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Everything you wanted to know about Resale Property Purchase!

5 point check in resale cases for authenticating the property Ownership
In case of purchasing a property, buying a resale property has its own set of benefits & challenges!
Once you shortlist the resale property you wish to buy, you are still unsure about how to authenticate its ownership?
Here are some of the key checks that you must do before proceeding ahead in Resale Property Purchase Case

Sale Deed
Ask for sale deed as it is the most critical legal document, drawn on non-judicial stamp paper of fixed value as specified by state government. The sale deed have details like - price of property | payment history | personal details of parties | location & construction details of property | other terms & conditions as agreed upon by the parties.

No Objection Certificates
NOC from the residential society that approves the transfer of title along with original possession letter & share certificate
Sanction plan which specify the approved plan of the space by state development authority & the one being sold to you is same or not
Record that reflects the property taxes paid in past and other relevant bills

Encumbrance Certificate
Encumbrance Certificate assists in determining the legal ownership of the property and check if it is free of any debt.
It tracks down all financial transactions registered against the property for particular period. Ask for 30 yrs certificate.

Debt Status
Is the property is free from all kind of debts or loan. Ask for clearance proof in case the owner had availed the loan

Verify Property Registration Online
Today in this digital age, it is possible to check and verify the property status Online. One can find the land records after registering on the website. You should demand Original registration and stamp duty receipts from the seller while negotiating a resale property deal.
Therefore, it is advisable to hire an expert or legal advisor during the purchase process in resale property cases. It not only helps in validating the authenticity of the transaction which is going to happen abut also enable us before hand to know the pros and cons if we move ahead for the deal.