Tips

NOC : A No Objection Certificate from the builder or the society may be required before you can buy the property.

Original building documents :
Ask to see the original documents like the allotment letter, completion certificate, occupation certificate, approved plan , a list of Original documents is mentioned in the agreement to sell.

Important Note:
Check that previous dues such as property tax ,society, water and electric bills, telephone bills, and any other etc, have been cleared till the time of sale. Ask to see upto date tax paid receipt

Possession:
Always take possession letter from the builder or seller at the time of possession.

Receipt:
When you pay the full payment to the seller / builder take the Receipt for full and final payment


CHECKLIST OF DOCUMENTS - NEW CONSTRUCTION PROJECT

1. Builders Reputation.

2. Architects name.

3. Title certificate.

4. Intimation of Disapproval.

5. Commencement Certificate.

6. Approval Plan.

7. Land – Free Hold / Lease.

8. Completion Certificate.

9. Stamp Duty will be as per the Agreement Value or Market value whichever is higher
   (As per Government Market Value Reckoner).

10. Registration is a must.

11. Occupation Certificate.

12. Possession Letter.

13. If parking get it acknowledge from the builder on the parking plan.

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CHECKLIST OF DOCUMENTS - RESALE

1. Original Share Certificate.

2. Original agreements with stampduty paid as per market value.

3. Society’s N.O.C.

4. Transfer charges to be confirmed.

5. If Broker, brokerage should be confirmed.

6. If Advocate, fees should be confirmed.

7. Stamp Duty will be as per the Agreement Value or Market value whichever is higher
   (As per Government Market Value Reckoner).

8. Registration is necessary.

9. Possession Letter at the time of full and final payment.

10. At the time of registration we have to give left hand thumb impression.

11. Society Maintainance Paid Bill, MTNL Bill, Electric Bill.

12. Ask the parking allotment Letter.

13. Front side first parties name & back side will be the name of the link till the current owner with acknowledge by
      society.

14. All Original agreement previous & present should be stampduty paid.

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WITH THE SOCIETY

1. Intend to Sell and Intend to Buy Letter

2. Form no 20A and 20B

3. Confirm Transfer charges with the society.

4. Confirm any pending society dues.

5. Confirm Parking Space

6. While submitting the documents to the society, acknowledge the copy of the annexure.

7. Most I.M.P. while submitting the Share Certificate Acknowledge the Xerox copy of the Share Certificate with date and      society’s stamp.



FOR REGISTRATION

1. Property Card Xerox

2. Occupation Certificate

3. BMC Assessment Tax Recipt

4. Confirmation Regarding the Age of the Building on Society Letter Head ( For Stamp Duty )

5. Two witness alone with passport size photo with ID Poof

6. Pan card copy.

7. Left hand thumb impression.

8. Original agreement .

9. Share certificate Xerox & Society NOC Xerox.

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THE LOCATION

• Is the location convenient with respect to the work / study places of your family?

• Is public transport easily available, or will there be regular tiffs over who’s going to drop whom? Or who gets to use the   scooter or car?

• Find out weather there are water shortages in the area.

• Any electricity problems, sewage or drainage problems or problems getting a telephone connection?

• Is the neighborhood suitable for you? Think of safety, convenience and whether you would like to live in the area. What   are the neighbours like?

• Remember the first rule in real estate:
  Location, Location, Location.

• The second rule in real estate is : timing.

• The third rule in real estate is: Buy a house with your head, not your heart.

• The fourth rule in real estate is: Never forget the first rule. Location counts.

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KNOW YOUR BUILDER

A builder, they say, is only as good as his projects. Truer words were never spoken before. Get information on certain vital facts about the builder:

His previous projects.
Check his track record on amenities promised Vs provided and maintenance support. These issues can be discussed with the occupants of his earlier projects.

His reputation with other business associates.
Find out what the building material suppliers and contractors think about the builder and his business practises.

CERTIFICATES.
How long has the builder been in the business? Are there any landmark project undertaken by him in the past? If yes, check their status.

Involvement of Social Welfare.
What is the builder's contribution to public welfare?
Are there any causes which he supports within or outside the industry?

Timely possession.
How does the builder fare on this issue?
Is he known to give timely possession?



QUESTIONS YOU MUST ASK YOUR BUILDER

Any question, however simple it may seem, has to be asked to the builder and all doubts must be clarified before you finalize any deal. Some important questions are:

Does he have a clear title to the land?
A clear title will ensure that your property is constructed on undisputed land and can be resold in future without problems.

Has the builder got his plans approved by the BMC and has he been given permission to start work?
This can be ascertained by intimation of Disapproval (IOD) and Commencement Certificate (C.C.) for the project under construction.

What are the plans, designed and amenities offered by the builder?
While looking at the plans, make sure that the optimum use of the space is made with minimum wastage area. Also make sure that the interior layout is comfortable, according to the space.

Possession time.
The delay in getting possession of your flat may result in hardship and inconvenience to you and your family. So, please ensure the period for which you should have to wait to get the possession.

Has the builder acquired the Occupation Certificate?
If you intend to buy "Ready Possession" property, ensure that the builder has received the occupation certificate from BMC. This certificate confirms the construction of the building according to the approved plans.

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A FEW THINGS YOU MUST CHECK

It is important to check a few facts before getting into any deal, financial or otherwise with the builder. These facts are mentioned below:

Area of the flat.
Always check the actual carpet area of the flat. Measure it yourself with the help of the site engineer.

Quality of construction
As the quality of construction cannot be verified visually, ask the builder about the suppliers the brands / types of cement, paint, tiles, bathroom fittings etc. used in the building. Also make sure the water proofing is done up to the mark.

Project approved by housing finance companies
Check whether the project of your interest is approved by reputed housing finance companies. It is easy to get housing finance loan for an approved project.

Additional charges
Confirm with the builder, whether any additional charges like legal fees, society deposits, corpus fund etc. are including in the agreement or not.

Things You Should Do.
While finalizing the deal

Agreement of sale.
Ensure that the "Agreement of Sale" is drafted as per the requirements of Maharashtra State Ownership Flat of Act (MOFA).

Annexure to the agreement of sale.
A complete "Agreement of Sale" contains relevant title certificate, IOD, CC, list of amenities, copy of plan etc. as annexure.

Payments Terms.
Make sure that the payment terms are linked to the progress of construction work.

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GLOSSARY OF THE BUILDER TRADE

Floor Space Index (F.S.I.) is an important parameter you should know about:
Total built up area of your complex.
FSI = Total area of the plot on which it is to be built.
The total construction as specified in the plans by the builder should not exceed the permissible FSI.

Carpet Area:
Is defined as the net useable area. It is the wall to wall area measured from the inner sides over which a carpet can be laid.

Built Up Area:
It includes carpet area plus the space covered by the thickness of the inner and outer walls of the flat
Built up area = carpet area - wall thickness

Super Built Up Area:
It includes the proportionate common area on the floor like the passage, stair case etc. Some time even common areas like the garden, open space, club house & other recreational facilities are loaded on to it proportionately.

RCC:
Reinforced cement Concrete, most building now days are constructed of RCC.

Columns:
They are vertical pillars made of RCC which are connected horizontally by beams also of RCC. During any change of modification in your flat in your flat. Do not break columns and beams such breakages lead to serious damages in the building's structure and sometimescol1apse of the building.

Walls:
They are made of either bricks or concrete blocks. In the case of concrete blocks the width is normally 6 inches.

Shear wall:
They are load carrying RCC walls without any beams protruding. They have greater strength and visual appeal, in addition to give rigidity to building incase of earthquakes..

Slabs:
They are horizontal RCC platform which from the ceiling / floor of the flat.

IOD :
Intimation of Disapproval.

C.C :
Commencement Certificate.

B.C.C :
Building Completion Certificate.

O.C :
Occupation Certificate.

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PLEASE NOTE :- Always select professional realtors for Selling or Buying your property in the market so the status of the property remains exclusive & marketable.

Disclaimer: The information given is solely for referential purpose and shouldn’t be considered as thumb rule. We hold no responsibility of advice given and people should follow them on their own risk.