Buying and selling properties are complex procedures.
They also involve large amounts of money as well as significant legal implications.
You cannot go wrong in any of the many decisions you will need to take in a property transaction.
Taking a bad decision or making a bad choice has massive negative consequences leading to financial damage and lawsuits that may drag on for years.
While buying or selling a property, it is important to consider various factors. It is often difficult for first-time homebuyers to figure out the implications of different issues, especially the legal issues.
You should always steer clear of legal complications. Comprehensive due diligence, in the beginning, can save a lot of problems in the future.
Legal Due Diligence while Buying a Flat
These days, practically all new residential projects need to be registered with the RERA authorities. Most of the legal documents and property details are uploaded and are visible to any homebuyer.
Moreover, the banks and financial institutions that approve a property for home loan, go into all relevant documents for their due diligence.
In the case of resale properties that are under construction, you should be extra careful to do the due diligence. Homestoreys will assist you to get this done. You should also physically check the quality of the construction.
Rental and Resale Value
If you are planning to invest in a property, it is essential that you ascertain the property’s rental and future resale value. This is beneficial whether you plan to rent out or sell the house or plan to reside in it for the long term. Make sure you have researched the locality where the property is located and understood the future gains the investment would offer. Note that the returns you would get will greatly depend on the area’s ease of accessibility to social infrastructure facilities like schools, hospitals, shopping centres, etc., and speedy connectivity to other parts of the city.
There is a need for comprehensive due diligence if you are buying a resale flat.
Buying a Resale Property
If you are planning to buy a resale property, you should stress on detailed due diligence before taking the plunge.
You must remember that all the documents required during the primary sale of property are also required in the case of a resale property. If one is buying a flat in a housing complex, the original sale deed is a crucial document to consider.
Before buying a resale property check if the seller has cleared all dues pending to the society or against the house.
The sale deed is one of the most important documents in a property transaction. A sale deed forms the basis of the legal proof for the sale and the transfer of ownership of the property in question. The sale deed has detailed information of the property in question and such information is mutually decided by the buyer and the seller. The deed consists of details such as terms and conditions, the selling price of the property, etc.
The buyer of a resale property must also check whether the seller of the property has settled all statutory payments such as electricity bills, water charges, property tax, society charges, and maintenance charges before preparing the sale deed.
There is an easy way to buy a resale property with all these done.
We will discuss that in a moment but before that, let us discuss why you should consider buying a resale property.
Is Buying a Resale Property Worth the Trouble?
As you will see, there is huge value in buying resale properties.
Let us discuss them one by one.
One of the major benefits is that you do not have to pay GST if the property has received the Completion Certificate from the municipal authorities. Considering that the GST is charged at 5% and as much as 18% on some additions, the savings are substantial.
Another major benefit of buying a resale ready-to-move flat is that you can start living immediately. Additionally, there is no fear of delayed delivery.
Of course, you can also buy an under-construction resale property. It is also possible to sell an under-construction property subject to certain conditions.
You do not have to pay rent for a rental apartment and pay home loan EMI at the same time for an under-construction property, thus overburdening your monthly finances.
This has a considerable effect on your monthly finances.
Besides the above, there are also other benefits. We will demonstrate them once you get in touch with us.
Homestoreys can help you to buy a resale property with all legal due diligence completed. You can also sell a pre-owned property through us.
How Homestoreys Can Help
Through our various business verticals, we are gearing up to be a comprehensive property-related service provider you can depend on.
We are already offering home loan assistance and interior decor services. We have actually tied up with industry leaders in these verticals.
Legal assistance will also help homebuyers tremendously, especially in the case of resale flats. Our new vertical, Homestoreys, is going to offer legal services to homebuyers, apart from helping you buy and sell resale properties.
Now you do not have to run from pillar to post, to different government departments for the legal due diligence of your property. All resale properties offered by us have undergone rigorous legal scrutiny.
If you have a saleable property, you need to just enroll your property with all relevant details.
What is the compelling benefit of dealing with Homestoreys?
The biggest trustworthiness is that Homestoreys is from the house of NK Realtors.
It has a long experience and a massive database of homebuyers and sellers gathered over the years and replenished every day with new data.
We run the largest data generation campaign and at any point in time we have the largest database in Kolkata.
When you deal with us, you are sure to receive top-notch property services. Contact us, make your property transaction absolutely hassle-free.