Not last but the least, before taking possession make sure that there are no pending works in the flat and latest paid PMC receipt and latest paid electricity bill is paid and copy is submitted to the buyer. Also make sure that there are no dues to the society from the first owner.
No only this Prabhakar, the documentation and the process is often tiring while purchasing resale property. The buyers needs to be careful if he wants hassle free transaction. Before looking at the property the buyer needs to find out if the property is freehold or mortgaged .
Also required is an assessment bill to the Society from the municipality in question, a NOC from the Collector if the building exists on Collector’s land, a copy of the property card, and a receipt for the payment of registration fees.
In addition, the buyer of a resale flat should ask for a clear ownership history if the residential property has changed hands before.
All the documents that are applicable for a primary residential property sale would be required for a clear resale flat transaction, as well. The seller should be able to produce all original documents. The original sales deed and the Society share certificate are most important, since the transaction cannot proceed without them. Also, the buyer should bear in mind that in the case of a resale property, proper transfer and re-registration is necessary.
Apart from the sale deed, include a letter from the society that reflects details such as the number of floors in the building, the construction year, the apartment’s built-up area and the number of lifts in the building.
The main advantage of going in for a resale flat would lie in buying a home in a strategic location where no new supply is coming in. If one has personal cash resources at one's disposal and is not reliant on a home loan, buying a home in a project that is 20 years or more in age can be a good investment bet. If the residential property is in a strategic, high demand location with low or no new supply.