Buying a Resale or Pre-Owned Property
tool tip arrow
Give us your feedback
×

We would like to take just 2 seconds of your time for your valuable feedback! It will help us to improve your experience.

How likely are you to recommend CommonFloor.com to your friends, colleagues or relatives?

Least Likely
1
2
3
4
5
6
7
8
9
10
Definitely

Submit
Cancel

Please select how likely you are to recommend CommonFloor.

Thanks!
×

We are glad to know that CommonFloor.com has helped you in your property search and other real estate needs!

Please do provide us more feedback at contactus@commonfloor.com so that we can improve and serve you better.

We appreciate your feedback on CommonFloor.com! We are working hard to improve ourselves and serve you better.

It will be great if you can send us detailed feedback about your experience at contactus@commonfloor.com

Buying a Resale or Pre-Owned Property

Comments(74) Sub Category:Property Buying Posted On: May 13, 2009

If you are buying a resale property or Pre-Owned property, here aer some important aspect that you should check for before buying them.

Age of building or construction date of property:

If you are buying a property older than 10 years, you need to check the durability and quality of building. This not only helps to get quality building but also helps you to avoid huge repair and maintenance after you purchase.

Debt free property:

While buying a property check the debt status of the property. Check whether property is under mortgage and if it under mortgage what is status of debt, whether property or building has approval from authorities, taxes and other bills are duly paid etc. Ask for a release certificate from the bank to ensure that the seller has paid back all the amounts due on property.

Registration of property:

Check the registration of property and ensure that all documents relating to property are available. Get a legal experts opinion to verify the registration of property. Check whether property is included in government registry.

Property free from disputes:

A property for resale may have some court cases or legal hassles going on in families. Ensure property is free from disputes and you are buying property from real owner or the person who has right to sell the property.

Cash component:

Seller of property may want the portion of selling price in cash and remaining in cash or cheque you are comfortable with. In such case you may not get home loan on the full price you are paying. Check whether you can afford that.

NOC:

While buying a resale property, ensure that building is constructed according to plans and layout approved by authorities and seller has certificates such as completion, occupancy and NOC (No Objection Certificate) from respective authorities.

Before buying a property, discuss with experts and real estate agents in your neighborhood. You should not make your decision hurry by believing the seller or agents. Buy the property only if you feel that it suits you best. Visit as many as property as you can and select the best one from them.  Ensure you get all the documents and property is debt free.

If you are investing on your second property, remember you have to pay income tax and wealth tax for the property that is not self occupied home.

If you are buying property for renting, it is recommended to consider area and location of property. These simple precautions help you to buy your dream home or property.

 

74 Responses to “Buying a Resale or Pre-Owned Property”

  1. manoj dhawle says:

    i seen resale plot older than 10 years.

    what document i want to see for the same

  2. Ankit says:

    Hi,

    I am planning to buy a 2BHK flat in more than 10 years old building in Airoli.

    What things which needs to take care before buying?
    Regards,
    Ankit

  3. avinash says:

    purchase old flat payment all be done and document all complete but 1 point i hawe got to flat .to give any document requirement eg transfer to soc.and share certificate

  4. Danille Keiffer says:

    I’m extremely impressed with your writing skills

  5. shopping says:

    Just wish to say your article is as amazing. The clearness in your submit is just nice and i could suppose you’re an expert in this subject. Fine along with your permission allow me to clutch your RSS feed to stay up to date with coming near near post. Thanks 1,000,000 and please carry on the gratifying work.

  6. shared web hosting says:

    Great write-up, I am regular visitor of one’s web site, maintain up the nice operate, and It is going to be a regular visitor for a lengthy time.

  7. shared web hosting says:

    Good day very cool web site!! Man .. Excellent .. Wonderful .. I’ll bookmark your website and take the feeds also…I am happy to search out so many helpful info here in the put up, we’d like work out more techniques in this regard, thanks for sharing. . . . . .

Leave a Reply