| 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. |
| |
| a. |
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. |
| b. |
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. |
| c. |
You can go to web sites as
estatesmall.com etc. |
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| 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 |
| a. |
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. |
| b. |
Meet your prospective real
estate agent and ask about his background, references
etc. |
| c. |
Look for professional Estate
agents through web sites mentioned above. |
|
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| 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. |
| a. |
You must get the papers of the property
verified from a Competent Solicitor. |
| b. |
Ask if the property can be transferred on your
name or will it be on Power of Attorney. |
| c. |
You can write down your own checkpoints or refer
to the points mentioned below. |
| d. |
Approach professional Estate agents. |
|
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| 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. |
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| CHECK POINTS |
Important information
that you must gather before you finalize any property deal.
- Go to professional Estate agents ask him to fulfill
all legal formalities.
- Get the papers of the property examined by a solicitor
- Verify from neighbours, agents, about the credential
of the other party.
- If buying from a builder, verify his track records;
check if he had obtained all the requisite permission
from the local authorities.
- Has the builder constructed the apartments, within the
permissible parameters or he has gone over the board and
flouted some building bye-laws.
- Has the property got legal authorized power, electricity
and water connection.
- Has their been any mortgage, lien or any interest of
any third party on the property that you are contemplating
to purchase.
- How is the neighbourhood.
- Is there any outstanding payments against the property
in house tax, or to any other local bodies.
- How is the location.
- Is the area underdeveloped, developed or is bursting
as it seems.
- Is there any hidden/untapped potential in the area,
where you are planing to invest.
- What kind of the quality of the living you envisage
immediately and in future, is it commensurating with your
plans.
- Is the price quoted to you a reasonable figure, applicable
to a similar property in the same neighbourhood.
- Is the price within your budget.
- 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.
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| 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.
- Best Bargain Price: Builder or developer promises you
attractive lower price than his competitor! Check out
his track record, credentials and market reputation.
- False or Defective Titles: Check up the records and
cross verify them from concerned Government authorities.
- 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.
- Misrepresentation of facts, concealment of actual specification:
Another common tactics to extract more money from you,
than you should pay.
- 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.
- 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.
- Certain dealers promise you Property management facilities
after sale services.
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