Buying Resale Property, An Experience


Buying Resale Property

An Experience

 

First time property buyersJ, you are at correct place myself is software consultant working for multinational’s in Pune. Recently encounter with an experience, which I would like to share with you all.

 

So here, we go…

 

You are buying resale property.

 

Points to remember

 

Find out some good lawyer who is well versed in making following documents

  • Agreement to Sale
  • Sale Deed letters
  • Search & Title report

*Make sure you know him better then seller knows him.

 

Ask him few ways to benefit you over seller by adding some or the other clause in the agreement. Make sure to discuss the entire payment mechanism.

 

Grab the best property rate from seller

  • Study the area well where you planning to buy property before going to see seller.
  • Find out what all landmarks of area & how far are those from property you are looking at.
  • Avoid agent’s interference too much while negotiating price.

 

TCO (Property) includes

  • Property costs.
  • Stamp Duty (Franking) charges
  • Registration charges
  • NOC letter from either society or builder
  • Lawyers Charges

*You can bargain with seller on Lawyer & NOC charges, make sure he is ready to bare the 50% expenses.

 

 

***If you are planning to buy this property with loan, read on.

 

If it’s a mortgaged property then

It’s better to get the loan from same bank where the seller mortgaged property

 

Try to bargain on the

  • Rate % of interest
  • Processing fees
  • Bank property franking

*do not go with any agents, directly contact bank and meet the officials personally.

Advertisements

One thought on “Buying Resale Property, An Experience

  1. Hi,

    I am looking for to buy some resale property.
    Can you tell me, we have to pay the stamp duty again on resale transaction ?
    Can we go for another bank if the interest rate is lower ?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s