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- Choose your preferred location. Try to find a location that is close to your workplace, and your kids' schools/good schools, and universities if possible.
- Decide whether you want a place in the middle of a shopping area or a quieter but upscale, Westernized apartment. If raising kids, the latter may be better. Choose a place that is surrounded by a good area, and not slums or crime.
- Make sure your apartment has all facilities you want-like a washing machine, carpeting, enough rooms, new walls, and enough bathrooms with showers. Many homes in India have a bucket and pail, and no showers.
- Decide your budget and requirements of your dream home.
- Prepare a list of builders and check for their projects in that location.
- Check if it matches your budget and requirements.
- Choose a flat and verify the BBMP approval certificates for the building.
- Check the encumberance certificate if any loan has been taken on the property.
- Check the Khata certificate for the flat and land
- Take a Xerox of all the documents mentioned above and verify it with a good real estate lawyer.
- Also verify the Sale Agreement and Sale Deed with the lawyer.
- i. Sale agreement is the first agreement to be signed on stamp paper between the buyer and the builder. It includes the booking advance, carpet area, built up area and super built up area, final amount to be paid and the due date to pay the final amount.
- ii. Sale Deed is a document that states that you are the owner of the apartment,that is certified by the sub registrar of that area.It includes the address of the apartment and the amount for which you are buying the apartment.
- Book the flat by giving the booking advance and get the sale agreement from the builder on stamp paper.
- Give the final amount of the flat before the date mentioned in the Sale Agreement.
- Get the Sale Deed registered from the sub registrar in the locality.
- Get the khata for the property.
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Thank you for this article, I would like to add a small tip while buying a home which is asking about future plans. Do research about the area that you'll buy your property in or ask your agent because real-estate agents are aware of any future plans that will happen in any area they’re selling property in because they use it as an advantage for the villa or apartment to increase its price. Future plans may be a hospital, bus station, or even a supermarket that is planning to open.
ReplyDeleteThank you,
Marc A. Donald
Bahrain property