Real estate this term includes buildings, plot, land, fences, wells and other fixed assets which are immovable. Real estate or real property in civil law jurisdiction is termed as immovable property. To put hands in real estate requires a bid investment. Every piece of land has is own qualities. Experts are called to find out the market value of a particular piece of land.
In purchasing and selling of real estate requires a lot of formal paper works done. There are several agreements made as a deal starts to take place. In the beginning there is no lawyers included but MOU (Mutual Consent Undertaking) is made between the two parties i.e. the purchaser and the current holder or owner of the property.
Whenever we look out to buy any resale flat they are various agreements and documents which has to be checked by the purchaser and also appoint a licensed Surveyor who is qualified to verify all the documents. There several essential documents such as sale agreement,power of attorney, share certificate, the very first agreement made on builders name, the current month bill of electricity, maintenance bill of society,municipality bill,transfer certificate and NOC from the society, corporation water supply is available,all property tax bill paid till current date etc.
If the flat is taken on loan then it is a must to go to the bank which has sanction the loan over the property and has all the original documents.
It important to check out that are there any other personnel loans or debts in the name of the owner of the flat your planning to buy which can give you problems in the future.
There are two ways in which a real estate transaction takes place first one where there are brokers involved from both the side and the second is direct transaction between the parties. There are advantage and disadvantage of direct deal advantage is that the 2 percent commission money which is to be given to the broker is saved but on other hand the details search that broker does about the documents of the flat and helps you till the deal is flourish with all the formalities of the registration work and name transfer which you have to do if broker does not exist.
If it’s your first time in real estate deal than it’s wiser to choose a reliable broker who is trust worthy. You have to pay 2 percent of the deal but you will be tension free of fraud which can happen to you. The brokers are bodies which act as the intermediary between the selling and the purchasing party. Their work is to market the best piece of property and sell them in highest price to earn good commission.If the broker is from the purchaser’s side its his work to give the deal according to the purchasers budget.
Whenever a purchaser chooses his agent he has to make an agreement between the him and the agent that the agent will assist the buyer to select the real estate and help him out till all the legalities of the deal is not finished over a share of commission in return to the agent.