Check Before Buying A Resale Property
Buying an old property could be trickier than buying a new one.
Here is a checklist to be kept in mind.
Investing in a property or buying a property is no joke, as people put in their lifetime's saving in it.
While buying an old property, there are more than usual questions that are to be asked to oneself.
Here is a checklist that should be considered before buying an old property:
Legality:
Ensure that there are no other claimants to the property. Check whether the property has joint ownership, and if yes, ensure that all co-owners have authorised the sale. Seeking the property titles along with original documents will help in knowing if the existing owner has bought the property on resale.
In case, any of the documents from the chain of titles is not stamped as regulated, the banks might refuse to offer a loan for the purchase of a resale property. This is one of the most important points that is to be considered while doing any such transaction. Although it is extremely time consuming, it's still worth investing time into.
Dues, if any:
Ask yourself, is it a disputed property?
One should make sure that the property is free of all legal dues at the time it is being sold in resale. Copy of the title documents including the sale deed in case it is a third of fourth resale in the name of the present seller should be sought.
