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Buying Procedures Buying Procedures

Buying a Property, what papers to check to ensure that the property is legally ok ?. Read all about it and more on this page. Help others by submitting articles on what you know about this.

Process for buying a flat in resale

I had bought a flat in Pimple Saudagar (Roseland), Pune earlier this year in resale and have done the process of transferring the property on my name and related stuff. Thought would share it here so that could be useful for anyone who is looking for similar information. I tried to list down what I could, might have missed some, needy person can contact me for any clarification ( am posting it in parts due to character limit).

 

Process for buying a flat in resale:

 

1.       Once you finalize the property with the seller, hire a property lawyer

2.       I hired a lawyer suggested to me by SBI manager and she did good job

3.       If you are planning to take a loan, would suggest SBI though its not that fast but all national banks do thorough paper work and make sure that property title is clear and there is no legal hassle whatsoever.

4.       Generally the expenses of lawyer are borne by both buyer and seller 50% in case of resale of property but depends on your deal.

5.       Lawyer will ask for all the papers from Seller (registered agreement, possession letter, index II, past search report, approved blue print by city enginner, commencement and completion certificate by municipality, demand letter by builder, payment receipt etc). if the property is on loan from other bank then the list of documents available with that bank, its better if seller clears his dues and get all the original papers in his possession so that you can save the hassle of transferring loan form one bank to another bank and related chargers, guarantor etc.

6.       You will also need some documents from society i.e. NOC from society, sale deed etc, there is big list of documents, I can provide who needs it

7.       The first thing lawyer will do is make an agreement between buyer and seller, ask to send you a soft copy before getting printed on legal paper (green color) so that you can correct any mistakes and agree to terms , you can also ask the lawyer to modify terms as per your need

8.       Buyer have to pay the stamp duty (~5% of the deal amount) through DD only, you can hand over the DD made in the favor of Haveli office and lawyer will keep the stamp duty pay receipt with him/her at the time of agreement.

9.       Lawyer takes the token for an appointment at registrar office (Haveli) and both seller and buyer need to present with their original PAN card and some photos.

10.   The payment at the time of agreement from buyer to seller is agreed between you and same details go into the agreement and also the payment terms of remaining amount.

11.   As soon as your loan is sanctioned you can approach the lawyer for doing the sale deed, again similar procedure of doing the sale deed in registrar office post that bank can handover the remaining amount cheque to seller

Property Tax Transfer

When I approached an agent he asked me Rs 1500 each for electricity and property tax transfer, when I asked him how much is your commission in that, he could not reply. I can understand if he is taking 200-500 Rs as service charges but 1500 is too high and I decided to do it myself and contrary to normal perception I found it very convenient and hassle free, yes you have to visit the office once but that’s it, you get it done on your own without paying anything extra, no bribe, not throwing hard earned money to anyone.

Process for Property Tax Transfer:

1. Fill up the property transfer form available at http://www.pcmcindia.in/appform.asp?MID=3&PID=3&MenuID=96&Title=Application Forms
2. Attach the true copy of sale deed along with this form
3. Also attach the photocopy of last payment receipt of paid property tax, in case you paid it online you can get a receipt from the PCMC office (cashier counter) itself
4. The person will ask you to pay transfer charges (for me its was Rs 205), pay it to cashier and take a receipt, attach this original receipt along with the form, you can take a photocopy for your records
5. It will take around 1.5-2 months to reflect the change and based on the timing of application form submission, you will get next property tax bill on your name
6. My flat is in Pimple Saudagar , Pune and I got it done at PCMC office, Pimpri (near nav Maharashtra school/Maruti Mandir), complete address available at http://www.pcmcindia.in/department.asp?Action=SHOW_DETAIL&MID=16&PID=1&MenuID=16&ID=00024&Title=Property Tax

Bharatratna Dr. Babasaheb Ambedkar OPD Hospital Building, Shivaji Putala Chowk, Pimpri 411017 Phone: 27413782

By Ashish Paretha

Process to buy resale flat

I had bought a flat in Pimple Saudagar, Pune earlier this year in resale and have done the process of transferring the property on my name and related stuff. Thought would share it here so that could be useful for anyone who is looking for similar information.

1. Once you finalize the property with the seller, hire a property lawyer
2. I hired a lawyer suggested to me by SBI manager and she did good job
3. If you are planning to take a loan, would suggest SBI though its not that fast but all national banks do thorough paper work and make sure that property title is clear and there is no legal hassle whatsoever.
4. Generally the expenses of lawyer are borne by both buyer and seller 50% in case of resale of property but depends on your deal.
5. Lawyer will ask for all the papers from Seller (registered agreement, possession letter, index II, past search report, approved blue print by city enginner, commencement and completion certificate by municipality, demand letter by builder, payment receipt etc). if the property is on loan from other bank then the list of documents available with that bank, its better if seller clears his dues and get all the original papers in his possession so that you can save the hassle of transferring loan form one bank to another bank and related chargers, guarantor etc.
6. You will also need some documents from society i.e. NOC from society, sale deed etc, there is big list of documents, I can provide who needs it
7. The first thing lawyer will do is make an agreement between buyer and seller, ask to send you a soft copy before getting printed on legal paper (green color) so that you can correct any mistakes and agree to terms , you can also ask the lawyer to modify terms as per your need
8. Buyer have to pay the stamp duty (~5% of the deal amount) through DD only, you can hand over the DD made in the favor of Haveli office and lawyer will keep the stamp duty pay receipt with him/her at the time of agreement.
9. Lawyer takes the token for an appointment at registrar office (Haveli) and both seller and buyer need to present with their original PAN card and some photos.
10. The payment at the time of agreement from buyer to seller is agreed between you and same details go into the agreement and also the payment terms of remaining amount.
11. As soon as your loan is sanctioned you can approach the lawyer for doing the sale deed, again similar procedure of doing the sale deed in registrar office post that bank can handover the remaining amount cheque to seller 
 

Ashish Paretha

Process to buy resale flat

I had bought a flat in Pimple Saudagar, Pune earlier this year in resale and have done the process of transferring the property on my name and related stuff. Thought would share it here so that could be useful for anyone who is looking for similar information.

1. Once you finalize the property with the seller, hire a property lawyer
2. I hired a lawyer suggested to me by SBI manager and she did good job
3. If you are planning to take a loan, would suggest SBI though its not that fast but all national banks do thorough paper work and make sure that property title is clear and there is no legal hassle whatsoever.
4. Generally the expenses of lawyer are borne by both buyer and seller 50% in case of resale of property but depends on your deal.
5. Lawyer will ask for all the papers from Seller (registered agreement, possession letter, index II, past search report, approved blue print by city enginner, commencement and completion certificate by municipality, demand letter by builder, payment receipt etc). if the property is on loan from other bank then the list of documents available with that bank, its better if seller clears his dues and get all the original papers in his possession so that you can save the hassle of transferring loan form one bank to another bank and related chargers, guarantor etc.
6. You will also need some documents from society i.e. NOC from society, sale deed etc, there is big list of documents, I can provide who needs it
7. The first thing lawyer will do is make an agreement between buyer and seller, ask to send you a soft copy before getting printed on legal paper (green color) so that you can correct any mistakes and agree to terms , you can also ask the lawyer to modify terms as per your need
8. Buyer have to pay the stamp duty (~5% of the deal amount) through DD only, you can hand over the DD made in the favor of Haveli office and lawyer will keep the stamp duty pay receipt with him/her at the time of agreement.
9. Lawyer takes the token for an appointment at registrar office (Haveli) and both seller and buyer need to present with their original PAN card and some photos.
10. The payment at the time of agreement from buyer to seller is agreed between you and same details go into the agreement and also the payment terms of remaining amount.
11. As soon as your loan is sanctioned you can approach the lawyer for doing the sale deed, again similar procedure of doing the sale deed in registrar office post that bank can handover the remaining amount cheque to seller 
 

Ashish Paretha

Check-list for Deemed Conveyance Order

 Check-list for Deemed Conveyance Order

Available from Society:

  1. Society Registration Certificate
  2. List of Members
  3. Complete Copy of Agreement for Sale

From Members:

  1. Stamp Duty & Registration receipt of all the members
  2. Stamp Duty & Registration receipt of all the Re-sale flats
  3. Index II of all the agreements

From Developer / Land Owners:

  1. Development Agreement
  2. Death Certificate of owners of the land who have expired
  3. Partnership deed of the partners
  4. Partnership Deed Registration Proof
  5. Conveyance Agreement with the Builder
  6. Will, Probate Copy, in case the development agreement is signed by legal heirs.
  7. Land Agreement (with the earlier owner and Builder)

City Survey Office / Talati / Tashildar Office:

  1. 7/12 Extract
  2. Village Form No.6
  3. Property Card
  4. City Survey Map

 Collector Office:

  1. N.A Order
  2. U.L.C Order
  3. N.A Tax paid Receipt

 From Local Authority / BMC

  1. BMC approved Plan
  2. BMC (IOD)
  3. BMC (Commencement Certificate)
  4. BMC (Occupation Certificate)
  5. BMC (Building Completion Certificate)
  6. BMC (Property Tax Paid)
  7. Location Map

Reports From Professional:

  1. Survey Report – From Architect / Survey Engineer
  2. Search Report – From an Advocate
  3. Title Clearance Certificate about the property by an advocate