The Basics of Buying Property in Bangalore
Modernly speaking, when a new building project starts, a swimming pool and clubhouse are built into the plans. However, the pool and clubhouse are removed as the project nears completion. For example, a few days before your property is registered, you might worry about whether it will be in your name. Unlike a flat, you wouldn't have to spend as much on rent. This is an excellent method to save money since you pay fewer taxes than on newly constructed houses.
Property purchasing tips:
Documents Required
A good lawyer will help you with every step, from figuring out what kind of legal papers you need to the moment you buy the property.
House-buying documentation is listed here:
- Sale Deed in the name of the current seller.
- Certificate from Katha and a piece of paper from BBMP.
- Latest tax paid receipt.
- If you still owe money on loan, you need the most recent statement from the bank.
- The developer signed an agreement of sale and construction in favor of the seller.
- The most recent electricity bill and the receipt for the property in question.
- The Apartment Association has given a "no objection" certificate.
- The plan to build has been approved.
- Certificate of possession or occupation from the builder.
- All of the land owner's title papers.
- Joint developer agreement & sharing agreement between the land owner and builder.
- A copy of all registered agreements from the past.
- Conversion order from the authority in charge.
- If it is a Joint Development Property, there must be a registered development agreement.
- A copy of both the share certificate and the registration certificate for the Society.
If you want to buy land leased or owned by the government, you have to get a "no-objection" certificate from the government. You will have to pay specific fees to get a NOC. The other most important thing is to look into all of the past agreements made about that property. The buyer should be able to see everything that has been agreed upon. It is a good idea to always ask for a chain of documents.
Things to do before you sign the contract:
All documents needed to sell a property for the first time (Sale deed, Gift deed, Partition deed, and Allotment letter) are also needed to sell the property for the second time. It's essential to make sure the seller has all the original documents you need. To buy an apartment in a complex, you need the original sale deed and a society share certificate. With them, a property transaction can happen. In addition to the sale deed, the sub-office registrar needs other papers. They are a letter from the Society that says how many floors the building has, its elevator count, location, and construction date.
The seller must also be the owner. If the property has changed hands a lot, the buyer should find out who owned it and when. Make sure the seller doesn't owe the Society or the house any money you might have to pay later. A local government body must send the Society an assessment bill with a copy of the property card and a receipt for the registration fee. If the property is mortgaged, the owner must give the bank a promise to give the buyer the property documents when the home loan goes into foreclosure.
When you send the money to the seller's account, the bank will give you the original property papers and a "no-objection certificate" (NOC). A buyer of a resale flat may also need help getting the proper paperwork, mainly if the property has been sold more than once. The property may only have been officially registered if it is 30 years old. The buyer would have to pay stamp duty if it were registered now.
Prestige Lavender Fields is a prelaunch apartment by Prestige Group.
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