Monday, July 9, 2012

House hunting adventures in Bangalore - 3 (Documentation)

Documentation is a very important part of the property you zero in on. 
  1. Property related :
        1. Check the documents thoroughly.Dont leave this to some two bit lawyer appointed by your agent. Be sure it is someone knowledgeable and indeed looks after your interest(preferably someone who is on YOUR payroll)
        2. Akrama-Sakrama factor. This means there are building complexes that are built with an extra floor or extra villa etc other than what is in the original approved plan.  http://www.deccanherald.com/content/45737/ipl-2012.html Its quite convenient for Sellers to leave out this info under "Buyer Beware"
        3. A Khata versus B khata. This is another factor that a good lawyer can give your details about how accurate your home papers are. http://basunivesh.wordpress.com/2012/05/16/difference-between-a-khata-and-b-khata-bangalore-property/
  2. Bank Related :
      1. If the Bank loan officer says the property papers are allright, dont just take their word for it. They are paid on commission for every loan they sign on and have been scammed for overlooking dubious papers. 
      2. Most often than not the loan officer will ask you to "just sign" and they will do the rest. Easier said than done. but with so many forms to sign it gets difficult to read it. 
      3. As one of the Bankers said, if we read everything on the terms and conditions, no sale would ever take place. 
      4. So yes, its like that check box in most internet sites "I have read the terms and conditions" scary but somethings we just leave to fate!
      5. The whole deal while working out a Bank loan involves a lot of paper work/details/copies/identity proof etc. Keep a set ready and handy all the time : copy and scan the following documents
          • Passport copy of name/address proof
          • Letter from your bank stating you live currently at so and so place
          • Letter from your office stating your address
          • Electricity bill from current place of residence
          • Rental agreement
          • Utilities bill
          • Bank Statements
          • Marriage certificate copy if required
          • Keep the above for both the person in whose name the loan is being taken and the person who is an addon(example spouse)
  3. Registration related :
        1. While registering the property just remember that most of these government offices open at 1030-11:00ish for business. So unlike our banker and our agent who knew that the office would open so late, we were asked to turn up with the seller at 08:30a.m.Quite an awkward place to be, esp since we are new to the act of registering but agents/Bank officers are not. One wonders why they add to the anxiety. 
        2. Keep your identification details with you as you will have to show that while signing the agreement.(something your agent/banker might conveniently forget to inform)
        3. Keep some cash on hand(10-20k or more as discussed with the agent) for "sundries" -dont expect a bill for it.
Good luck with the documentation. 

4 comments:

Basavaraj said...

Thanks Deepa for mentioning my blog relating to Khata issue of Bangalore property.

Basavaraj said...

Thanks Deepa for mentioning my blog regarding Khata issue of Bangalore property.

vishal bisla said...

Good Post by you.

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vishal bisla said...

Good Post by you.

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