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Checklist for Buying a Property

March 15, 2013

ConveyancingChecklist for Buying a Property

Buying a property is not only buying a dream property but also your investment in life. It is obvious that you don’t want to invest on property which causes problem or risk in future. You may be searching for assistance or checklist to guide you for buying your dream property. Here are some checklists for smooth and easy buying of property.

Clear Title

Do not buy a property if the title of property is not clear. If title is not clear or marketable it will cause problem in future and financial institutes refuse to finance on such properties. You can either seek assistance of your lawyer or approach financial institutes to know whether the title of the property is clear. Your property title confers the owner of the property.

Documents

Ensure that seller of property has all documents relating to property. If possible ask for copies of original documents and get them verified by your legal advisor or lawyer.

Expense for buying

Consider cost for property and other expense incurred for owing the property. Cost of property is not rate of property but also includes other costs. Some of the important costs incurred for buying a property are fee for lawyer, Registration and notary cost, realtor’s commission etc.

Home Insurance

Home insurance for your property helps you to meet unexpected loss or expenses. This helps you in case of theft, fire or other natural calamities. While applying for home insurance, search for company which offers you insurance at low premium rate.

Title insurance

This insurance is important for buying a property and protects buyer against any losses. This is an advantage for buyer when buying a property and helps to avoid from buying a property with defect in title.

Approved layout

Get copy of approved layout for the building from your builder or seller of property. Ensure that building plan and construction is approved by the authorities and property is listed in government register.

Consult a Realtor

Choose a good realtor or agents for helping you to buy a property. You can contact agents or realtor in your neighborhood. Remember do not buy a property believing the realtor or seller, buy them only if you are convinced and feel comfortable with.

Ensure property is free from debt and liabilities

Ensure you are buying a property which is free from debts and all taxes are paid in time. If seller of property has taken any loan or advance on the property, ensure they are paid off and ask them for documents or copies to show that property is debt free.

Intimation of disapproval (IOD)

IOD is set of instruction given by respective authorities for builders to construct the building. Normally it is valid for a period of one year and if the building is not constructed within one year’s time, IOD has to be reissued.

Water and power supply

Ensure that property you are buying has adequate water supply and there is no problem of power such as voltage fluctuation, power shortage etc. Voltage fluctuation can damage your home appliances. Ensure the availability of water and power supply.

When buying a property ensure that there is no claim on the property by authorities or government and check whether land is designated for the residential purpose. Before buying the property ensure you have good neighbors and check the reason for selling the property. Make good market research and seek expert’s service for making your decision.

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