Sunday, August 29, 2010

10 Things To Know When YOU Are Going To Purchase YOUR Dream HOME


It is a Magical Dream of a Individual or a Couple to Purchase a Dream Home for Setting and Soothing Life.For many Individual or Couples it is a Major Investment for their Hard Earned Money.Majority of Folks do this once in a Life time.So it is wise thing to know few important things regarding the purchase of Your Dream Home .If You are among,who have decided to purchase a Home of Your Dream

Independent house
                                                Therefore You need to know various information from the Builder in relation to the Property and Quires from other different sources.By doing this You can facilitate Yourself with upcoming difficulties and uneasiness in near Future.For example before Purchasing a Flat or a Independent House acknowledge that the Plot on which the building or property is constructed; is the Builder Owner of it or not ? Is the Plot on Free Hold or Lease Hold.In the sequence of investigating many other things should also be kept in Your focus of Quires
Sweet Home

 Prior to Purchasing any Property find out ; does the ownership of Plot belongs to Government,Institution,Individual Person or a Trust.

Beside above mention things YOU must Know following 10 things when Purchasing Your Dream Home.

1. Land Diversion

If Builder has constructed the building on Land which was used for agriculture before.You must find,have the builder taken permission from the Department of State Land Revenue on recommendation of Department of Town and Country Planning.Otherwise this authorities can issue order to dismantle the construction on the basis of illegally changing Land use of agriculture to housing purpose.Same is the case if the land come under city green belt or entertainment zone of the city.

2. Land Nomination Transfer

If the Builder or Colonizer has purchased the land from some other party.Find out whether the Builder is having Land Nomination transfer with Him.Otherwise someone will claim on that land and the dispute will go into court for lengthening judgment process.

3. Permission for the Plan of Building

 For any Building Construction,Apartment or House it is mandatory to take permission from City Corporation or related Authority.Such as Town and Country Planning.Only after taking permission Builder can do the construction.In most of the cases Corporation does not gives mush care to the height of the Building and illegal construction,and the Builder uses this opportunity for their advantage and illegally construct high rise building.Prior to purchasing a Flat in a building or apartment find out whether Corporation has given permission and You should also find out about the Flat You are going to purchase,was it constructed according to permitted plan or there is any change made in it.If there is any change done;have the permission taken.Consider every thing which can be illegal,otherwise the Corporation will take action on You;if the Builder has sold the Flat to You with illegal construction.
 4. Letter of Disapproval

Every Corporation gives a letter of disapproval along with the permission of construction.This letter mentions under which condition plan of building can be disapproved.This letter is issued for one year.Therefore it is also important to know whether Corporation has send any disapproval letter to the Builder.If Corporation have send such letter;find out ,what they have mentioned on it.
5. Permission Certificate

You can also find whether the Builder have the permission to start the construction.Like letter of disapproval,validity of permission certificate is for one year;in course of time Builder has to renew this certificate.Check the renewal ,if the one year validity is completed.

6. Letter of Agreement

Agreement letter is a important document related to Your property which You must give a big consideration.Read carefully each and every point written on it.This document contains floor area of your flat or house,house number,wing,built up area,mode of payment and also date of inauguration of Your home written on it.This is the only document which mentions contract of selling and purchasing between seller and buyer.

7. Stamp Duty

If Complete Stamp Duty is not have been paid then all document of plot,Flat or house will be considered illegal.In such case penalty can also be charged.Stamp Duty is paid according to the Agreement letter or Market Value,whichever is higher.This amount should be paid during or prior to agreement.

 8. Registration

You have to register the agreement with the payment of stamp duty.This should be done within four to six month at Registrar Office If due to any reason You are late in above given time period,Registrar can register it with some penalty.Do not ignore this process under any condition.The department of registry is trying to computerized this process for convenience even if You have paid huge amount of Money.One more important point,enquiry from Registrar Office that the Flat or House You are going to purchase;is that  property also sold o someone else,there are chances at many occasions Builder sells one property to many.Query everything minutely.

9. Possession Certificate

You and Your Family will be busy,going to celebrate the Joy and Happiness of purchasing Dream Home.Before celebrating find whether the Corporation or Authority have issued the Possession Certificate.Before inauguration of Your Dream Home it is necessary ,You should get possession certificate otherwise You will be facing difficulties.You would not like the authorities to disconnect Your water supply and electricity supplies and You have to pay the penalty for re-continuation of water and power supply.

10. Ownership of Property

By taking decision of purchasing property and after making payment of Money,You would like to have ownership of property as early as possible.Though Smart people first look whether the property is as completely like,which was told before purchasing.Are the related documents are exactly correct according to Law.Before taking ownership of property check every thing related to Your Dream Home.Find is there any thing which was promised and not one.Beside it get all original documents related to Your Dream Home such as Registry,receipts etc of Your Flat,House or Plot.Keep all the receipts in your safe custody.Before entering in Your New Home get receipts of electricity,water supply;if any receipt and never forget to take property ownership receipt from Your Builder.keep every document with You which is related to Corporation or Legal Authority,Builder,Housing Society,and Government transactions.One more important thing,if your Flat or house is in a Society,take a copy of society record in your name.This will be beneficial for YOU

 India's Economy is rising very fast ,which has provided opportunities for various Individuals to relocate at different places.this have given a wide rise in Housing Sector.So it is important for You to investigate above 10 points with focus and determination to get proper reward for Your hard earned Money as a investment for Your Dream Home.

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  1. Nice to find the post related to my searching criteria. When buying a home, there are things that one should consider and those information that you've provided were very useful.

  2. cottages for rent in ontario
    Thank you for sharing this article. I love it. Keep on writing this type of great stuff.