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Checklist when buying a resale property

Sometimes one does not have the patience to buy an original booking property that is under construction. Who wants to wait for 3 years and suffer delays when you want a home as soon as possible? Well, you could buy a resale property, but there are a few things that you must keep in mind.

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1. Cash vs. Cheque: An unfortunate reality of the Indian real estate markets is that in some cities the seller will insist upon receiving cash so that they don't have to pay taxes on the gain on sale of their property. Be familiar with what is the prevailing practice in your city. Do this early in the process, to avoid disappointment later.
2. Check Past Dues: Check whether the property tax, water charges and tax, other society tax and electricity bills have been paid by the previous owner. Otherwise, you might inherit these liabilities once the title of the property passes to your name.
3. Factor In Repair Costs: Depending upon the structure and the wear and tear, you might need to plan for the renovation, repair, painting charges when you buy a second hand home. Budget these in the total purchase cost and plan for it.
4. Factor in Surveyor Costs: Its always advisable when buying a resale property to have it surveyed by a structural engineer to validate the stability of the structure and identify that there is no civil work that would be required. If you are planning on taking a loan to finance your purchase, then your lender might insist upon this. Be aware that you might have to pay for this cost.
5. Brokerage Fees: In the case of a resale property, there will likely be a seller side broker as well as a buy side broker. As a buyer, you will have to pay your broker a commission for the services rendered. Check what the local commission rates are, and only pay your broker once the transaction has been complete, the necessary paperwork has been signed and not before. You must also insist that the broker help you get the property registered, or at least guide you through the process of registration.

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akbar said : 01/09/2009	hell very nice post thank you