I want to purchase a flat in Delhi NCR. What should I check with the property seller?
The onus is on the potential buyer to ensure that the property aligns with their preferences and requirements Purchasing a flat is a significant financial decision and thus requires thorough contemplation and investigation. The seller can offer extensive details about the property, but the onus is on a potential buyer to ensure it aligns with their preferences and requirements. There are several essential things a buyer needs to check with a seller before finalising the purchase.
Firstly, the buyer must verify the legal status of the property. They should inspect the title deed and occupancy certificate, ensuring the property is free of legal disputes. Buyers should also check if the seller has paid all dues, such as water, electricity, property tax, or society dues, including home loans.
Suren Goyal, Partner at RPS Group, says, “Purchasing a flat is one of the most important decisions of your life. Hence, making the final decisions after doing ample homework would be best. Learn more about the developer’s credibility and check their past track record. Purchasing from reputed developers with a proven track record is always advisable. This can safeguard from a lot of market risk and ensure timely delivery. Before finalising the purchase, carefully review the legal documents related to the flat. Review the agreements, ownership documents and other relevant paperwork to ensure everything is in order. It is also advisable to consult a real estate lawyer or consultant to help you understand the legalities and protect your interests.”
Secondly, understanding the history of the flat is crucial. Information about the property’s age, previous ownership, reasons for selling and any last structural damage can impact the quality of the flat and its resale value. It is always better to visit the flat in person. Take a tour of the property, examine the layout and assess the overall condition. Consider particulars such as ventilation, natural light, and available amenities. Also, understand why the seller wants to sell the flat in case you purchase a resale flat and not a new one.
Thirdly, the buyer should discuss payment terms. Some sellers may prefer a part-payment system, while others may want full payment at once. Buyers should also enquire about additional costs such as brokerage fees, maintenance charges, or parking fees. Check how much loan can be sanctioned on the property you want to purchase.
Gunjan Goel, Director of Goel Ganga Development, said, “One has to check the current market rates and estimate future growth potential. Likewise, it would help if you looked for other factors (s) such as liveability index, social & physical infrastructure, connectivity, etc. Similarly, since most homes are purchased on loans, one must also verify their credit score. A good score is important in getting home loans conveniently.”
Lastly, since buying a property is often a long-term commitment, a thorough investigation of the surrounding area is necessary. This includes checking the availability of essential facilities like schools, hospitals, grocery stores, and accessibility to public transportation.
LC Mittal, Director of Motia Group, says, “Understand the location better, as this is one of the critical parameters in a flat purchase. Check out how the infrastructure, social facilities, and employment market are shaping up as they drive future demand. Likewise, choose a location close to your workstation, as it can save you from unnecessary commutes. Similarly, if you have kids and elderly at your home, the chosen location should have plenty of good schools and healthcare centres.”
So, should you buy from a real estate broker? A professional real estate broker can play an instrumental role in simplifying the buying process by providing valuable insights and expert guidance. They are familiar with the local market trends, can facilitate negotiations, and support you in the legal paperwork. However, it comes at an additional cost, and the quality of service can vary. Goel said, “One can contact a large professional brokerage house. Dealing with a credible real estate expert would not just help in unbiased advisory but also with assistance with a lot of legal & paperwork.”
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