I wish to purchase a property on resale in Mumbai. Are there any particular components that I must verify earlier than shopping for the property? Are there any particular Maharashtra state legal guidelines that I would like to bear in mind concerning stamp responsibility and every other components associated to a property buy?
—Mihir Sachdeva
Assuming that you’re curious about shopping for a flat in a registered cooperative housing society in Mumbai, essentially the most very important doc to confirm is the vendor’s title over the flat, to determine that the vendor has absolutely the proper and title over the topic flat for which one might have the chain title deeds perused from a authorized adviser, who might thereafter verify on the title devolution of the topic flat, amongst different points.
One additionally must confirm if there exists any litigation whereby the flat is the subject material of the litigation.
In addition, it’s best to confirm if the vendor has availed any mortgage by offering the flat as safety, the reimbursement of the mortgage and launch of the cost/ mortgage of the flat together with a no-objection certificates issued by the society for the sale of the flat.
You may additionally conduct correct due diligence of the topic flat and the possession thereof by publishing a discover in two native newspapers, highlighting your intention of buying the flat and for inviting any third-party claims over the topic flat.
You can even perform a search within the involved sub-registrar’s workplace the place the topic flat is located to rule out any third-party rights over the topic flat.
Aradhana Bhansali is associate, Rajani Associates.
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