Are you going to buy a second hand flat in Mumbai? If yes, then you have to take the following precautions:
Find out from the seller if he is able to produce NOC from the society
Make sure that the entire chain of documents that the vendor acquired the right, title and interest is duly stamped and registered
To take a token bank loan
To have a clear cut idea about the brokerage, transfer charges and other hidden expenses
To go and personally meet the would be neighbors as well as the office bearers of the society and inquire as regards the time that would be taken by the society to transfer the flat
To inquire if you will be getting facilities like car parking as well as likely expenses that will have to be incurred by the incoming member for items like major repairs
To inquire if there is any pending litigation connected with the said flat. Have any notices been received by the member and/or society with regards to the said flat particularly by the authorities.
To see that the income tax liability of the vendor is clear and there are no attachments with regards to the said flat.
Find out from the seller if he is able to produce NOC from the society
Make sure that the entire chain of documents that the vendor acquired the right, title and interest is duly stamped and registered
To take a token bank loan
To have a clear cut idea about the brokerage, transfer charges and other hidden expenses
To go and personally meet the would be neighbors as well as the office bearers of the society and inquire as regards the time that would be taken by the society to transfer the flat
To inquire if you will be getting facilities like car parking as well as likely expenses that will have to be incurred by the incoming member for items like major repairs
To inquire if there is any pending litigation connected with the said flat. Have any notices been received by the member and/or society with regards to the said flat particularly by the authorities.
To see that the income tax liability of the vendor is clear and there are no attachments with regards to the said flat.
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