FREQUENTLY ASKED QUESTIONS

 

Q.1 How to start a search for property?

Ans.  First of all, you write down your specification what   you really want, in which area you want and what is your budget for it.

1. Than ask your friends, neighbour, colleagues, if they themselves know about any such property or they might know some one who can guide you in your property search.
2. You can also search for professional realtors in yellowpages, newspapers, advertisements, who can assist you in a professional manner in searching and finalizing the property deal for you.
3. You can go to web sites as IndiaMart.com or 123India.com etc.

Q.2 There are lots of realtors and property dealers, and I have heard that they are out to rob you of the last penny. I am confused, how can I trust them?

Ans.

1. First check up from your friends, relatives, if they know some realtor with whom they have dealt with and whether realtor acted as he was supposed to act.
2. Meet your prospective real estate agent and ask about his background, references etc. 
3. Look for professional Estate agents through web sites mentioned above. 

Q.3 How to verify if the property I am buying is worth the investment or I am buying a headache and pain for myself?

Ans.

1. You must get the papers of the property verified from a Competent Solicitor.
2. Ask if the property can be transferred on your name or will it be on Power of Attorney.
3. You can write down your own checkpoints or refer to the points mentioned below.
4. Approach professional Estate agents. 

Q.4 How the monetary transaction takes places?

Ans.  First a token amount is paid; thereafter payment stages are fixed during which seller as well as buyer have to fulfil certain statutory obligations. Once both the sides meet these obligations, part payment can be made. Third and final stage of payment is at the time of possession of property and execution of documents in favour of purchaser.

Q.5 Once the property has been registered and possession has taken what has to be done?

Ans. The property has to be mutated in your name in the books of relevant local authorities. We take care of all legal documentation aspects.

 

 

 

CHECK POINTS

 

 

Important information that you must gather before you finalize any property deal.

1. Go to professional Estate agents ask him to fulfill all legal formalities.
2. Get the papers of the property examined by a solicitor
3. Verify from neighbours, agents, about the credential of the other party.
4. If buying from a builder, verify his track records; check if he had obtained all the requisite permission from the local authorities.
5. Has the builder constructed the apartments, within the permissible parameters or he has gone over the board and flouted some building bye-laws.
6. Has the property got legal authorized power, electricity and water connection.
7. Has their been any mortgage, lien or any interest of any third party on the property that you are contemplating to purchase.
8. How is the neighbourhood.
9. Is there any outstanding payments against the property in house tax, or to any other local bodies.
10. How is the location.
11. Is the area underdeveloped, developed or is bursting as it seems.
12. Is there any hidden/untapped potential in the area, where you are planing to invest.
13. What kind of the quality of the living you envisage immediately and in future, is it commensurating with your plans.
14. Is the price quoted to you a reasonable figure, applicable to a similar property in the same neighbourhood.
15. Is the price within your budget.
16. Have you taken in to consideration about the other expenses that are associated with the purchase of the property i.e., Stamp Duty, Agent brokerage, cost of renovation/improving the property, cost of furnishing the property, future house tax payments.

 

 

FRAUDS IN REAL ESTATE

 

 

Frauds in Real Estate business  broadly falls under following categories. Therefore one should watch out before becoming a prey to a predator.

 

1. Best Bargain Price: Builder or developer promises you  attractive lower price than his competitor! Check out his track record, credentials and market reputation.
2. False or Defective Titles: Check up the records and cross verify them from concerned Government authorities.
3. Delay in giving possession of the property: Builders keep rotating your money from one project to another in making a quick buck, and your money gets struck.
4. Misrepresentation of facts, concealment of actual specification: Another common tactics to extract more money from you, than you should pay.
5. Paying you attractive price and excellent payment terms: Watch out for this, if you are selling or leasing your property. Because of your greed to extract the maximum from a prospective purchaser or a tenant. You get hooked. Best is to go for a reasonable and market price.
6. If you pay peanuts you will get monkeys: Pay your broker his commission and due charges as per the market practice to take care of your interest & everlasting relationship. If you bargain or pay less, they are smarter than you in extracting through other methodologies, which you may not be even  aware off.
7. Certain dealers promise you Property management facilities after sale services.