Before purchasing a flat
By Staff Reporter
Posted on 20 Feb 2002
In our previous article, we have seen
the procedures and formalities of purchasing a flat in under construction
project, now we look after the precaution and pre-requisite while purchasing a
‘resale’ flat in co-operative housing society :-
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Your budget : Your finance is the
principle determining factor to decide the location and size of the flat,
which you want to purchase. It can be generated by either selling the existing
property, club with your own savings, and or selling shares, units etc. Loan
from provident funds and friends and relatives.
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Location : This depends on your
budget, and your choice of surrounding society (relative community etc.) Your
should also look after your, family requirement like school, college,
hospitals, banks & transportation.
-
Condition of the building flat : Cost
of the flat is very such depends on the condition of the building and the
maintenance of the flat. Any extra expenses incurred for up-gradation of the
flat like quality plumbing, electric wiring, tiles, and granites etc enhances
the flats value. As it is housing finance institutions don’t give loan to more
than fifteen years old building. As a rule. Seller always highlights
advantages of his property while purchaser tries to point out shot
coming/negative points of the surroundings, building conditions, flat
maintenance etc.
-
Documents required : The following
must be checked before purchasing a flat :
-
Share certificates in owners name to
be checked.
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Agreement made by seller with the last
party to be checked
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Rent receipt if any to be checked
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Latest society bill to be checked
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Latest electricity bill to be checked
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NOC letter from society to be obtained
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New agreement to be entered into
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Procedure for purchasing a ‘Resale of
flat’
The seller/purchaser should submit the
below mentioned papers/documents to the society.
-
Notice of Intention to Transfer (Form
No.20A) & Letter of Consent of the proposed transferee. (Form No.20B) {Bye Law
no. 40 (a)}
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Form of application for transfer of
shares and interest in the capital/property of the society by the proposed
transferor. (Being an Individual) [Form No.21 (2) Bye-Law no.40 (d)(i).
-
Form of application for membership of
the society by the proposed transferee. (Being an individual) (Form No.22)
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A form of declaration for not holding
immovable property in any Urban Agglomeration specified under the Urban Land
(Ceiling and Regulation) Act, 1976, exceeding 500 sq.metres (to be given by
the transferor on (d) (ix).
-
A form of declaration for not holding
immovable property in any Urban Agglomeration specified under the Urban Land
(Ceiling and Regulation) Act, 1976, exceeding 50 sq.metres. (To be given by
the Transferee on Stamp Paper Rs. 10/-).
(Form No.25) (Bye laws Nos. 17(b), 19
(viii), 20 (iv) & 40 (d) (ix).
-
a form of undertaking to be furnished
by the Prospective Member to use the flat for the purpose for which it is
allotted, (To be given by the Transferee of Stamp paper of Rs.10/-).
(Form No. 3) [Bye Law Nos. 17(b) 19 (iv)]
-
Copy of the
Agreement
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Original Share
Certificates.
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