Constructing or buying a house is one of the major decisions that a person can take in their life. Everyone cannot construct a house but they can either buy a house or an apartment which is ready-made. Buying a residential property is more convenient and it can save a lot of difficulties in everyday life. Real estate agencies have played a significant role in the growth of the real estate industry in the last few years. In earlier days, real estate agencies worked only as a mediator between the buyers and the sellers, but today the agencies such as Lunenburg real estate agency offers unbiased and specific services according to the changing times and trends.
Read on to find some of the legitimate points to be considered before you look up to buy a residential property.
Approval of documents & Licenses
When you find a suitable property that matches your budget and the requirements then you should look into the paperwork and the documents relating to the property. The documents include the builder’s commencement certificate of work, approval of building plan and the environment clearance certificate.
You should also find out:
- Title deed: It shows the status of land title, to know if the land is owned by the builder or he has only rights of construction and development. Title deed confirms the ownership of the land, before buying it. The approval of the authority is required and merely NOC (no Objection Certificate) will not be useful while making the deal.
- Release certificate: Make sure that the property that you want to buy in resale should not have pledged to get a loan from the bank. In such cases, you should get a certificate of release of a bank loan from the bank at the earliest. The release certificate shows that the loan taken on the property has been repaid.
- Encumbrance certificate: the Encumbrance certificate is also an important document required, which proves that the property that you have decided to buy is free of legal fees and dues.
- Verify land for usage: Get the property verified under the land-use zone, defined in the master plan of the local body of the city.
- Authorization of layout: Authorization of the entire layout should be sanctioned by the development authority and the local body of the city clearly.
- Check tax receipts: when you are buying a property in resale, you should make sure that all the previous property tax has been paid. Ask for the previous tax receipts. Also, make sure that no bill is pending.
- Bank Financing: In case, if you are planning to take loan from the bank to buy the residential property, then you have to consult the banks and select a bank which can offer loan immediately with lower interest rate. Today banks have become sources of financing. One has to make sure that you apply for the loan, well-in advanced and having all the required documents ready.
Calculate actual cost:
When you decide to buy a property, never decide the price randomly according to the details given by the agents or the brokers but calculate the actual cost of the property. It includes development fees which can be internal & external, additional charges for preferential location, parking, statutory charges, and the services taxes.
Required proper planning:
According to the experts, one should think of suitable and flexible plan while deciding to buy a residential property. The plan should be a down-payment plan, Flexi-payment plan or a possession-linked plan. Deciding to invest in the property is one of the crucial decisions of life and for most of the people, it is a dream come true. Unless there is a proper plan, years of savings and years of planning won’t work at all.