So at this stage you have finalized the apartment you wish to buy. Met with the seller and have a verbal understanding of the negotiated price. As explained in previous post you have collected some information from the seller which will help you in this due diligence.
So first step is from information collected in the "sale deed of apartment", you can do a basic title search of the same. You can also find if there was any other registration done after that sale deed was executed, to make sure you are dealing with the latest sale deed only. You can also get an idea on at what rates the deals are done for other apartments in that plot.
https://esearchigr.maharashtra.gov.in/testingesearch/Login.aspx is a site where you can do this simple search. Just register to the site and there you can enter the details from the date of sale deed to current date and the area of the building and also enter SurveyNo./CTSNo./MilkatNo./GatNo./PlotNo. obtained from the sale deed to do this search.
The list can span across multiple pages and you need some patience to glance through all the pages to get this information. You should be able to find the following:
1. Listing of your sale deed. The registration number should match the number listed on the site. Clicking on the link (index II) for the sale deed, the name(s) should match the seller name(s). The same link should also give you an idea as at what value was the deed executed.
2. As you scan through pages, you should not see any other registration for the same apartment listed. If one is listed then there was a sale made after that too which seller has not made you aware off. This is a red flag.
3. Further as you move towards current year you can click on other links to see as at what consideration were other apartments in the same area negotiated at. This can give you an idea of your negotiated price and see if it is not too high from recent market value.
5. Further note that the listing will show all kinds of registrations done on that plot. Each listing will clearly mention what kind of document was registered. You should look at "deed of apartment" types of documents. If you work on the site for some time, you would get a hang of what you need to look at.
So after you are satisfied w.r.t. the "sale deed of apartment", and the name of sellers match the owners of that apartment and each owner has a valid PAN, Aadhaar next step would be to see if the said apartment is properly registered with CIDCO.
Note that in Navi Mumbai almost all land is owned by CIDCO and everyone is allotted the land and apartments constructed in buildings on them on lease as per the conditions of the lease agreement. So when someone sells an apartment they essentially transfer the same conditions upon you. Hence every sale needs to be notified to CIDCO and transfer charges are to be paid to it.
So property tax receipt is a good document to verify if all is in order. Property tax for the apartment in question is issued by NMMC meaning NMMC is assessing that property which inturn means that OC (occupancy certificate) has been received on the same. Also on the receipt the name of lessee is mentioned meaning who is registered under CIDCO as rightful lessee of that apartment. Now this should again match the name of sellers.
So all this should give you some confidence into entering into transaction with the sellers and also give you some idea on the negotiated price.
Now there is more to the final price you end up paying on top of the negotiated price. This is usually 10% higher than the negotiated price.
This 10% includes various duties and charges and various fees payable to broker, lawyers, agents, bank (if loan is taken).
So before making a final offer, keep this in mind. What makes up that 10% I will post next soon.
Keep tuned ...
So first step is from information collected in the "sale deed of apartment", you can do a basic title search of the same. You can also find if there was any other registration done after that sale deed was executed, to make sure you are dealing with the latest sale deed only. You can also get an idea on at what rates the deals are done for other apartments in that plot.
https://esearchigr.maharashtra.gov.in/testingesearch/Login.aspx is a site where you can do this simple search. Just register to the site and there you can enter the details from the date of sale deed to current date and the area of the building and also enter SurveyNo./CTSNo./MilkatNo./GatNo./PlotNo. obtained from the sale deed to do this search.
The list can span across multiple pages and you need some patience to glance through all the pages to get this information. You should be able to find the following:
1. Listing of your sale deed. The registration number should match the number listed on the site. Clicking on the link (index II) for the sale deed, the name(s) should match the seller name(s). The same link should also give you an idea as at what value was the deed executed.
2. As you scan through pages, you should not see any other registration for the same apartment listed. If one is listed then there was a sale made after that too which seller has not made you aware off. This is a red flag.
3. Further as you move towards current year you can click on other links to see as at what consideration were other apartments in the same area negotiated at. This can give you an idea of your negotiated price and see if it is not too high from recent market value.
5. Further note that the listing will show all kinds of registrations done on that plot. Each listing will clearly mention what kind of document was registered. You should look at "deed of apartment" types of documents. If you work on the site for some time, you would get a hang of what you need to look at.
So after you are satisfied w.r.t. the "sale deed of apartment", and the name of sellers match the owners of that apartment and each owner has a valid PAN, Aadhaar next step would be to see if the said apartment is properly registered with CIDCO.
Note that in Navi Mumbai almost all land is owned by CIDCO and everyone is allotted the land and apartments constructed in buildings on them on lease as per the conditions of the lease agreement. So when someone sells an apartment they essentially transfer the same conditions upon you. Hence every sale needs to be notified to CIDCO and transfer charges are to be paid to it.
So property tax receipt is a good document to verify if all is in order. Property tax for the apartment in question is issued by NMMC meaning NMMC is assessing that property which inturn means that OC (occupancy certificate) has been received on the same. Also on the receipt the name of lessee is mentioned meaning who is registered under CIDCO as rightful lessee of that apartment. Now this should again match the name of sellers.
So all this should give you some confidence into entering into transaction with the sellers and also give you some idea on the negotiated price.
Now there is more to the final price you end up paying on top of the negotiated price. This is usually 10% higher than the negotiated price.
This 10% includes various duties and charges and various fees payable to broker, lawyers, agents, bank (if loan is taken).
So before making a final offer, keep this in mind. What makes up that 10% I will post next soon.
Keep tuned ...
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