For a resale flat, confirm clear title, a society NOC, the share certificate, no outstanding dues, the state of the building and any redevelopment plan, and ask the society about transfer charges before you commit.
Seller and society
The seller must have a share certificate and the society must give a no-objection certificate for the transfer. Ask for a no-dues statement from the society and recent maintenance receipts.
Building condition and redevelopment
Ask for the structural audit if the building is old, and ask whether the society has discussed redevelopment. Redevelopment can add value, but it can also mean years of waiting or disputes.
Costs on top of the price
Beyond stamp duty and registration, budget for society transfer charges, brokerage, legal fees and any repairs. Ask the society for the exact transfer fee in writing.
Before you pay a token
Agree the price, the date and the conditions in writing, including what is included in the sale. Keep the token amount reasonable and refundable if the seller cannot deliver clear documents.
Questions people ask
Can a bank finance a resale flat?
Who pays brokerage in a resale?
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