Hi All,
I am looking for 2BHK apartment in Noida (prefer sec 75) or Noida extension and I don't see many options here within my budget (55 lakh). Few of the projects I've already seen are
1. Golf City (I'd live in this society for 3-4 month, overall okish type, have some general maintenance issues)
2. Aims Golf Avenue (My collegue has one flat, visited this society but don't figure it out)
3. Indosam (Visited, I like this one from all my selections but looks like budget is going to be an issue)
Earlier I used to visit IndianRealEstateForum to get some original feedback or rate. But looks like the forum has been shut down. I am looking for another option or your expertise here.
note down to myself:-
STEP BY STEP
1. Decision made for Sale Price, Black component, etc.
Time Window decided, usually between 30-60 days to complete deal
2. The Seller will "SHOW" All the Originals and provide a "COPY" of ALL Documents related to his property which he has with him. If he lost any document, its his problem to procure it.
The List usually includes:
- BBA properly endorsed
- ALL Receipts properly endorsed
- Possession Certificate
- Car Parking
- Maintenance Agreement
- Registry and Sub Lease Deed
- Tri party Agreement (in case land is on loan from Builder side)
- GPA in case of Power of attorney used for transfer
- Last Electricity Bill
- Last Maintenance Bill
- Last Water Bill
- ID proof of Seller/s
- PAN Card of Seller/s
- Cancelled Cheque from Seller
3. In return the Buyer will give a Token Money of say a few thousand rupees ONLY (Max.10,000).....NEVER 10% ...and a Time period of 5-7 working days is taken for verification(using the copies provided)
4. These Copy of property are then submitted in bank (if loan) OR to hired lawyer to check in authority(if no loan), they will take approx 3-5 Working days for Verification and give a Nod to go ahead if all documents found clear. In case any document required ..The Seller has to Furnish it as soon as possible.
5. The Buyer should now independently approach the builder as well as maintenance agency to ask if ANY DUES on Seller or not. This is done by brokers and can be done in a few hours
6. The property details are then cross checked in district court to check if any legal case is on it or not (authority will have no details of it). this too is done by broker and takes 1 day
7. Now the Buyer has made it clear that the property has NO issues:
- All documents are in order
- No Legal case in local courts
- Builder and RWA ready to give NOC (Dues status Known)
8. Now the TEMPORARY Agreement for sale is done....with buyer and seller...stating the Final amount (Black and White) ...2 Originals...Notarized stamp paper only with 2 witnesses...BOTH OF WHICH WILL BE TORN on the day of registry..
9. 10% bayana is given by buyer to seller ...ONLY IN WHITE (DD)...NEVER IN BLACK and the time frame for full and final payment decided and clearly stating that its SELLERS Responsibility To furnish the NOC from builder AND Maintenance agency / RWA....in stipulated time. In many cases the Time frame STARTS from the day NOC is furnished by seller
10. The Seller Would by now procure the NOC from Builder and Maintenance agency
and Furnish the COPY to Buyer and SHOW the Original.(Original is Submitted on day of registry).
11. All Documents are now submitted in Bank and Authority , The authority will give a pre approval for transfer And the bank gives the pre approval and now only waiitng for their formalities...
12. Now with Pre Approvals from Authority and Bank in place (meaning only waiting for the process time of bank and authority) Another 10-20% is given by Buyer to seller..as agreed...all payments in DD only...no cash.
13. On the day of Registry , the seller will come with ALL HIS ORIGINALS (Incl. NOC) And COMPLETE SET OF KEYS......Buyer and Seller sit in the lawyer office with the bank personal
The Black component is given by buyer to seller in cash...and balance DD given and in return ALL DOCUMENTS by seller are handed over.
The Old Temporary agreement is Torn (mentioning black and white).....All transfer documents signed......and then wait for turn to be called by registry office
14. Once all done......Hand over keys to buyer and Pay the broker his 1%
REMEMBER -
1. All White component is taken in DD , and Not Cheque
2. Always keep Approx.10 Latest Photographs Ready at all times
3. For A Higher Cash Component or regular deals keep a portable money counting machine, costs a few thousand only and does the job well and safely.
4. Registry process can take 2 hrs or even whole day, depends on No. of files on that day, or availability of staff. Be prepared
5. Its Prudent to have someone around without informing brokers, etc close by, Message him to come and handover cash to him and he can leave before registry happens. Usually the Snatchers have inside info about seller and can identify him and wait for him to leave premises to follow, etc.
Its also a good idea if u decide to carry High amounts of cash yourself, to have someone follow you, to check that no one is following you
6. When Having Cash , Don't accept any drinks, food from Anyone. Politely decline
7. Use Your Pen for signing any documents and take your time to check properly
8. Keep a Hand Sanitizer on the day of registry to remove the Ink after Thumb impression
9. Keep all cheques in Waterproof Bags Only and submit in bank immediately after leaving registry office
10. The Broker / Buyer should Give you a copy of the Transfer papers once he gets from authority (takes usually 5-10 days)
11. Never give Color scans / Copies to anyone, Give B&W scans/copies Only
Mark the Copies as "Copy" Clearly
Copies of Registry Documents Are usually submitted Notarized, others are self attested
12. Its a good practice that once you have sold your flat, inform the RWA, maintenance agency even by an email that you are No longer the owner and the new owner is XYZ who will get in touch with them as per his convenience and from now on, you donot want any communication regd. Bills, etc for the property
Its simple and straightforward
and this process IS CLEARLY DISCUSSED AND DECIDED Before A single rupee is given
In Case of Loan....usually 30 days everything is complete
In Case of No Loan..Usually 10 days everything is complete
The Buyer, Seller or broker can NOT pressurize you for doing anything Improper
Thats ONLY acceptable in case you are willing to take risks in a DISTRESS Sale where HUGE Discounts are offered, and of course you will be liable for any future issues
If for ANY REASON you withdraw from the deal, its your choice and doesn't need any Major explanation also and MOST CERTAINLY you will NOT be blacklisted from any "broker List" as there is None !!!!!
People who walk OUT of a deal do before Step 8 as stated above and dont stand much to lose, If they walk out of a Proper deal then Huge costs are incurred and a broker wouldn't have an issue with it as its normal for brokers to mention 2-5% fees instead of 1% for a Deal which is Broken after agreement is signed
I am looking for 2BHK apartment in Noida (prefer sec 75) or Noida extension and I don't see many options here within my budget (55 lakh). Few of the projects I've already seen are
1. Golf City (I'd live in this society for 3-4 month, overall okish type, have some general maintenance issues)
2. Aims Golf Avenue (My collegue has one flat, visited this society but don't figure it out)
3. Indosam (Visited, I like this one from all my selections but looks like budget is going to be an issue)
Earlier I used to visit IndianRealEstateForum to get some original feedback or rate. But looks like the forum has been shut down. I am looking for another option or your expertise here.
note down to myself:-
STEP BY STEP
1. Decision made for Sale Price, Black component, etc.
Time Window decided, usually between 30-60 days to complete deal
2. The Seller will "SHOW" All the Originals and provide a "COPY" of ALL Documents related to his property which he has with him. If he lost any document, its his problem to procure it.
The List usually includes:
- BBA properly endorsed
- ALL Receipts properly endorsed
- Possession Certificate
- Car Parking
- Maintenance Agreement
- Registry and Sub Lease Deed
- Tri party Agreement (in case land is on loan from Builder side)
- GPA in case of Power of attorney used for transfer
- Last Electricity Bill
- Last Maintenance Bill
- Last Water Bill
- ID proof of Seller/s
- PAN Card of Seller/s
- Cancelled Cheque from Seller
3. In return the Buyer will give a Token Money of say a few thousand rupees ONLY (Max.10,000).....NEVER 10% ...and a Time period of 5-7 working days is taken for verification(using the copies provided)
4. These Copy of property are then submitted in bank (if loan) OR to hired lawyer to check in authority(if no loan), they will take approx 3-5 Working days for Verification and give a Nod to go ahead if all documents found clear. In case any document required ..The Seller has to Furnish it as soon as possible.
5. The Buyer should now independently approach the builder as well as maintenance agency to ask if ANY DUES on Seller or not. This is done by brokers and can be done in a few hours
6. The property details are then cross checked in district court to check if any legal case is on it or not (authority will have no details of it). this too is done by broker and takes 1 day
7. Now the Buyer has made it clear that the property has NO issues:
- All documents are in order
- No Legal case in local courts
- Builder and RWA ready to give NOC (Dues status Known)
8. Now the TEMPORARY Agreement for sale is done....with buyer and seller...stating the Final amount (Black and White) ...2 Originals...Notarized stamp paper only with 2 witnesses...BOTH OF WHICH WILL BE TORN on the day of registry..
9. 10% bayana is given by buyer to seller ...ONLY IN WHITE (DD)...NEVER IN BLACK and the time frame for full and final payment decided and clearly stating that its SELLERS Responsibility To furnish the NOC from builder AND Maintenance agency / RWA....in stipulated time. In many cases the Time frame STARTS from the day NOC is furnished by seller
10. The Seller Would by now procure the NOC from Builder and Maintenance agency
and Furnish the COPY to Buyer and SHOW the Original.(Original is Submitted on day of registry).
11. All Documents are now submitted in Bank and Authority , The authority will give a pre approval for transfer And the bank gives the pre approval and now only waiitng for their formalities...
12. Now with Pre Approvals from Authority and Bank in place (meaning only waiting for the process time of bank and authority) Another 10-20% is given by Buyer to seller..as agreed...all payments in DD only...no cash.
13. On the day of Registry , the seller will come with ALL HIS ORIGINALS (Incl. NOC) And COMPLETE SET OF KEYS......Buyer and Seller sit in the lawyer office with the bank personal
The Black component is given by buyer to seller in cash...and balance DD given and in return ALL DOCUMENTS by seller are handed over.
The Old Temporary agreement is Torn (mentioning black and white).....All transfer documents signed......and then wait for turn to be called by registry office
14. Once all done......Hand over keys to buyer and Pay the broker his 1%
REMEMBER -
1. All White component is taken in DD , and Not Cheque
2. Always keep Approx.10 Latest Photographs Ready at all times
3. For A Higher Cash Component or regular deals keep a portable money counting machine, costs a few thousand only and does the job well and safely.
4. Registry process can take 2 hrs or even whole day, depends on No. of files on that day, or availability of staff. Be prepared
5. Its Prudent to have someone around without informing brokers, etc close by, Message him to come and handover cash to him and he can leave before registry happens. Usually the Snatchers have inside info about seller and can identify him and wait for him to leave premises to follow, etc.
Its also a good idea if u decide to carry High amounts of cash yourself, to have someone follow you, to check that no one is following you
6. When Having Cash , Don't accept any drinks, food from Anyone. Politely decline
7. Use Your Pen for signing any documents and take your time to check properly
8. Keep a Hand Sanitizer on the day of registry to remove the Ink after Thumb impression
9. Keep all cheques in Waterproof Bags Only and submit in bank immediately after leaving registry office
10. The Broker / Buyer should Give you a copy of the Transfer papers once he gets from authority (takes usually 5-10 days)
11. Never give Color scans / Copies to anyone, Give B&W scans/copies Only
Mark the Copies as "Copy" Clearly
Copies of Registry Documents Are usually submitted Notarized, others are self attested
12. Its a good practice that once you have sold your flat, inform the RWA, maintenance agency even by an email that you are No longer the owner and the new owner is XYZ who will get in touch with them as per his convenience and from now on, you donot want any communication regd. Bills, etc for the property
Its simple and straightforward
and this process IS CLEARLY DISCUSSED AND DECIDED Before A single rupee is given
In Case of Loan....usually 30 days everything is complete
In Case of No Loan..Usually 10 days everything is complete
The Buyer, Seller or broker can NOT pressurize you for doing anything Improper
Thats ONLY acceptable in case you are willing to take risks in a DISTRESS Sale where HUGE Discounts are offered, and of course you will be liable for any future issues
If for ANY REASON you withdraw from the deal, its your choice and doesn't need any Major explanation also and MOST CERTAINLY you will NOT be blacklisted from any "broker List" as there is None !!!!!
People who walk OUT of a deal do before Step 8 as stated above and dont stand much to lose, If they walk out of a Proper deal then Huge costs are incurred and a broker wouldn't have an issue with it as its normal for brokers to mention 2-5% fees instead of 1% for a Deal which is Broken after agreement is signed
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