Purchase of New Land
Many real estate developments are being launched on a wide scale these days. As these are accessible with high-class facilities, people are drawn to these ventures. If you are one of those looking to buy new property in the form of land or a home, you need to take a few points into account.
Here are some of the few points mentioned below:
- Enquire about payment in cash:
The seller’s property may be a dealer’s property, and in the form of cash, he will want part of the sale price. He can only mention the amount you need to pay by cheque in the sales contract, not the whole price. As a result, you will not be able to get the full price of your home loan.
- Check if there is a registered property:
By using the power of attorney, multiple properties are sold. You are allowed to verify whether or not your property is included in the government register. It could be cheaper if it’s not recorded there.
- Enquire whether the house is debt-free:
Will you have to check whether the property is mortgaged to the bank or the housing loan is paid if you are able to purchase a new house? You will need to inquire whether all the utility bills have been cleared or the possession has been taken.
- Enquire as to the order of the documents:
Analyze all of the records, such as the share certificate, the seller’s agreement with the previous party, and the housing company’s NOC.
- Enquire about the expense of transactions:
The operating expenses to be borne should be asked about. This is because, while certain rates are set, the housing company which seeks additional charges.
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