For past year or so I had been looking for a suitable apartment in Navi Mumbai for self residential use purpose. Very recently I finalized one and this entire process of executing the transfer from seller to buyer is now taking place. I hope all goes well and I get a clear and marketable title upon possession. This is my very first real estate transaction and unlike financial market transactions these are very cumbersome. There were many steps and technicalities that I learned in due process and I wish to enumerate all at one place for potential benefits of others.
As I was my self researching on the internet on various aspects of a real estate transaction particularly in navi mumbai, I could not one "know all do all" site, hence I felt a need to create this page. So without further adieu lets jump into what all it takes to buy a property in Navi Mumbai (apart from truck load of money). ;-)
First lets consider that you are buying a resale property and after lot of search you have identified one. Note when looking for an apartment, apart from your personal preferences, two things you should keep in mind
1. Reputation of builder who executed that project
2. Has a housing society/condominium been formed and registered or not. This usually happens when builder conveys the said plot in the name of the society members. A formed society does take care of lot of hassles, which I will try to illustrate later.
So a typical transaction happens in three steps (and entire process may take anywhere from a month to three months).
1. Is usually an understanding phase between buyer and seller where seller can handover copies of apartment documents and buyer typically pays a small token money signalling is interest and having an assurance that seller won't again try to sell the same to anyone else. This is just an understanding phase based on trust.
2. Agreement to sale. Here buyer executes and registers an agreement to sell. This is a legal phase. Here buyer pays balance money (ie total sale consideration minus the amount he has taken a loan for). Seller here hands over all the relevant original property documents to buyer (or the bank making the loan). This happens usually 30 - 45 days after agreement to token money phase.
3. Sale deed. This is again a registered document where buyer with sellers help transfers the flat into his name (CIDCO and society transfer), bank gets all the needed NOCs to make the disbursement of loan. Seller now transfers the physical possession of the apartment to buyer and now buyer becomes new owner. This again usually happens 30 - 60 days after agreement to sale.
So in next several posts I would be explaining as what buyer should do before executing each steps and also some insights in costs and processes involved. I would also try to list some pitfalls to avoid.
I may also do some write up in case you are buying directly from builder. Since I am buying from an owner I don't have that a great depth insight into that kind of transactions, but basics are same and should give you all a fair idea.
Keeping you posted ....
Sachin
As I was my self researching on the internet on various aspects of a real estate transaction particularly in navi mumbai, I could not one "know all do all" site, hence I felt a need to create this page. So without further adieu lets jump into what all it takes to buy a property in Navi Mumbai (apart from truck load of money). ;-)
First lets consider that you are buying a resale property and after lot of search you have identified one. Note when looking for an apartment, apart from your personal preferences, two things you should keep in mind
1. Reputation of builder who executed that project
2. Has a housing society/condominium been formed and registered or not. This usually happens when builder conveys the said plot in the name of the society members. A formed society does take care of lot of hassles, which I will try to illustrate later.
So a typical transaction happens in three steps (and entire process may take anywhere from a month to three months).
1. Is usually an understanding phase between buyer and seller where seller can handover copies of apartment documents and buyer typically pays a small token money signalling is interest and having an assurance that seller won't again try to sell the same to anyone else. This is just an understanding phase based on trust.
2. Agreement to sale. Here buyer executes and registers an agreement to sell. This is a legal phase. Here buyer pays balance money (ie total sale consideration minus the amount he has taken a loan for). Seller here hands over all the relevant original property documents to buyer (or the bank making the loan). This happens usually 30 - 45 days after agreement to token money phase.
3. Sale deed. This is again a registered document where buyer with sellers help transfers the flat into his name (CIDCO and society transfer), bank gets all the needed NOCs to make the disbursement of loan. Seller now transfers the physical possession of the apartment to buyer and now buyer becomes new owner. This again usually happens 30 - 60 days after agreement to sale.
So in next several posts I would be explaining as what buyer should do before executing each steps and also some insights in costs and processes involved. I would also try to list some pitfalls to avoid.
I may also do some write up in case you are buying directly from builder. Since I am buying from an owner I don't have that a great depth insight into that kind of transactions, but basics are same and should give you all a fair idea.
Keeping you posted ....
Sachin
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