Property purchase is a once in a life time decision for many. It is not easy to contribute sufficient money in genuine way to purchase a property. So the decision should be taken carefully with proper study. Please keep in mind the following while making a purchase decision.
Locality of Property
First of all check whether the locality of property is suitable for you in all respect. E.g. if you are working traveling facility available, distance to your office, neighbors and their living standard etc. If you have kids check for good schools available in the area. Then analyse the growth in the area and chances for appreciation of price of the property.
After finalizing the locality, please check the property documents thoroughly. Such as:
Last Sale deed, whether registered or not. If it is land whether mutation is done.
Whether the property is in Joint name
If the property is purchased on Power of attorney, please do not drop the transaction as Power of Attorney cannot be registered.
It is strongly recommended to check the property documents with the help of a practicing lawyer.
Agreement to Sell
After verification of property documents you may proceed to give token money for purchase. At the time of giving token money, please make a proper agreement to sell. The agreement to sell must contain:
It should be made on a Stamp Paper
Date of Agreement should be mentioned
Complete details about the property and its ownership
Mode of payment and due date of payment should be mentioned
Refund and penalty clause in case of non execution of transaction
Any other necessary information
The agreement to sell should be signed by all the co-owners
Signature, name and address of Witnesses
The sale deed of the property should be made:
By paying full stamp duty
Mention full sale price and details about advance paid
Mention complete description of the property and equipments available in it. If necessary, make separate annexure for it.
Registered and witnessed
Put clauses related to past liability if any, (should be born by the seller)
Possession Letter and Receipt for payment
If necessary, prepare a possession letter and receipt of payment separately
Back Paper and Copy of cleared bills
Collect all the documents related to past sale of the property. Also collect receipt for payment of municipal taxes, electricity bill water bill etc. Please also collect complete contact details of the seller, ID Proof, Address Proof etc.
Possession of the Property
Immediately after executing the sale deed, please take possession of the property.
Always believe in genuine transaction, so that you can enjoy peaceful life.