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Checklist when buying a property

Checklist at the time of buying or investing in property?

checklistEverybody must admit that buying a property is not very easy. Besides choice and budget, there is lot of things to consider. We now discuss various points to remember and think before buying any property. A checklist in front of eyes would always help to remember all the points to check.

Legal Checklist –

  1. The seller has clear title of the property.
  2. If there is more than one owner, check if all the owners are ready to sell.
  3. Proper Power of Attorney
  4. Verifying Municipality Tax bill or Mutation certificate.
  5. All the property taxes are up to date.
  6. Checking family tree to understand successor.
  7. Check if the seller availed any loan and check the loan closure certificate in case of loan is closed.
  8. Does the property have a sanctioned plan approved by municipality or corporation.
  9. Get the KYC i.e. Identity proof and Address proof of the seller.
  10. Check if there is any dispute in the property or ask for any pending approval in case of new projects or builder flat.
  11. Verify if there is any third party interest or any litigation in the property.

 

Construction wise checklist –

  1. How old is the construction of the property.
  2. Check out the foundation pattern whether it is a shallow or deep foundation.
  3. Construction is RCC or PSC.
  4. Check out the specifications given by the developer.
  5. Check out the outer wall constructed with bricks or fly ash bricks or concrete.
  6. If it is high rise building, verify the norms are maintained and the building is earthquake resistant or not.
  7. What are the materials used to develop the property.
  8. Check out if there is any big crack on the wall.
  9. The roof condition is also to check.

 

Investment wise checklist –

  1. What is the current average rate for the location?
  2. If the rate is more than average, get clarification why it is so. May be there are some extra advantages of the property or the project.
  3. What is the payment term.
  4. Forecasting the escalation according to growth of the location.
  5. What is the rental rate of the property and calculate the percentage compare to total price.

 

Checklist for living –

  1. The location is all important for living. One may have a private vehicle, however, public transport is very much essential.
  2. Is there market area or shops for day to day life?
  3. Is the area peaceful?
  4. Check out the amenities and facilities if it is a residential complex.
  5. Know what is the maintenance cost of the property.

We tried to cover maximum points which can be checked before buying a property.

Author – Arnab Ray

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