Document Check – Secondary Home Purchase!

Document Check – Secondary Purchase!

• NOC by bank if current owner has taken a loan

• Loan closure certificate from another bank if loan was transferred

• NOC and no-dues from the RWA

• NOC from Builder of no-dues

• All previous receipts paid to Builder

• Property Registration document/ Deed

• Letter of Allotment by Builder to seller

• Id proof of seller, PAN Card of Seller

Negotiating a Secondary Purchase :

In Real Estate negotiation plays a big role, It will be helpful if you know Know the current rate in the area. Try to Understand the reason of selling of seller and Clarify all additional expenses apart from house price – legal, registry, NOC etc.

Have clear understanding on what you will bear and what the seller will bear. Inspect the flat and evaluate the cost of fixtures, cost of refurbishing the house, Have everything documented. Have a witness before you give initial cheque and Get your buyer-seller agreement vetted by lawyer.

Dos and Don’t – Interiors! :

• Do the furnishing, electrical, plumbing first and then go for paint.

• Furnishing – Don’t use inferior plywood in order to save cost.

• Contracting better if you have no prior experience – Give contract to plywood supplier.

• Split AC Arrangement – Call for an expert.

• Inspect and make all necessary arrangements for appliances in next 1 year.

• If termite treatment to be done – do before paintwork.

• Paint – Get putty done for long last if walls are not smooth.

• Tile work – Not every expensive and gives additional beaty to your house.

• Bathrooms – make sure that tiles in bathrooms are skid free, For shower cubicle use toughened glass.

The Current Market Gap :

Unavailability of single platform with exhaustive list of every new project, Outdated information leading to high search cost for consumers and Elimination of projects based on information available online. These are the Problems faced by home buyer.

High cost of acquisition of leads and Absence of pay-per-performance marketing medium. These are the Problems faced by builder.

Eg : If you want buy a property in Bangalore then you need to search for popular and genuine builders in Bangalore.

Solution for these Problems :

Create a Market-place where the information is accurate and current, Dis-intermediate brokers, by creating a connect between builders and brokers, Simplify Online House Search by capturing value-added data of projects/builders – past projects, %common area, construction quality and Help Builders reach to right audience by creating a transparent marketplace.

Source : Buy a Property in Chennai at RealtyCompass.com

Realtycompass.com is a real estate portal offering comprehensive listing of residential projects across 12 cities. Flats for sale in Chennai at realtycompass.