What to check when buying a resale flat ?

Recently, when I was planning on investing in a resale flat, a friend of mine advised me to do thorough checks. It ensures a smooth transaction and to avoid problems later on. The procedure can involve complex legal procedures, so it is important to know what to look out for when buying a resale flat. You must take certain things into account. Based on my friends’ suggestions and my research, here are the key things I focused on.

What to Look Out for When Buying Resale Flat?

• Since I was told that the Sale Deed is essential as evidence of ownership, I started by looking it over. Reading it carefully is necessary to understand all the terminology.

• To make sure no unapproved development had occurred, I then confirmed the local authority's Building Plan Approval. 

• I also got an Encumbrance Certificate to verify that the property was free of debts or legal claims. 

• For a title to be clear, this step was essential. To make sure the seller had paid any outstanding debts, I also asked the society for a No Dues Certificate. 

• Verifying tax receipts and utility bills was another crucial step in order to prevent any unpaid balances from being passed down. 

• In order to verify that the flat was suitable to live in, I finally ensured to acquire the Occupancy Certificate. 

I was confident with my purchase because I followed this checklist, even though the entire process required time and effort. These actions can assist protect your investment if you're thinking about buying a resale property. I hope you found this information helpful.

Read More:

One of the biggest mistakes homebuyers make while buying a resale property is not conducting due diligence. A mistake like this can cost you a chunk of your savings. I have compiled a list about things you should check in your real estate journey. Keep reading to know more about documents required for resale flat purchase.

What to check when buying a resale flat ?

Condition of the resale flat :

If the flat is in poor condition, it might not have access to the latest amenities , facilities. You might end up paying more for a property where the selling cost isn’t justified. Check the condition of the resale flat to make sure you don’t bleed money unnecessarily.

Property valuation :

There might be a difference in the seller’s valuation and prevailing market prices. Conducting a property valuation will give you an idea about your future returns.

Expenses for repairs :

Most resale flats require their fair share of renovation, repairs and refurbishment. Check the house for the repairs to have an estimate of the costs that will be involved.

This is my top 3 on what to check when buying a resale flat.

What are documents required for resale flat purchase ?

- Title Report

- Building plan

-Occupancy Certificate

-Encumbrance certificate

-Tax paid receipts

-Occupancy Certificate

-Latest Tax Paid Receipts etc.

I hope now you know all the documents required for resale flat purchase.