Checklist For Buying a Property | Flat

checklist before buying a FLAT

Buying a home is a great desire for most people. Property investments are greater investments, and any mistake made throughout the process may cost the buyer a lot of money. But before you take a step, there are some vital factors to be considered. So, it is more important to check legal documents for buying a plot. Here we have mentioned the checklists for buying a property or an open plot.

Checklist for Buying a Property or Flat

1. Title Document

   It is a legal deed or document that serves as proof of a right, particularly to property ownership.

2. Government Permitted Land

   We need to check whether the government has given permission to build on particular land or not.

3. Mutation Certificate

   The mutation is the process of changing a property’s title ownership name to another person in the revenue department’s records. A mutation certificate (transfer of title) is mandatory for ownership. 

4. Building Plan

   It is mandatory to check the building plan before buying a flat. And also recheck the building plan after construction.

5. Builder Verification

   The builder should be registered under RERA. Also, check the builder’s past projects & performances to ensure credibility.

6. Completion Certificate

   Check the certification given for completion of the building as per plan.

7. Occupancy Certificate

   It is the certificate that tells whether the building is livable or not. This certificate will be given after checking water facilities, drainage, electricity and park, etc.,

8. Encumbrance certificate

   It is a certificate of assurance that the property is free of any legal or monetary liability, such as a mortgage or an uncleared loan.

9. Property Taxes

   Check whether all the property taxes are paid before buying.

10. Stamp Duty

    A Stamp duty is a charge imposed by the government on legal documents, which are typically used in the transfer of assets or property. Stamp duties, often known as stamp taxes, are levied by governments on documents that are required to legally record certain sorts of transactions.

11. Financing Banks

    Whether the banks are providing Finance on the property

12. Flat location

    In terms of appraisals flat location is also a major aspect. 

13. Flat Price

    We need to check its worth and affordability 

14. Competency Certificate

    It is the certificate given by a chartered engineer, whether construction is safe or not.

15. Pollution Control Board Permission

    Permission given from Pollution control board.

16. Fire Department permission

    The fire department will check in their aspect and give permission.

17. Amenities

    Need to check what are the amenities provided by the builder like Clubhouse, Park, swimming pool, And function hall etc.

Conclusion

If you are planning to buy an open plot or flat, you should have to consider the above stated points before buying a flat. Meanwhile, this article is an eye opener for those who are looking to purchase a property. This article explains how to verify the property documents before buying a flat.

If you are looking to buy open plots in Hyderabad, Aspirealty is one of the best real estate companies in Hyderabad, which deals with the open plots sales. Aspirealty ventures are mentioned below:

Amogh, Advaith and Kingsdell.

For More articles like this please subscribe to our Blogs.