Perfect Documents To Vet To Buy Perfect Property 1

Buy sell Property & Real Estate Investment Guide

Buying Property Tips#1: Choose the Right Location
Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.
Buying Property Tips#2: Study the Local Market Dynamics
It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.

Making an investment in the purchase of a home without even referring documents is the real act that a simpleton can do. Buying a home can gravely go wrong despite having an ambitious dream fulfilled if the buyer fails to vet the documents. Be it an empty plot or fully furnished apartment no one should repeat this folly of being that dumb that even failing to scrutinize the documents the dream home which you want to purchase. This alas leads to legal banter between the seller and buyer at last. There is a proverb stating 'prevention is better than cure', so to prevent such banters just go through the prime documents which you should check before purchasing any property.

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Buying Property Tips#3: Choose the Right Property
Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.
Buying Property Tips#4: Do the Math Properly
Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.
Buying Property Tips#5: Consider Additional Expenses
When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.
  • Sale Deed: It is the core legal paper that acts as an evidence of assets' sale and transfer of ownership from the seller to buyer. Sakes deed has to be registered mandatorily. It is also crucial to know that before it gets executed one should execute the sale agreement and should check for the acquiescence of various terms. Here you should also note that the property should have a clear title, and they should also authorize if the property has got subjected to any tax duties. Moreover, the seller should settle all such statutory payments such as property tax, society charges, maintenance charges, electricity charges, etc.
  • Mother/parent Deed: It is a most important document that hints the ancestor/ origin ownership of the property right from the beginning. It establishes the new ownership, also helps in the sale of the building further. If this document is absent, then obtain certified copies from the registering authorities. This paper should be in the sequence from the first owner till the last, and if it is found broken anywhere, then they should refer to the records from registering department, revenue records or in the preambles in other papers. Until the current owner, the sequence should be up to date.
  • Approval plan of building: It should be sanctioned by either from BBMP/ BDA/ BMRDA/BIAPPA without which concerning Karnataka Municipal Corporations Act (KMC) that construction would get termed as illegal. Based on the zonal classification, road width, FAR (floor area ratio) and plot depth the authorities approve the plan. The documents required to obtain approval plan includes Title Deed, property PID number, property assessment extract, from the Department of Survey and Settlement and Land Records city survey sketch. With these, you should also have up-to-date tax paid receipt, if any earlier sanctioned plans, property drawings by the only professional architect who knows the law, two copies of demand drafts, land use certificate issued by the competent authority by Dy. Commissioner and foundation certificate. If you have all these documents then by using newly invented BBMP software- Automated Building Approval Plan you can avail approval in 4-5 days.
  • Commencement Certificate for under construction: It is the vital legal paper issued by the local bodies like BDA/BBMP only once they inspect the site. This document states that the projects matches all the required criteria and helps in the commencement of construction by the builder on site. If the builder does not have it and has started construction, then it may be considered illegal and can attract eviction notice and levy penalties.
  • There are many more documents which you should vet before you purchase a new property, and those would get disclosed in the later part of this post till then stay tuned.

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    Buying Property Tips#6: Inspect the Property
    To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.
    Buying Property Tips#7: Pick the Right Financing Option
    While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.
    Buying Property Tips#8: Invest through Equity
    One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.
    Updated: April 20, 2018 — 5:11 am
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