A Comprehensive Guide to Home Buying in Kalyan-Dombivli: Key Legal Considerations

Kalyan, August 4, 2022 -- Inc.

          Fast development, reasonable housing, and strategic locations have built Kalyan-Dombivli into one of the most sought-after home-buying destinations in Maharashtra. Due to the rapid pace of development and relatively economical prices compared to the Mumbai Metropolitan Region, it has become an ideal location for homes for sale. If a homebuyer intends to purchase a 1 BHK flat, like those available through Pacific House, they must understand the legal aspects involved to ensure a smooth transaction. This home buying guide provides a step-by-step approach to navigating the legal processes when buying a home in Kalyan-Dombivli.

1. Property Title Verification

Importance of Clear Title
Before making any home purchase, you must verify that the property has a clear title, confirming the seller has legal ownership. This is crucial in any flat buying tips guide as it ensures there is no dispute or encumbrance on the title deed.

Steps to Verify Title
- Request Documents: Obtain the title deed and other relevant documents from the seller. - Verify Records: Consult the local Sub-Registrar office or a legal expert to ensure there are no legal disputes or claims on the property.

2. Property Agreements

Sale Agreement
A sale agreement outlines the terms and conditions of the sale, a critical step in any home buying journey.

- Property Details: The agreement should accurately describe the property's location, area, and specifications. - Price and Payment Terms: Ensure the price and payment terms are clearly stated. - Possession Date: The agreement should specify when the property possession will be handed over.

Sale Deed
Once the transaction is complete, a sale deed transfers the property's title to the buyer. Ensure it is registered with the local Sub-Registrar office.

3. Verification of Statutory Approvals

Ensure the property has all necessary statutory approvals. For homes in Pacific House projects, this includes:
- Occupancy Certificate: Confirms the property is constructed according to approved plans and is fit for occupation. - Completion Certificate: Verifies that the building complies with all regulatory provisions. - No Objection Certificates (NOCs): Ensure the property has received NOCs from various municipal departments, such as fire and environmental authorities.

4. Know about Stamp Duty and Registration Fees

Stamp Duty
Stamp duty is a tax imposed on property transactions. In Maharashtra, the rate varies based on the property’s location and type. Consider this when budgeting for your home buying process.

Registration Fees
In addition to stamp duty, registration fees must be paid to transfer the property in your name. These are usually a percentage of the property value and should be factored into your total home buying costs.

5. Check Loan and Mortgage Details

If you're purchasing a home with a loan, ensure all loan documentation is complete:
- Sanction Letter: Obtain a loan sanction letter from your financial institution. - Loan Agreement: Review the loan agreement carefully, focusing on interest rates and repayment terms. If the property is mortgaged, ensure that the seller has cleared any outstanding amounts before completing the sale.

6. Do Due Diligence

Property Inspection
Inspect the property for any defects or issues. Hiring a professional inspector can be helpful.

Verify Developer Credentials
When buying from a developer like Pacific House, ensure the developer has a strong reputation. Research their past projects and check for any complaints or legal issues.

7. Engage an Attorney

Hiring a real estate attorney is highly recommended in any flat buying tips guide. An attorney will help with:
- Document Verification: Ensure all documents are authentic and legally binding. - Legal Advice: Provide guidance on any legal issues. - Contract Preparation: Assist in preparing or reviewing sale agreements. Be prepared to pay attorney’s fees, typically a percentage of the transaction value or a fixed amount

8. Finalize the Transaction

Payment and Handover
- Complete Payment: Make the final payment as per the sale agreement and obtain a receipt. - Possession: Ensure the property’s possession is officially handed over to you, along with all necessary documents and keys.

Documentation
After the transaction is complete, make sure all essential documents, including the sale deed and NOCs, are in your possession. Keep copies of all documents in a secure place.