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Purchasing a resale property - whether it is under construction, recently built, ready to move in, or a seasoned one - comes with its own advantages. In this article, we will be discussing the documents that one must check before buying a resale flat as well as the benefits of purchasing one.

Benefits of Buying Resale Property

  • Compared to buying a brand new piece of property, the resale market can offer dramatically cheaper rates

  • There are no marketing extravaganzas and hidden features or costs in play. Whatever you see is what you get

Important Documents to Check before Buying a Resale Flat Documents

  • Title Report: It identifies the legal ownership status of the flat. A title report contains details such as the expense rate, owner's name, joint encumbrances alongside subtleties of local charges, loans and securities related to the flat.

  • NOC from Bank: It is one of the most important documents that one must check if the apartment is backed by a loan taken from a bank. Check the debt status of any loans on the property and request a No Dues Certificate from the concerned bank to ensure that all pending dues have been paid. This certificate guarantees that the bank has received all dues from the seller and that there are no outstanding debts on the flat.

  • Building Approval Certificate: An unlawful construction can land you in legal trouble. Therefore, you must confirm whether the flat is constructed following a structured plan approved by the concerned government authorities and the residential society.

  • Encumbrance Certificate: The encumbrance certificate of a property is a proof that the property is free of any legal or financial obligations. The certificate contains details of the property including the number and the names of all its previous owners. Learn more about the Encumbrance Certificate at Bajaj Markets.

  • Utility Bills: Checking utility bills, such as water, electricity, and gas bills, is a crucial part of property verification. You must be aware if all of the bills have been paid or if there are any outstanding balances.

  • Latest Tax Receipts: You must check the most recent taxation receipts prior to purchasing a resale apartment. This will guarantee that there is no exceptional levy joined with the real estate and that the past homeowners had been paying them on schedule.

  • No Objection Certificate: No Objection Certificates or NOCs are given out by various administration authorities, including the residential society, bank, gas and water boards, power corporation, etc. The NOC is a proof that the issuing authority approves of the transfer of title of the flat.

  • No Dues Certificate from Society: When purchasing a flat in a cooperative residential society, you must obtain a No Dues Certificate (NOC) from the society as well. This document attests the seller's compliance with all the society rules and regulations and that they are not liable to pay any dues.

  • Title Deed: The title deed confirms the transfer of ownership of the property from the seller to the buyer. The document contains details such as the seller’s name, details of the housing loan, if any, and any other relevant information pertaining to the property.

  • Sale Deed: The Sale Deed is the primary proof of ownership of the flat for future property sales. Following the purchase of the flat, it must be registered with the Sub-Registrar's office. It is the most important document that you must obtain after the seller transfers the title of the flat in your name.

  • Possession Certificate: When buying a privately built resale flat, a possession certificate is required. After the buyer has taken physical possession of the property, this document is given to them. It is given to the first owner of a flat by the builder. Therefore, obtaining the possession certificate from the seller is critical when purchasing a resale apartment.

  • Share Certificate: The share certificate of a flat is issued by the co-operative housing societies. The document certifies that the seller of the flat is a rightful owner of shares in the society.

FAQs on Documents to Check Before Buying Resale Flat

As mutation is not the proof of ownership, it is not compulsory to get your name mutated while purchasing a resale flat.

Yes, you can apply for a home loan for purchasing a resale flat. You can easily avail home loans at affordable interest rates at Bajaj Markets.

You must ensure that the previous owner of the flat had been paying all the taxes and dues to the respective government authorities so that you do not get into any kind of trouble later on. Therefore, it is very crucial to check the latest tax receipts before buying a resale flat.

Most importantly, you need to submit the sale deed of the flat at the sub-registrar’s office. Apart from the sale deed, you are also required to submit a letter from the society with details such as the year of construction, number of floors, number of elevators, built-up area, etc.

The sanctioning authority's office or the society can verify whether the documents are genuine or not. The ownership documents can be verified at the Sub Registrar's office, where they were registered. You may contact the concerned housing society to verify the society-related documents such as the NOC and the Share Certificate.

You need a sale deed, your PAN Card along with a couple of your recent passport size photographs at the time of registration of a resale property.

In order to purchase a flat which is mortgaged, you must obtain a letter from the bank (the lender) stating that it will provide you (the new owner) the property documents once the entire loan amount is repaid.

It is critical to verify whether the seller is the actual owner of the property before purchasing a resale flat. In the case of properties that have been sold and purchased multiple times, you should request a clear ownership history to confirm the seller's ownership. The administrative officer who registered the property can verify the authenticity of the documents.

You should ask the seller to obtain an NOC (No Objection Certificate) from the society in order to confirm that all dues have been cleared with the society.

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