Property demand is growing day by day in Bangalore and this trend is leading to the huge attention towards the flats. Buying flat is lifetime deal, which needs right approach and proper care without fail. This flat purchase can be as investment option or self-occupation, but follow some of the guidelines without fail. Some of the major aspects involved in this flat purchase detailed below:
• You should define your requirement with more precision with respect to the affordability, need and lifestyle. Real estate deals once done are hard to take back. It is suggested never be hasty with this decision making. Taking some time and plan things properly with more practical approach. Compare your requirement and flat features in details besides matching it well with your budget planning.
• Legal aspects are another important matter here. Property legal matters are always dangerous and require more time to resolve legal tangles. It is always wise and responsibility of the buyer to check the legality of the documents before purchase. This legal verification and check should be carried out with the help of reliable advocate. Take copies of the documents from the builder and submit them with advocate for the verification. Proceed with the purchase only after obtaining green signal from this advocate.
• Generally, builders will take up flat construction activity with development agreement between builder and land owner. Check this development agreement in detail through your advocate and avoid the possibilities of legal tangles as much as possible.
• Every flat buyer should be aware of the prevailing government policies and other legal matters in detail before buying a flat. There will be stamp duty and service tax for buying this flat. You should be aware that further more spending is needed from your side to get this flat registered under your name. Check with the builder about the stamp duty and tax for registering the flat and get prepared well for this additional spending in advance.
• Approvals for the flat construction are another matter to be paid attention from the buyer. Check the local authorities’ approval for this construction in advance. If this flats complex is constructing with no approvals, then loan will not be provided by banks or LIC. It is quite imperative to check the flats construction approval plan and get this verified legally too.
All the above mentioned aspects should be exercised without fail by the buyer of the flat. Importantly, legal aspects will require special attention in addition too. It may take little more time than planned, but worth spending time on these matters in order to avoid legal tangles.