Checklist for buying residential or commercial property
Market Trends about prevalent rates of property in the vicinity and last known transactions
Identify the property you wish to purchase
Formulate commercial terms
Distinguish between terms and conditions of the contract which are negotiable and those, which are fixed eg. Price, payment schedule, time of completion etc.
Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.
Ascertain outgoings to be for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
Request Vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as the (a) society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Ceiling and Regulation Act (e) any other authority
Will you require a loan for making payment of the consideration amount. Ask for a pre approval letter from the lending institution
Permanent Account Number of Vendor and Purchaser under Income Tax laws Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration
After payment of the entire sale price, take over legal possession of the property alongwith documents of title in original from the Vendor of the property
Change name of the holder of the property to the purchaser in the records of the society, Electricity Company, municipal corporation, Index II etc.