Before finalizing on a property, it is vital that you’re aware of the things you require and have analyzed. A checklist is ideal to analyze the aspects of the negotiations that have been undertaken. Any investment in real estate is something that you approve with the utmost care and prudence. The monetary value is quite high which makes it all the more important to take extra careful decisions.
Inspection of property:
The buyer normally hires a qualified home inspector who carries out a home inspection and reports his findings. It is important to have a detailed summary of the facilities and utilities in the house, to check the level of completion, and repairs if any. In fact, it is advisable to take photos of the house before the deal takes place. This ensures that there are no confusions and conflicts in the future regarding the state of the property before the transfer of ownership.
Ensure that you have a copy of every document that the seller does. It is important to keep photocopies for future purposes. For legal reasons, in the case of any clarifications that could potentially occur at a later date, the buyer should have access to the documents. The deed is the document that cements finality of the transaction. Only when the deed register is there proof that the ownership is undeniable with the buyer. An approval from the local bodies is necessary before the deal closes.
The charges that generate for a property as security, against which you receive a loan, are commonly termed as encumbrances. It keeps an account of all the transactions that were undertaken. It is important to get an EC (encumbrance certificate) because this certifies that the property is free from any liability and that the property is okay to sell without being associated with any title. It is proof that the property is not held against any loan.
Building plan and layout:
The layout specifies the dimensions of the building with details of the wiring and pipes that were utilized. It is important to have the CMDA approved plan that clearly specifies the engineering of the electrical systems, water supply systems, and the sewage line. This is essential for the maintenance, upkeep, and repairs, if any, that may need carrying out at a later stage.
This is a clause expressing that the offer is contingent or valid when the buyer is able to secure finance for buying the house. The period helps buyers secure a loan or avail finance elsewhere. Some require a contingency period while others who are keen on finishing the deal will ask for a waiver.
These are important entries in the checklist before finalizing the deal. It is worth noting that each property comes with different benefits and risks based on various criteria such as location, age, and proximity to different facilities. It is important to do your homework before clinching on your dream property!