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6 musts before you buy a house
September 07, 2007
4.Seek a no-objection certificate (NoC). If you are buying a house in a co-operative housing society, it is important to obtain an NoC from the society's managing executive. "For resale of properties in co-operative societies, the transfer should be in accordance with the society bye-laws. The society should endorse such a sale," says Ganguly. Also, do check out for the share certificate. It is a proof of the owner's membership of the society and should ideally form a part of the ownership deed.
5. Check for pending dues. Ask the seller to give you a 'no dues' certificate that can be procured from the house tax department and check whether all the utility bills have been paid. You will also have to get the electricity and water meter transferred in your name. Banks will typically check the property tax and utilities receipts to establish the seller's ownership. Further, check whether the property is registered with the local authorities and the seller has the necessary paperwork to prove it. The lending bank will also look out for this.
6. Estimate renovation costs. An architect can help you assess these. Also, older houses incur higher maintenance cost.
How well you do the due diligence in these six areas can be crucial to the way you buy a property and how smoothly the life in your new house begins. Remember all stories need not have a happy ending like Khosla Ka Ghosla.
Do a cross check of bank loans offered by various government and private banks.
Photograph : Pal Pillai/AFP/Getty Images
Also read: 'Want to invest in realty? Wait for govt guidelines'
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