Guide To Buy Resale Residential Property

When you set out to purchase a residential property, you have no other goal but live life in comfort and peace. To ensure this goal is fulfilled, there are some legal procedures that you need to abide by. This article will discuss some steps you need to take to settle all those legal matters and tell you what else you should do before you step into your new home, which is a resale property. So let's begin:

First of all, if you are buying a resale apartment or an old property for sale, transfer the title of ownership as fast as you can. Make sure you become the official owner the moment you have cleared your payment and moved in to your home.

Lawyer

Get a good lawyer because he/she can assist you with a proper guide to legal procedures. He/she can be the right vigilant and tell you if and when the seller is trying to fish out extra money from you for no good reason. Your lawyer will also be able to check whether there are any dues unpaid by the previous owner to the trust or governing authority of the residential property.

A good lawyer will also be able to take care of your home loan-related procedures. Since almost everyone buys homes these days with a loan, this is very important. To obtain your Loan for Home, you need to submit a certificate named NOC or no-objection certificate. This will be issued to you by the aforementioned governing authority only if all the dues have been cleared by the previous owner.

You

If you are moving into a relatively old building where money is being collected for remodeling, you have to participate in the process. That is why, it's best to find it out before buying your residential property that whether or not there is such an imminent possibility. Other than that, you need to check if the utility bills are all cleared by the previous owner of your home. You should not pay bills for things you have not used.

Also, do not forget to check out the state of wiring and plumbing in the apartment. Will you need to re-wire the apartment? Do you have to get the plumbing repaired as well? Is there adequate space for parking your car? If yes, how much will it cost? These are the questions you need to find out answers to.

Broker/Real Estate Agent

In most cases, brokers or real estate agents, whatever you want to call them, are in a hurry to sell an apartment to you. They tend to conceal facts and tell you complete lies in order to sell you a flat and bag their share of the money. Needless to say, you should never encourage such behavior and never put your complete faith in these people. Find out the truth for yourself.

Consider

Weigh every pro and con of a property for sale. Do not make a hasty decision as buying a resale property is a major step. Assess your position in detail. Are you at an advantage or at a disadvantage? Then and only then can you make your decision.

[Source: http://www.sooperarticles.com/real-estate-articles/property-rent-articles/guide-buy-resale-residential-property-1102655.html?]