How to Check Documents Before Buying a Resale Flat | Resale Flat Document Checklist

Summary

This video provides a comprehensive guide for checking important documents when purchasing a resale flat. It emphasizes the sequence and details to verify, including the allotment letter, position letter, sale deed, payment receipts, and essential certificates like building completion and occupancy. It also covers the need to inspect car parking allotments, property tax receipts, and the share certificate when dealing with cooperative societies. The video highlights potential fraud risks, the importance of original documents, and practical tips to ensure a smooth and secure transaction. Viewers are encouraged to take their time and verify everything to avoid future complications.

Takeaways

• 😀 Always thoroughly check the documents when buying a resale flat, especially to avoid fraud.
• 😀 The sequence and method of checking documents are important for ensuring the legitimacy of the transaction.
• 😀 The first document to check is the allotment letter, which should include allotment date, unit details, and the owner's name.
• 😀 The possession letter must be checked for matching allotment details and ownership status. If the owner is different, additional documents must be reviewed.
• 😀 If the flat has been sold multiple times, ensure that you verify every transaction with corresponding documents, including allotment letters and sale agreements.
• 😀 The parking allotment letter is crucial and should be clearly mentioned in the possession letter or obtained separately.
• 😀 Building completion and occupancy certificates verify the building's completion and clearance from authorities.
• 😀 Convention documents are essential when buying from an authority, confirming complete transfer of property rights.
• 😀 Property tax receipts confirm whether the owner has paid all dues, and the mutation process ensures the property is transferred to the correct owner’s name.
• 😀 If the seller has a home loan, ensure that you check the original documents and obtain a no-objection letter from the bank before making a token payment.
• 😀 Always request an NOC (No Objection Certificate) from the bank and ensure the ownership is clean, without any pending loans or third-party claims.

Q & A

What is the first document to check when buying a resale flat?

The first document to check is the Allotment Letter, which provides details such as the allotment date, unit details (number, block, and size), and the name of the first owner.

What should be verified in the Possession Letter?

In the Possession Letter, you should verify that the allotment number, unit details, and the owner's name match the Allotment Letter. If the owner is different, additional documents must be checked.

What is the importance of checking the Agreement of Sale between the first and second owner?

The Agreement of Sale is crucial to ensure that the property was legally transferred from the first owner to the second. You need to verify the details such as the date of the agreement, the involved parties, and if all prior transactions are documented.

What if the car parking allotment letter is not issued separately?

If the car parking allotment letter is not issued separately, check if the possession letter clearly mentions parking space details. If not, request the seller to obtain it from the builder or society.

Why are receipts of payment important in a resale flat transaction?

Receipts of payment are important as they confirm that all payments to the builder or authority have been completed, ensuring there are no pending dues before the property is handed over.

What does the Completion and Occupancy Certificate signify?

The Completion and Occupancy Certificate verifies that the building has been completed according to regulations and is fit for occupancy, with all necessary approvals from authorities.

What is the purpose of the Convention document when purchasing a property from an authority?

The Convention document ensures the complete transfer of property rights and land ownership, particularly when purchasing from an authority or a leasehold property.

Why should the sale deed be checked in a resale property transaction?

The Sale Deed should be checked to confirm the complete chain of ownership. It documents all prior transactions, ensuring that the title of the property is clear and no disputes exist regarding ownership.

What should be done if the seller has a home loan on the property?

If the seller has a home loan, request a mortgage letter and loan statement from the bank. These documents confirm the current loan status and ensure the property is free from any unpaid liabilities before purchasing.

Why is the Mutation or Jamabandi process important after purchasing a property?

The Mutation or Jamabandi process is essential to officially record the property in your name with the relevant authority, ensuring that you are recognized as the legal owner of the property.

What are the risks of buying a resale flat without checking all documents carefully?

Not checking all documents carefully can result in fraud or legal issues in the future, such as unclear ownership, outstanding dues, or even third-party claims on the property. It is essential to ensure all documents are original and complete.