Assessment of Value: Before deciding to buy a property, assess if the price is in the accordance with the existing market rate. One can avail the information on previous transactions from the open market to determine the right price. A good realtor would be able to advise on this aspect.



Title Search: Once the property price has been negotiated, the next crucial step is the “title search" (examination of original title deeds). The exercise involves a number of legal/technical aspects; therefore it is advisable to solicit a good Lawyer, wellversed with real estate practices, to undertake this process.

Search report & Title Certificate: A little certificate is issued by a Lawyer after conducting a search of the title of the property, which has been shortlisted for purchase. The title certificate would state if the property is unencumbered and has a clear marketable title. In other words, it would state whether or not there is any existing mortgage,lftigation,condition or claim, which is likely to affect this title of the buyer adversely.

Land Documents: A few of the essential documents that one would have to review are chain of conveyance/sale/partition/gift deed or will, share certificates, electricity bills, NOCs from respective co operative housing socities and builder/collector among others.

Documents of the Project/Building: It is important to check the relfability of the developer before you commit to any property. Checking the developers’ past record along with visits to his past projects could make one ascertain to a large extent about his reputation. Timely possession , quality of construction, compliance with the buyers’ agreement, penalty clauses, providing arnenlties mentioned are a few things which one needs to keep in mind while identifying a developer.

To validate the above information and to get a better understanding on the developers’ financial status, C&W report saya, one should seek help from financial institutions/banks, which are funding the developer. The buyer by asking the grading assigned to the builder by rating agencies ‘Like Icra and Crisil.

The Documents Pertaining To The Project:

1. Development agreement with the landowner if the developer is not the owner of the property.

2. The Power of Attorney executed by yhe landowner in favour of their developer.

3. Sanctioned Zoning plan

4. Approved building plans along with number of floors

5. Commencement Certificate

6. Occupation Certificate

7. Completion Certificate

8. Property cards

Technical Verification: To find out about the quality of the structure, get the opinion of any private structural engineer for certification.

Stamp Duty & Registration: No transaction is certified unless it is duly stamped, that the buyer has paid the appropriate stamp duty.

Stamp Duty is a levy that the goverment imposes on instruments to validate them. Stamp duty is paid either in the form of stamp papers, affixing the stamps or through a franking machine that puts a seal on the document with details of the duty paid. Ideally, the buyer pays the stamp duty to get a property registered in his name unless agreed otherwise.

Registration of the conveyance deed should be caried by lodging the original stamped agreement with the respective registration office.

Both stamp duty and registration charges are typically the obligation of the purchaser.

Another cost to be taken into the account is the society transfer charges and in most casses donation on the society corpus/building funds, and these are typically shared in equal proportion as per market norm or as a negotiated.

Standard Documentation for a Purchase Transaction:

1. Provisional agreement for sale and purchase signed by the purchaser and seller, at the negotiated price with certain terms.

2. Sale deed/conveyance deed transferring ownership of property from a seller to the buyer

3. Share certificate

The above highlighted factors given an insight into the intricacles involved while purchasing a home. Taking step towards fulfilling this apiration can be alleviatin however, before really cormitting to a home, it is essential to assess and evaluate the decision from all aspects ensure that you are making it the right choice.

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