Buying a resale property

Q: I have a question. I intend to buy a resale property at Bangalore. However the present seller does not have Khata in his name. He has executed sale deed and sale agreement only with his previous seller. The khata is in the name of previous seller. Does this create any problem if we buy now? How is the procedure?

sanjana, Hyderabad

10th January 2013

Buying property in Bangalore

resale property

khata

sale agreement

sale deed

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One of my cousins bought a resale property in Adarsh Serenity. She needed a lawyers help to get things rolling. She availed services from Zippserv. They helped her verify the property documents, drafting sale agreement, get the sale agreement franked, drafting sale deed and registration (https://www.zippserv.com/property-lawyer/property-resale-package-bangalore.html). They also got the pre-approval from a PSU bank and got the loan process started. The whole process was very seamless. Thought this information will be useful to many.

Sharath C, Bangalore

9th June 2016

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What are the advantages and disadvantages of buying a resale property?

Samrat,

18th August 2015

Comment

Advantages of resale flats:

a) You can verify legal tiles and can be assured of legal status.

b) No waiting period. Immediately you can occupy your new flat until and unless you are planning for some re- furnishing.

c) Cost including home loan interest is low compared to under construction flats.

d) You can check out construction quality with the help of structural engineer.

e) You can pay right price because you will get an idea on real estate trends of complex and locality.

Disadvantages of resale flats:

a) Check out for wear and tear or any other visible damage.

b) No major changes is possible in house structure or layout.

c) You do not have choice available for selection in terms of floor rise, view etc as not many flats are available for sale.

d) If you are planning to do a complete makeover the it will cost you a bomb.

e) Society rules might not suit you and you cannot change it.

Sishir,

19th August 2015

Hi All, I am planning to buy a resale property in Bangalore. What all should I check before buying a resale property?

Samrat,

18th August 2015

Comment

Checklist before buying a resale property are as follows: 1) Encumbrance certificate, 2) Completion Certificate, 3) Commencement Certificate, 4) No Objection Certificate, 5) Khata, 6) Occupancy Certificate, 7) Joint development agreement (if any), 8) General Power of attorney (GPA), 9) Building plan approvals, 10) Allotment letter, 11) Tri partite agreement (if any), 12) Land-use Certificate / Conversion Order, 13) Details of electricity, water and power backup.

Other than that you have to check all these:

a) All the above mentioned documents are to be obtained at the time of registration, b) Up-to-date receipts of property tax paid by the owner, c) GPA in case of another person authorized by the owner for selling the property and handle all transactions and d) Transfer certificate

Sishir,

18th August 2015

According to me this is mandatory requirement. However please do check on this with a good lawyer.

Jackie,

11th January 2013

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