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Final Check List

By ResidenceBuy India  |  0 comments   |  1371 views  |   Feb 07 2012

Get documents ready (source GOVT. OF INDIA):

 

Title: Title to property should be free of encumbrances and court proceedings. The ownership of the title-holder can be traced from title deeds and revenue records.

 

Documents required for registered co-operative society:

 

  • Previous chain of original conveyance/Sale deeds
  • No objection certificate(NOC) from the Society for transfer and sale of flat
  • Copies of stamped receipts for payments made to the previous sellers
  • Title verification/encumbrance from attorney
  • Last receipt for the bills paid to the society and proof of other utility bills payment
  • A set of Society transfer forms (for transfer of ownership) should be filled and co-signed by buyer and seller for submission to the concerned Society

 

Documents required for single family home:

 

  • Survey and Tax map: Surveys or tax maps (tax map is a document that shows the location, dimensions, and other information pertaining to a parcel of land subject to property tax)
  • Deed to the property i.Exact boundary and size of the property ii.Tax map number of section, block and lot iii.Restrictions & easements (others' right to property including mineral/water/drilling) legally binding all future owners üTax exemption: Inform the buyer about any existing tax exemption
  •  

 

Document required for Builder Flat:

 

  • Previous chain of agreements with past owners in original with original receipt of Registration (if any)
  • Original stamped receipts and previous sale/conveyance deed in case of the resale of the flat
  • Copy of approved plan and occupation certificate issued by Competent Authority (like the Municipal Corporation)  

 

Understand your legal responsibility (source GOVT. OF INDIA):  

 

  • Disclosure: The seller is obligated to disclose to the buyer any material defect (in the property or in the seller's title thereto) that the buyer is not aware of. Material defect must be such that buyer's knowledge of this will significantly affect the decision and terms of the purchase.
  • Buyer's questions: If the buyer has reasonable questions about the property irrespective of whether he has inspected the property documents or not, the seller is obligated to answer the same to the best of his knowledge and belief.
  • Agreement to sell: The seller needs to enter into an 'Agreement to Sell' with the buyer when selling a property. It provides a record of terms agreed upon by buyer and seller for the sale/purchase of a property. It also authorizes the buyer to obtain a sale deed for the property purchased. Note that this document precedes the sell thus doesn't require any registration.
  • Interim property care: Even after the 'Agreement to Sell' has been entered into with the buyer, the seller is still responsible to take care of the property and cannot be negligent towards the property until the sale deed is executed.
  • Execution of conveyance / sale deed: The sale deed is executed by both the seller and the buyer in the presence of separate witness for both parties. Sale deed of immovable property is required to be registered within the time stipulated under the law in the designated office of the Registrar. This registration provides clear right to subsequent sale and upon receiving the total payment from the buyer; the seller is bound to execute proper conveyance of the property.
  • Possession of the property: Upon fulfillment of terms from the buyer, it is the duty of the seller to give the buyer possession of the property.Possession must be given when the property passes to the buyer (at the time of the execution of the sale deed). Normally it is understood that the seller can retain the property until the payment is received from the buyer. But if the intention of the buyer to pay the full amount is established in the court then the possession has to be transferred and the place vacated for the buyer.
  • Payment of public charges: The seller is bound to pay all public charges (i.e., financial or other liabilities such as tax liabilities to the statutory authorities, government revenue and municipal taxes) up to the date of the sale or up to the date of possession, if the parties so agree.
  • Property delivery without encumbrances: transfer of a clear and a good title and delivery of property free from encumbrances is the duty of the seller.  

 

Understand your risks:

 

  • Property Valuation:lack of a proper property valuation may delay the sale of the property.
  • Dubious buyers: As a seller you should ensure that the buyer is legitimate and so is the source of funds. Otherwise you may be headed for a legal nightmare later on.
  • Numerous Agents: While we advise you to engage agents, engaging too many of them may be counterproductive as buyers take a dim view of properties handled by too many agents.
  • Property access: In India access to property is sometimes problematic due to legal and community rules. We advise you clarify this before posting your property for sale. A property without a clearly defined access will not draw many buyers. Finally, if you are buying a new house then see our buying and refinance section

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