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Things You Should Know While Buying A Property

Buying A Property

Buying a property is one of the biggest decisions that you will make in your life. It is important to consider all aspects before making a final decision.

This involves weighing factors such as location, amenities, future growth potential, and more. You can explore listings of real estate for sale at https://exprealty.com/us/ga/

A home inspection is essential, but it’s also worth looking into things that aren’t immediately apparent. Things like insurance claims, past renovations, and neighborhood development plans can have a major impact on your long term financial health.

Check the Documents

Home buyers should cross-check a number of documents while purchasing a property. This will ensure that the buyer has full ownership of the property and is not liable for any legal or financial liabilities.

One of the important documents that every buyer should check is the original title deed of the property. This should not grant access to any other person or be currently pledged for a loan at the time of sale.

Additionally, a buyer should request for society share certificate and completion and occupancy certificates from the builder. These will indicate whether the project is complete and fit for habitation, as well as whether it has the required approvals. Moreover, they will help the buyer verify whether the project is registered with RERA.

Check the Quality of Construction

Home-buyers must pay attention to the minute details of a house while checking its quality of construction. They should look at the quality of sanitary ware, electrical accessories and water pipes. Moreover, they should also check for cracks on the plaster as these indicate poor construction.

It is also important to know the quality of soil on which a building is constructed. Builders and engineers usually conduct a soil test before starting the construction of a home. Buyers can request a copy of the results from the builder.

Additionally, buyers should ask for copies of all approvals related to the project. This includes the NOCs for electricity, water, sewage, environmental clearance and fire safety approval. In addition, they should verify the concrete quality by piercing a nail into the wall.

Check the Possession Date

Possession date is a crucial piece of information that buyers need to keep in mind. This is the day on which the buyer can request the builder to grant them possession of the property. There have been numerous cases where delay in possession has lasted more than five to six years, leading to a lot of mental and financial stress for homebuyers.

The possession date is important because buyers often end up taking on responsibilities as landlords upon closing. This includes collecting rent, putting together a lease agreement and possibly evicting tenants if necessary. The possession date ensures that the buyer can move in right away. However, it’s important to note that possession isn’t the same as ownership. Ownership is when you have the title to something, while possession means physically having or being in control of it.

Check the Fine Prints

Fine print is usually a bunch of legalese buried deep within an offer or website, but money expert Melissa Leong says it’s important to read the terms and conditions of any deal you make. This is particularly true when buying a property.

It’s important to check for things like the delivery date of the property, and if there are any penalties in case of delay in possession. Similarly, it’s important to find out if the developer has any hidden charges. Also, never agree to purchase a disputed property unless you have verified the seller’s credentials. This could lead to a lot of trouble in the future. Lastly, it’s crucial to ask about any outstanding loans on the property and get a clearance certificate from the bank.

Perform Due Diligence

Performing due diligence on a property is an essential part of the home buying process. It helps buyers make informed decisions and ensures that their purchase is a good one. It involves checking for liens, encumbrances, property insurance and title problems. It also includes a thorough inspection of the property and collecting information about its history.

It’s also a good idea to drive around the neighborhood and talk to residents to find out about crime rates, home prices and overall quality of life in the area. It’s important to perform all of these tasks before you sign the purchase contract. If you uncover bad information, you can cancel the contract and get your earnest money back. You should also review the home warranty and homeowner’s insurance policies.

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