All About Buying:

General

Our Commitment to keeping you well informed.
At www.realestateonline.in we don't think of a house as just a piece of property. We see it as your home, the center of your family's life, the very special place where your children grow up, where you welcome your neighbors and friends, where your dreams come to life.
We understand what a sensitive, emotionally charged process the buying or selling of a home can be. We know that it involves one of the biggest commitments a family can make. That is why realestateonline.in professionals are totally committed to providing whatever it takes to help you through the process, to keep you well informed, and to make sure you have the right answers to the many questions that inevitably arise during any real estate transaction.

Buying Tips

• Research Is the Key
  Home sellers won't call you with an offer to buy a maintenance-free home with a wonderful mortgage. You have to find the gems yourself! Only by reading available materials, talking to friends and experts, and spending time looking at different homes, schools, and neighborhoods you will end up with your DREAM HOME.


• Make a Plan
  Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc. Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!
• Value
  The classic rule of buying the worst house in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the home to fit your needs. The saying, "make money buying a home, not selling one," should keep you focused on the long-term importance of the purchasing price.
• Create A Top 10 List of Amenities
  When shopping for a home, list the features (fireplace, fenced-in yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing "your criteria" early on will save time shopping for inappropriate homes, your top reason for buying a home should be the value you are getting.
• Get A Quality Home Inspection
  Although it is hard to believe, more people pay for inspections before buying used cars than when making the biggest investment of their lives -- their homes. Paying for a qualified home inspection before you buy a home isn't just spending "a little extra" for peace of mind; it's absolutely essential for anyone who doesn't want to spend thousands of rupees for repairs.
• Legal Advise
  Before buying property, it is advisable to appoint a solicitor to inspect the original title documents of the property being purchased. If the title is not clear, the number of complications arising in future may be numerous. For eg., no bank would provide a loan against a property not having a clear title, it may be difficult to transfer share certificate of the society in your name, selling of property will not be simple, etc.

Buying : LEGAL ISSUES

Verification of the Title of the vendor

This is the most important aspect of a purchase transaction of an immovable property and may be competently handled by a reputed lawyer/solicitor/chartered accountant etc. The verification is necessary from following three angles:
i) Validity of Title: The vendor must have a clear, valid and marketable title over the immovable property which is the subject matter of transaction. This would require a close scrutiny of documents of title produced by the vendor. The document must be a registered document.
ii) Obtaining of Non-encumbrances certificate from registrar and good title from the concerning tehsildar .
iii ) acquisition of land in any scheme by the land acquisition officer.

FAQ's:

Q Which documents are to be verified before purchase of a Flat?

A: Before you purchase a flat, you have to have a title and document search conducted by a competent advocate. It is a professional job to be done with professional assistance.

Q What is the difference between built up area, super built up area, and carpet area?

A: Carpet Area: This is the area of the apartment/building which does not include the area of the walls.
Built up Area: This includes the area of the walls also
Super Built up Area: This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.

Q What are all the important documents one should check before buying any property?

A: If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.

Q In whose name is the stamps required to be purchased?

A: The stamps are required to be purchased in the name of any one of the executors to the Instrument.

Q What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?

A: Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher.

Q Who is the appropriate authority for knowing the market value of the property?

A: The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property or the collector of the district.

Q What exactly do we mean by a Freehold property (Plot or a Flat? What are the advantages and disadvantages, if any?

A: A freehold property (Plot or a Flat) is one where there is a whole and sole owner(s), ownership is full and unconditional (within the provisions of the laws of the land) and there is no lessor / lessee involved.

Q How to verify the authenticity of the various documents submitted by the seller of the house, particularly with regard to the possibility that the house has not been sold earlier to a third party ?

A: Regarding authenticity of documents, again, you have to take the help of an advocate to verify.

Q Upon buying a flat from a builder in a building under construction, what are the permissions and papers that one should check with the builder, so as to ascertain the genunity of the builder?

A: When you are buying a flat from a builder in a building under construction, you have to check the following:

Approved plan of the building along with the number of floors.

• Ensure that the floor that you are buying is approved.
• Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
• Check the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
• Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
• Check the reputation of the builder.
• Ensure that urban land ceiling NOC (if applicable) has been obtained or not.
• NOC from water and electricity authorities also have to be obtained.
• NOC from lift authorities.
• Mortgage free
  • Claim of any other ownerships
  • Any tax demand orders against property
  • Is property under any government scheme to be acquired