A resale flat can be the best value in a city: it is ready, you can see the neighbours, and the society already runs. It also carries the previous owner's paperwork, good and bad. Check these before any money changes hands.
The ownership chain
- Every earlier agreement. The chain of sale agreements back to the first buyer from the builder, with no gaps.
- Share certificate. In the seller's name, from the housing society.
- Occupancy certificate. Issued for the building by the municipal corporation.
Money attached to the flat
- Home loan on it? If the seller has a loan, the bank holds the original papers. Ask how and when it will be closed, and get the bank's letter.
- Society dues. A letter from the society that nothing is pending.
- Property tax and electricity. The latest paid receipts.
The flat itself
- Carpet area, measured. Compare with the agreement.
- Changes made. Walls moved or balconies enclosed may not match the approved plan.
- Leaks and damp. Ceiling corners, bathroom walls, under windows.
- The society's no-objection letter for the transfer.
A seller who has all ten ready is usually a seller who will close smoothly.
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