How To Be An Educated Home Buyer?

Introduction

Buying a home is as much an emotional decision as it is a financial one. So it is very important to make the right choices. With the RERA (Real Estate Regulatory Authority), the regulatory mechanism has been put in place. But sometimes the legal jargon becomes difficult to comprehend, making the decision-making more tedious.

So, to bring solace to the buyer, we have put together a small checklist for you to help with your property-buying (buying a home) decision. While investing in any of the Kasu properties, our team is always available to support you every step of the way, but still, we urge you to use this checklist so that you're confident and comfortable while making the final call.

Key Takeaways

• RERA Compliance is a Must: It is necessary to check if the property is RERA-registered to have the developer accountable and to be able to get transparent project information.

• Documentation Is The Lifeline: Confirm the completion certificates, clear title deeds, and proper sale agreements before sealing any property deal.

• Legal Due Diligence Is Your Shield: Hire a lawyer to find out the presence of any pending disputes, liens, or legal issues at the sub registrar's office.

• Location Is The Key: Check out the quality of the neighbourhood, whether it has the essential amenities, and the transport connectivity before you decide.

• Learn Maintenance Basics: Be aware of the developer's maintenance period and the process of society formation, so that you do not get into trouble later.

It has been a buyer's market for a while as the interest rates are favourable. So here's what you can do:

Essential Checklist for Property Buyers

1. RERA Compliance

If you want to buy a villa or apartment in Goa, don't look at any properties which are not RERA compliant. The RERA seal is very important as it denotes that the developer has complied with all mandates of RERA. You can then find all development updates, plans, and details on the developers' website. The developer is required to maintain an up-to-date status on the construction stage, the number of floors, the number of units to be developed, etc.

2. Document Compliance

a. Completion Certificate

This depends on what kind of property you're planning to invest in.

• Ready-to-move-in/Secondary market: Make sure you have the completion certificate. This document verifies that the developer has received all approvals for the property in question.

• Under-Construction market: With RERA in place, now the interests of the buyers are hedged as the builders are expected to complete the projects as per their pre-defined timelines, else they'd incur a penalty.

 

b. Title Deed and Other Paperwork

This is probably the MOST important part of finalizing a property. Before you zero in on a property, make sure that the title is clear. This can be done at the office of the sub-registrar. Check that there are no known cases, pending disputes, liens on the property, etc. It is best to use the services of a lawyer in this case.

Along with document verification, knowing how to shortlist a reliable and transparent builder plays a critical role in protecting your investment.

c. Allotment Letter/Agreement of Sale/Sale Deed

Once the initial payment is made, if the property is bought from a builder, make sure you get the "Allotment Letter". Similarly, if the property is bought from the secondary market, get the "Agreement of Sale" from the seller. The purchase transaction is deemed incomplete without a "Sale deed" being executed and registered with the Registrar. If you avail of any financing options, this sale deed is hypothecated with the financer, and you'd be issued a photocopy.

3. Neighbourhood and Accessibility

So you may not always visit your neighbours, but having a good neighbourhood is very important. Another vital issue to look at is access to shops/stores, schools, hospitals, and other major utilities. Having an effective transport system to/from work is also of paramount importance.

If this is your first property purchase, these practical tips for first-time home buyers can help you avoid common mistakes and plan better.

4. Possession and Maintenance

As mandated, maintenance of the building is the responsibility of the developer for a certain period from the date of receipt of the Occupancy Certificate (OC). After this period, the builder will commence the formation of the society with the elected representatives and register it. The elected representatives will then take over the maintenance of the society on a regular basis.

So What Next?

Now that you've got your checklist covered, you can enter the market and buy an apartment or villa in Goa as an educated buyer. Once you find something you like, use a methodical way to go over your checklist and get your due diligence done on the property in question. Thus, you decide better and save yourself from unnecessary strain.

For a seamless property buying experience with complete transparency and expert guidance, explore premium properties at Kasu Homes, where every aspect of your home purchase is handled with professionalism and care.

Also Read: RERA Decoded – Benefits For Real Estate Developers In India & Home Buyers

Conclusion

Being an educated home buyer requires knowledge, due diligence, and asking the right questions. With RERA protections and good market conditions, it is a great time to invest in property. Use this indispensable checklist, check for RERA compliance, make sure the documentation is in order, assess the location, and get the maintenance terms, to make safe decisions that will keep your investment intact and make your dream of having a home come true.

FAQs

Why does a property purchase require RERA compliance?

RERA is a watchdog that keeps developers in check in terms of regulations, communication, and timelines. Hence, it is a safeguard for your interests as a buyer.

Which documents do I need to check before purchasing a house?

The first and foremost documents are the RERA registration, the completion certificate, the clear title deed, the allotment letter/agreement of sale, and the registered sale deed.

How do I confirm that a property has a clear title?

It would be best if you looked at the sub registrar's office for disputes, liens, or legal cases. It is certainly a good idea to have a lawyer verify the documents for you.

What distinguishes ready-to-move from under-construction properties?

Ready-to-move properties require a completion certificate; whereas, the RERA timeline enforcement and penalties for delays are the safeguards for under-construction properties.

Who will take care of the property after the purchase?

The developer is responsible for property maintenance till the formation of the society. Thereafter, the maintenance will be managed by the elected representatives.

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