7/23/2019 8 Steps Before Buying Your Dream Home

http://slidepdf.com/reader/full/8-steps-before-buying-your-dream-home 1/2

8 steps to follow before buying a home

One has to take many measures before purchasing a home. Here I have mentioned some tips I

Hope it will be helpful for you.

1. Title of property:

Clearly check the title to a property because this is one of the most important measures to be

considered before purchase. Study the whole documents clearly to ensure that the owner has

 proper ownership to the property. Take search of the land records and the records of the Sub-

Registrar. Take search of the records of the society where the property is located. Issuing public

notice in newspapers calling for claims in respect of the property.

2. Sanctioned plans and commencement:

Certificate by the concerned authority should be inspected, especially for buildings under

construction. If the building is not built in accordance with sanctioned plans, the completion

certificate will not be granted. For buildings that are complete, occupation certificate/completion

certificate should be verified.

3. Power of Attorney:

Sometimes property is sold through a person holding power of attorney (POA) on behalf of the

owner. This POA should be closely scrutinized to ensure that it is properly executed. The

Bombay Stamp Act, 1958 was amended a few years ago whereby heavy stamp duty is attracted

on a POA in case the POA for sale of immovable property is executed to a person not closely

related to the executant. Thus in most cases a POA is executed to a close relative as defined

under the Act.

4.Tenure of Land:

if the land is leasehold and the residue tenure of lease is short and if there is no provision for

renewal on old rent, additional ground rent may be payable by the purchaser on renewal of the

lease. It is also possible that there may be no renewal clause at all.

7/23/2019 8 Steps Before Buying Your Dream Home

http://slidepdf.com/reader/full/8-steps-before-buying-your-dream-home 2/2

5. NOC and Dues:

It is preferable to obtain a no objection as well as a no dues letter from the society if the premises

are in a society. In case the building is not conveyed to the society by the builder, then no

objection of the builder should be obtained. It should be verified that the seller has paid all his

dues such as property tax, service-tax, VAT and other outgoings to the society or the builder.

6. Income tax:

One may investigate whether there are any proceedings against the seller under section 281 of

the Income-tax Act, 1961. Further if the seller is a nonresident of India, TDS may be deductible

from the consideration paid unless certificate for non-deduction or lower deduction is obtained

from the concerned Income-tax officer.

7. Permitted user and Restrictions:

One should see whether the property is residential or commercial as per the Development

Control Regulations. And even check other factors such as heritage rules, set-back for road

widening may apply to certain buildings, which should also be considered.

8.Documentation

Proper documentation should be put in place for purchase of the property. The sale document

should be properly stamped and registered and the original title deeds should be taken by the

 purchaser from the seller.

For more details visit our website http://shivasaidevelopers.com.