Tips to buy a resale property

The primary advantage of going in for a resale flat would lie in buying a home in a strategic location where no new supply is coming in. If one has personal cash resources at one's disposal and is not reliant on a home loan (a home loan on a very old property cannot be taken for granted), buying a home in a project that is 20 years or more in age can be a good investment bet if the residential property is in a strategic, high demand location with low or no new supply. This would mean that the project would come up for redevelopment, ensuring a tidy profit to the owner.

All the documents that are applicable for a primary residential property sale would be required for a clear resale flat transaction, as well. The seller should be able to produce all original documents.

The buyer should establish the existence of a proper Society. The original sales deed and the Society share certificate are most important, since the transaction cannot proceed without them. Also, the buyer should bear in mind that in the case of a resale property , proper transfer and re-registration is necessary. The documents required for registration of residential flats, apart from the sale deed, include a letter from the society that reflects details such as the number of floors in the building, the construction year, the apartment's built-up area and the number of lifts in the building.

READ MORE http://articles.economictimes.indiatimes.com/2012-11-14/news/35110565_1_resale-property-card-residential-property