Documents to see before buying an apartment in Bangalore

Majority of prospective apartment buyers in Bangalore are not aware of important documents to procure while buying an apartment. Many have been fooled and many other suffered due to lack of proper documentary proof. A buyer needs to know about all the papers and information related to the title and its authenticity should be examined by a legal expert.

Remember, most apartments built in Bangalore are on joint venture. Where two separate individuals, land owner and promoter jointly agrees to develop the property. Accordingly they distribute the number of apartments among each other. But there are many other big players in the market who are working individually. A buyer need to obtain separate set of papers for separate seller.

Before you buy an apartment, ask for following documents to ascertain the title and other legal issues:

1. Ask for original copy of the mother deed and other succession papers.

2. All the receipts of property tax paid regularly.

3. Ask for original “katha”in the name developer. If built jointly “katha” should be in land owners name.

4. Get updated “No-encumbrance” certificate from sub-registrar.

5. In case of joint venture, ask for joint-development agreement between the two. Don’t forget to look into the actual ratio in which built-up area is shared.

6. Get the sanction plan of the apartment, its validity and commencement.

Apart from what is mentioned above, an apartment buyer in Bangalore needs to look for other issues like:

• Electrical power sanctioned for each apartment. A 3 kilo watt supply will not help in running a few AC’s and geysers.
• The actual carpet area is not the super built-up area. Be clear that carpet area will be 20-25% less than the super built-up area and the selling price is fixed on super built-up area.
• Get information about all the common amenities provided by the developer.
• Make sure developer has not used the green belt area for construction of apartments.
• On completion, the developer is issued an occupancy certificate by the Corporation/BDA/City Municipal Corporation CMC. Insist on getting a copy of it

If your developer is not very well known in realty circuit, to avoid any legal issues in the future, hire a legal expert to authenticate the certificates.

Posted by India Property News Admin on Friday, June 18th, 2010. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry