So you have done all the hard work to find the right property in Bangalore, one that suits your requirement better than the others. Now, the next step is to approach the seller and strike the deal. Speaking of which, let us go through the entire process of buying a property, which of course, is no kid’s play.
Contract set-up
You would want to be sure that the property you are willing to buy has no dark spot to its name. The contract should be designed in a way that fits the requirement of both your personal and financial needs. Remember, once you put up that signature of yours on the contract, nothing can be changed later. Hence, it is imperative for you to discuss each and every aspect of the agreement beforehand.
Signing the contract
Once you are satisfied with the analysis, have the right terms and conditions in place and the right price to go with, think no further, and sign the agreement without any delay. Make sure that the deadlines mentioned in the contract comply with your other applications. You don’t want to be on a slippery ground by missing out on due dates for finance approval, in case you apply for one.
Pre Settlement
In the time period paving the way to settlement, you and your consultant ought to be planning everything for the given day. This incorporates marking any bank credit documents on the off chance in case you are borrowing, and guaranteeing the cash will be accessible on time. Your consultant will likewise guarantee the correct documentations are in place, that some other requisite for the transaction is prepared and that the concerned people have settled upon courses of action for settlement.
Settlement
This is comparatively a less eventful phase of buying a property, given that the pre-settlement goes well enough. At settlement, the funds are transferred to the seller at the expense of relevant property transfer documents. It may also comprise credit release documents or anything that gives full authority to the buyer of the property.
Post Settlement
After mutual agreement of both the parties, the property is all yours. Your consultant or your bank will take care regarding enlistment of the property in your name, soon after the payment. Additionally, they will take care of finishing any external matters, which involves paying any commission to the nearby committee, educating the state authority that you are presently the holder of the mentioned property, and that you are entitled to sell it whenever you wish to.
