Purchasing a resale property in Bhopal is an excellent option for buyers seeking a ready home in a developed area without the wait time for new construction. There are plenty of resale properties with good construction options in areas like Hoshangabad Road, Kolar Road, and Arera Colony. However, a property should never be closed on without confirming that the property is legally sound and a good investment for the buyer.
The first and foremost step to consider is to confirm the ownership and title documents. Confirm that the seller has full ownership rights and that there are no disputes or loans against the property. Review not only the sale deed, but also the chain of ownership documents that act as proof of ownership of the property by the seller. It is also equally important to ask for an encumbrance certificate, which guarantees that there are no pending legal or financial claims against the property. If you are able to, consult with a local property lawyer in Bhopal to validate these documents.
Once the ownership of the property is confirmed, another important step to take is to confirm that the property was legally approved for residential use. In Bhopal, all construction must be completed according to TNCP and BMC regulations. Confirm that there is an approved building plan, completion certificate, and land-use classification. A property that is not approved under local guidelines will run into problems at a later date, including difficulty in resale and potential complications in securing a loan.
In addition, ensure that all dues and taxes are squared off. Request proof of the latest property tax receipts, at least two months of water and electricity bill payments to show the seller is current, and maintenance of the society for at least the last two months to confirm there are no outstanding dues. If anything is due, ask the seller to make these payments or be cleared before the registration and possession of the property occurs, so that you are not subjected to any unpaid dues, which would become your responsibility.
It is also important that you physically inspect the property before purchase. Resale properties in Bhopal have already been used, and you should inspect all structures, e.g., cracks, — whether there are visible leaks, or signs of indoor leak, in addition, wiring should also be assessed. Either you can visit to see for yourself if you are comfortable doing so, or have a home inspection done, and gather any repairs that are necessary in the process as part of your negotiating.
Lastly, once all has been checked, prepare a clean sale agreement for the property. This will include the price, the possession date, and all dues cleared. The detailed sale agreement will be reviewed before registration to confirm you understand the transparency, and there cannot be any issues after that point.
Purchasing resale property in Bhopal is extremely beneficial if you are verified and taken care of. If you have done your checks, you can reasonably think you are getting a solid, transparent, and profitable deal as a purchase.
At The Company, we help you discover verified resale properties in Bhopal with transparency, security, and trust in every transaction
