Buying a home might look easy as long as you don’t do it yourself. There is ‘n’ number of things to consider apart from the obvious, namely, there are several legal processes that are associated with the transaction and not knowing them would land you up in trouble.
1). Legal verification of the property: At the first stage of home buying activity, you’ll have to face the developer – the real owner of the property. He/she will help you with the latest trends and practices along with the documents required for the transaction. However, since the prime focus of the real-estate developer would be to sell off the property and hence, they won’t inform you about the legal aspects related to the property. Therefore, take the plunge and check the legal aspects related to the property yourself. Take help from a lawyer if you have to, they can speed up the process.
2). Ensure you get the original documents of the property: When you meet the property seller for taking over the possession of your property, make sure you are handed over with original documents from the owner before you make any advance payment. Also, check the authenticity of the documents before making advance payments as an advance payment of any flat means a high amount of money.
3). Avoid brokers while buying old properties in Bangalore: If you are interested in buying an old property like a pre-owned 2BHK in Pashmina Waterfront, avoid brokers. Involving a broker in your property purchase would cost you more than what’s required. Brokers charge a heavy brokerage which might range 8% to 10%.
Bottom line: Concluding the article, I would suggest you check if the lender is registered and if the property is RERA verified.
Additional Read: Factors to Consider While Buying Property in Bengaluru