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Q: I am from Kolkata. I am keen to purchase a property in regent city. This will be a resale transaction. The flat is owned by some investor whom I dnt know at all. Please guide me how to proceed further so that i do not get cheated

Asha,

14th June 2015

Buying property in Kolkata

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Replies (8)

Hi Priya thanks for your inputs. I read this forum. This is really very interesting and useful tips to the apartment and any properties. These points are really very important when you are going to buy apartments or Flats. This is really very useful to first-time buyers.

Thank you.

Alokesh, Kolkata

18th June 2015

Comment

Thanks dear for updating but I want to add few more point i.e Resale properties are likely to be discounted. They have more flexible payment options. A buyer of a resale property should consider the parking space, plumbing, electricals etc.

Priya Gupta, Kolkata

17th June 2015

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Hi Joseph, No need to worry about resale properties it is good that you can see and analysis property before investing. Buying a resale property is quite advantageous no project delays, ready-to-move-in property and no service tax/VAT burden.Before buying a resale property that is quite old and attracts additional maintenance charges by the society, one should meet the society’s office bearer to know more about it.

Bijoy Das, Kolkata

17th June 2015

Comment

Hi Asha, you can also check Commonfloor article for more information while buying resale properties.

http://www.commonfloor.com/guide/buying-a-resale-or-pre-owned-property-252.html/comment-page-1

Anil Choudhary, Kolkata

16th June 2015

Comment

Hi, Very interesting insights, But I am confused what point I should keep in mind before proceeding in resale market? Please help me....

Joseph Sebastian, Kolkata

16th June 2015

Comment

Thank You everyone for replies above.

My scenario is :
Investors has bought the flats in the society and have done just a sale agreement with the builder and the flat is lying vacant unused. Even the water /electricity / and all other fittings are not done. The property is not registered in the name of the seller. I mean the property is not at all registered. But we have to pay the money to the investor.

There is man who has the keys of all such resale flats, who showed us and we selceted one and want to buy it.

This middle man says come and book the flat by paying 1 lakh booking amout.
But before that , i want to get it clear that I am not being cheated. As I have never met with builder or the seller.
So please guide me that what all documents should I verify before going ahead.

Asha,

15th June 2015

Comment

Hi Asha, I would advice you to take the help of a property lawyer to check these documents:
1.Original sale agreement ( to make sure there is no outstanding loan on this property)
2.NOC from the society for sale of the flat ( to make sure the society is formed and is in existence)
3.Share certificates issued by the society.
4.Proof of payment of all muncipal taxes, society charges and electricity bills upto date to make sure there are no outstanding dues.
5.Income tax receipts from the seller to make sure he has paid all the income taxes and has no restriction to sell his property.

Kaustav Paul, Kolkata

14th July 2015

Hi Asha, list of documents required to verify before buying resale property:
1. sale deed in present seller’s name
2. Khata certificate & extract
3. Latest tax paid receipt
4. If any loan outstanding on the property, latest statement from bank
5. Encumbrance Certificate from date of purchase till date
6. Agreement of sale & construction executed by developer in favour of seller
7.Latest electricity bill & receipt for the that flat.

debabrata sarkar, Kolkata

14th July 2015

Hi Kaustav, Thank you very much for your guidance. Buying a resale property has always proven to be advantageous from choosing a strategic location to acquiring selected properties at better prices. Although a resale apartment may be old, it is a good investment option owing to the low availability or supply of new properties in the area.

Priya Gupta, Kolkata

15th June 2015

Comment

Very interesting insights. Thanks for your valuable inputs.What are the important steps a buyer should take before buying a resale apartment?

Alokesh, Kolkata

15th June 2015

Hi Alokesh, Thanks for writing, One of the most important aspects of buying a resale property is to ask the seller for a clear marketable property title.Check whether the property has joint ownership and if yes, ensure that all co-owners have authorized the sale. In case any of the documents from the chain of titles are not stamped as regulated, the banks might refuse to offer a loan for the purchase of a resale property. One might also have difficulty in seeking a loan if the resale property is older than 10 years.

Priya Gupta, Kolkata

15th June 2015

Hi Asha, If you are buying a resale property, here are some important aspect that you should check for before buying them
1.Age of building or construction date of property
2.Property free from disputes.
3. Registration of property
4.NOC.

Priya Gupta, Kolkata

15th June 2015

Comment

Hi all, Before buying resale properties check owner all document:
1) His previous agreements along with receipts from builder
2) NOC from builder
3) Completion certificate
4) if any loan, then loan paid off letter

Kaustav Paul, Kolkata

15th June 2015

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