Posted on: 22 August, 2015
While most buyers may think the only hurdle in buying their dream property is money, there are several other hurdles that need to be crossed to reach a deal that does justice to their hard earned money. Buyers should not only be aware of the market trends, but also keep a few important things in mind when they start looking for property in India.
To get the best deal and value for your money, here are a few important tips:
Don’t fall for unbelievable prices:
If you come across a property that is impressive but comes at an unbelievably low price, it would be wise to dig deep into its detail. Do not fall for such deal at face value. Check and recheck every detail. Here are the most important documents that you must look for:
Title deed: Be satisfied only with the original. If it is not available because of a loan taken, this would mean that the property comes with liabilities.
An original title deed will bear the official seal and the signature of the owner and the witness.
Check if there are multiple owners and if the person you are dealing with has full rights to sell it.
Get an encumbrance certificate from the local registering authority for 30 days to determine if there are any liabilities attached to it.
Property Tax Receipts
Ask for the latest property tax receipts to find all dues have been cleared. If the name of the seller is different from that mentioned on the receipt, find out from the issuing authorities, in whose name is the property now.
Don’t fall prey to selling tactics
If a real estate dealer or seller of a property seems too pushy or aggressive, they can lead you to a deal that you may regret all your life. Don’t fall their aggressive sales tactics which offer deals that would be available only for a very short period of time. Be yourself and do not yield if you sniff something suspicious. In fact it is better to avoid such sellers and their offers.
Take note of these signs
If the documents do not arrive even after you have been into talks for several days, or the seller is never present in the meetings although the society is aware about the seller, are some signs that you could get trapped in a fraudulent deal.
Be careful with documents
Ask for complete documents when you head for final agreement, which should include:
ü The full and final amount to be paid, advance amount to be paid and complete details of the arrangement to pay the remaining amount, and the time frame.
ü The action that would follow, if the buyer or the seller defaults
ü Details of the settlement of the liabilities by the owner of the property
ü The documents should be typed on Rs. 50 stamp paper and should only be registered at the office of the Sub-registrar Magistrate.
Avoid closure in hurry
It is best to avoid deals that are completed quickly. There could be several people involved in the deal to make some quick buck, but this is not something that will profit you. Hire a lawyer, consult him/her and take time to investigate even the smallest detail. Take your time and if the dealer pushes for quick deal closure, it is better to set back.
Some property dealers offer free gifts like modular kitchen, AC, etc. However, the sellers charge a lot more money by offering such free stuff. It is advisable not to fall for freebies worth Rs 30,000-50,000, and settle a deal for Rs 60-70 lakh for a property that is not worth so much of money.
Ensure tax benefits
If you plan to get tax rebate by taking a housing loan, find out right at the onset if the delivery of your house will be at the right time. Project delays are very common, but it is advisable to buy only from a reputed builders. This is also advisable if you plan to pay the EMIs from the rent earned. Experts suggest, it is better to include a delay of 10-12 months in your calculation to avoid problems later.
If you are planning to buy property in India in the cities like Pune which is offering the best options to the investor, these tips will definitely come handy. Whether it is Pune property, or property market elsewhere in the country, the buyer must exercise full caution and prudence to get the best deal.