CHECKLIST FOR APARTMENT BUYERS

• Ensure that inner spaces of the apartment are not visible from the outside.
• If there is an elevator in the building, then it should be made clear as to how the maintenance charges would be shared between the different owners.
• If the property is under construction, you must gather information on various related aspects like materials etc.
• Information on the developer’s integrity would help in avoiding a wrong decision.
• Buyers should be particular about the carpet area of the apartment as apartments are generally sold on super area basis, which includes a proportionate part of the common area.
• Builders can give a smaller-than-promised apartment , so be sure that they do not play dirty.
• The property you buy should be without encumbrance or debt. Ensure that the builder has entered into a proper development agreement.
• Check that the builder has the authority to sell, and has the title and possession as well as the right to transfer,
• Check for approvals of property transfers obtained from the relevant authority, ask for a completion certificate and ensure that the sanctioned building plan is verified and adheres to municipal building bye-law.
• Check if the municipal corporation has issued an occupation certificate that confirms the construction of the building according to approved plans.
• Check if the builder or developer has the necessary approvals from the corporation, area development authorities, and electricity board, water supply and sewage boards,
• It should also be further ensured that the seller is fully empowered, authorised and able to make the sale deed, The buyer should investigate the current property taxes and how they will change after his purchase of the said property. Ensure that electricity, water bills and property tax have been paid till psossession.
• If you’re buying an apartment in a co-operative Housing society ensure that the vendor has taken a no-objection certificate from the society.
• Make sure the ownership title of the apartment will be transferred to you at the first annual general meeting of the building society after you buy the property. The members collectively need to approve and pass the resolution for the transfer.
• Become a member of the building society at the next AGM, because it is only after one becomes a member of the society that he enjoys all the rights as an owner.
• Once the ownership title is approved and the apartment is transferred to the buyer, he is entitled to receive a share certificate bearing his name.