, doors, windows, sanitary, water
supply, electrical fittings, etc.) are clearly specified;
The agreement is duly stamped and signed and lays down a payment schedule.
Original stamped receipts and previous sale/conveyance deed in case of resale properties;
3) Title clearance certificate :
Obtain a title clearance certificate from the advocate certifying that the property intended
for purchase is unencumbered and has a clear marketable title.