People are more concerned about the benefits of purchasing a property over the risk they have to go through while buying it. Purchasing a resale flat is much more profitable and tension-free compared to buying a flat from a builder. A ready to move-in flat is always preferable that would help you to avoid current accommodation charges and undesired waiting periods for the flat to get built. Unlike an under-constructed flat, there are certain benefits received with a resale flat. They are,
A price lower than the current market value.
Ready to move in after the transfer of title.
It can save money, losing rental, and EMI costs.
All points and facilities are evident and transparent, providing you with the opportunity to decide what satisfies your needs best.
Enjoy tax advantages from the first EMI on quick ownership of the property.
Before purchasing a resale flat, certain documents must be prepared and kept in hand to avoid any undesired risks and issues. It is better to confirm that the property is legally viable for sale, and the seller is allowed to sell it. We don't expect any unfulfilled bills of the flat to fall on our shoulders.
Sale deed - It is the kernel legal document that serves as a confirmation of trade and transference of the property. Be keen enough to read the complete document and interrogate all terms and conditions before signing the contract.
Tax receipts - Make sure you enquire and collect all the tax receipts of the flat to avoid any unpaid tax on the flat after the transfer of property.
Completion/Occupancy Certificate - Collect completion and occupancy certificate declaring that the flat was constructed with the approval layout, and the flat is fit for occupancy.
Encumbrance certificate - Collect this certificate from the sub-registrar’s office, where the property has been registered to ensure that the flat has no financial and legal liabilities.
NOC from Bank - It is a document approved by the bank, which declares that there are no loan liabilities on the flat.
No Objection Certificate (NOC) - An NOC document from the corresponding authority declaring no objection on supplies like electricity, water, sanitation, waste, etc is required.
No Dues Certificate from Society
Possession Certificate - Possession certificate is a document given by the builder to the owner, which will be passed on to you.
Share Certificate - The certificate marking all the pre owners of the flat, which is required to submit to the society during transfer.
Title Deed - Signifies the transaction and transfer of property ownership from the seller to the buyer.