Buying is a new; home is one of the happiest events in our life. Everyone, at least once in his/her life, tries to get the own shelter where he can rest at the end of the day, stretching the back. Not always every individual affords the new home; thus, they tend to buy second-hand homes. The resale market of the housing has been boosted in the past few decades because of unaffordability of the brand-new flats in developed cities.
Buying a new home is quite a hassle, and so the resale property is. If you are going to buy a resale property in the developed city, especially like Pune, you must be aware of all the obligations regarding the property. Not only legal commitments but also the feasibility of the property in all the sense.
Pune is the historic city where several medieval dynasties ruled. The magnificent destination surrounded by the cliffs and hillocks, the city of Pune offers moderate weather. It is situated on the plateau of Deccan in such a significant location that establishes connectivity to most of the towns in the state, and even in the country. Several realty projects have been taken place in Pune, and many are under construction. The resale market is also booming due to lots of employment opportunities in the city. The resale properties in Pune are getting high demand. However, there are a few things that you must remember while purchasing the resale property in Pune.
The locality where you are expecting the new home is one of the essential things to remember. Always check whether all the necessary shops, medicals and hospitals are nearby; and if you have kids, the school too! The ease of transportation is also to be considered in terms of public transport and a private one. Pune is vastly spreading in all the directions, especially to southeast and northwest. Hadapsar, Viman Nagar, Bavdhan, Chakan etc. are the prime locations where several developers have introduced the new projects.
About the First Owner
If you have shortlisted a particular flat, always make sure that you gather all the information about the first owner of the house. Always try to be aware of the fraudulent activities. You can get in touch with the neighbours to excavate more about the owner. It is just a precaution to avoid all kind of possibilities of frauds.
If you like a particular property, you will have to examine all the documents first before buying it. The list of essential documents is as follows-
Possession Certificate: The builder issues this certificate to the first owner of the property. You will have to get it from the buyer.
Building Plan: It is always necessary to check the authenticity of the construction, which can be done by examining the building plan approved by the municipal authorities. The blueprint and layout of the structure are equally important.
Occupancy Certificate or OC: The occupancy certificate along with the completion certificate is essential to be collected. These documents are needed to avail home loan from any bank.
Loan Clearance Certificates: Don’t forget to check the loan clearance documents while purchasing the resale property. If the first owner has not settled the home loan entirely what he availed for his first purchase, it may become your liability.
Property Tax Receipts: All the taxes related to the property have to be paid; thus, check and obtain the receipts of the taxes paid by the first owner.
Contract of Purchase or Sale Deed: This is the crucial document as it is the legal proof of the transfer of property from the seller to the buyer. Always examine the sale deed thoroughly and try to solve all the queries related to the property.
Possession Certificate: The developer issues this certificate and offers to the first owner of the property. You must occupy the possession certificate at the time of purchasing the resale property.
Besides the documents mentioned above, several other certificates play an essential role. The encumbrance certificate can be obtained from the local authorities to confirm that the property does not have any outstanding liabilities. If the property is converted into any commercial use, the conversion order letter has to be obtained to avoid any legal issues in the future.
Pune is a fast-growing city, situated near Mumbai, the financial capital of India. Thus, the decision of owning a resale property in Pune is always a right decision. Make sure that you take care of all the necessary points mentioned above while purchasing the resale property in Pune.