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Things to know, to check, to do, before buying an apartment
January 27 2012 , 05:40 PM   #1
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Things to know, to check, to do, before buying an apartment

hi,

i am planning to buy an apartment, haven't done
the agreement yet. I am about to do in a week or
two. so i want to know what all things i need to
do or know before i go ahead and sign the agreement.
for example.

1. have a look at the draft copy of sales agreement.

..
..
etc.

i want to know all the things i need to do before jumping
into it. is taking legal opinion a mandatory, i know there
is nothing like mandatory or not, but what is the procedure
to take the legal opinion, what documents should i ask for.
i am completely newbie on this, will be helpful if the wise
guys from this forum can help me out.

thanks in advance
sinbad
January 27 2012 , 07:33 PM   #2
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I also need the same information.. plz
January 28 2012 , 03:05 PM   #3
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Guys,

Please share your opinion, People who have already bought
an apartment, if given a chance how would you wanna do
it differently, lessons learnt etc ?

thanks
January 28 2012 , 04:05 PM   #4
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Hi ,

If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc.

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.

Actually if u r going to get a loan from bank,half of the document verification will be done by their legal dept only...don't worry...check the property details like super built area,carpet area etc...

If u still need more clarification pls do contact an advocate before you purchase a property so that he can advise you.
January 29 2012 , 09:55 AM   #5
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January 29 2012 , 10:50 AM   #6
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i think the first way to check is whether banks are giving loans against the property..i know especially that if someone like hdfc has sanctioned loans against property there is very less chance that there could be legal hassles in it..

will be happy to be proven wrong especially with regards to someone like hdfc

Quote:
Originally Posted by sinbad
hi,

i am planning to buy an apartment, haven't done
the agreement yet. I am about to do in a week or
two. so i want to know what all things i need to
do or know before i go ahead and sign the agreement.
for example.

1. have a look at the draft copy of sales agreement.

..
..
etc.

i want to know all the things i need to do before jumping
into it. is taking legal opinion a mandatory, i know there
is nothing like mandatory or not, but what is the procedure
to take the legal opinion, what documents should i ask for.
i am completely newbie on this, will be helpful if the wise
guys from this forum can help me out.

thanks in advance
sinbad
January 30 2012 , 03:52 PM   #7
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thanks guys for the reply. The information was helpful.
the builder has a tieup with sbi, is sbi good at doing
verification. I am little conerned since sbi is nationalized
bank, anything can be done with government based offices,
private banks will do due diigence (just my thought)
If i wanna go for legal advice by myself, how much the
lawyers charge in bangalore.

thanks
January 30 2012 , 11:42 PM   #8
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Hi...Nationalised banks are doing really good in home loan process...I also took loan from nationalised bank...of course they dig so much about builder documents and screw u ...but the best part how much they dig,it's good for us only ...If the builder has a tie up with SBI,the loan process is hassle free for u...I paid Rs.6000 to lawyer in 2009..Now i have no idea about the current rate ....
January 29 2013 , 06:16 PM   #10
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if all paper work good,, then you need to pay more

this is my personal opinion

if all paper work is good,, then you need to pay more money, need to wait longer time etc

1)BMRDA/BDA approval --- pay more,, wait for long time--get loans from Govt banks------most probably less appreciation------need to pay higher maintenance.. Lot of rules to make you feel you are not owner of property at all like maintenace cost.. Guest parking not allowed.. Pay huge amount for water etc.. Less undivided share of land... Limit on number of people to stay in flat

2)Panchyat approval-- pay less,, immediate occupy,, compromised plans.. illegal penth house.. Cumbersome parking alotment.. No loans from nationalized banks.. So you will ended up pay more in long term.. Difficult to sell

My take is if you choose option 2,, then donot except Option1 qualities and vice versa

If some one says you that you will get both.. then I guess they are lying.

NOTE: I have properties of both option1, and option2.. Thats why I am commenting

Quote:
Originally Posted by kazihamed
i think the first way to check is whether banks are giving loans against the property..i know especially that if someone like hdfc has sanctioned loans against property there is very less chance that there could be legal hassles in it..

will be happy to be proven wrong especially with regards to someone like hdfc
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