Stories
Resale Flat Purchase: Essential Document Checklist Before Paying Token Amount
- •Always verify the seller's ownership by checking the registered sale deed and ensuring all owners are part of the transaction, especially if inherited or gifted.
- •Investigate any outstanding home loans on the property; request loan statements, understand repayment plans, and confirm the release of original documents upon closure.
- •Examine society and municipal records for share certificates, maintenance bills, property tax receipts, and occupancy documents to identify and resolve any pending dues.
- •Cross-reference the physical flat with its documents, checking the number, layout, and area, and scrutinize electricity/water bills for consistency and outstanding payments.
- •Before making a token payment, obtain a written receipt detailing the amount, sale price, and refund conditions, and ensure all basic documents are verified to confirm the seller's right to sell.
Key Questions Answered
To verify ownership, buyers should ask for the registered sale deed and check if the seller's name matches current records. If there are multiple owners, all must be part of the transaction, and any transfer documents via inheritance or gift should also be reviewed.
Buyers should ask the seller directly and check relevant documents rather than relying on verbal assurances. If a loan exists, request the latest loan statement to understand how the outstanding amount will be cleared, or obtain a no-dues document and title release confirmation if the loan is closed.
Buyers should ensure ownership is clear, loans and dues are accounted for, and property documents match the actual flat before paying. If a token amount is paid, always get a written receipt detailing the amount, total sale price, and conditions for a refund or adjustment.
