What are some points I should pay attention in a flat purchase agreement in Mumbai?

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      User_bfb48112
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        User_bfb48112
        PARTICIPANT
        February 13, 2025 at 12:15 am
        I’m getting a flat, most of which is financed by a loan. It’s a resale property and I’ve been asked by the bank for a draft agreement. I’ve approached a lawyer and wanted to know what are some things I should keep in mind and some pitfalls I should be aware of?

        Thanks!

      • #55246 Reply
        Brighteagle9816
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          Brighteagle9816
          PARTICIPANT
          February 13, 2025 at 3:40 am
          1. Society Share Certificate with names of all the sellers mentioned on it.

          2. Photos, PAN cards, Aadhaar cards of all the sellers. VOID bank cheque of the seller.

          3. No liens, mortgage, home loans, litigation, claims on the property. Everything is clear. Title is clear.

          4. Meet the Society Secretary, Treasurer and Chairman in person and make sure of all of the above and get NOC from them.

          5. No past due maintenance fees, property taxes and arrears on the flat. Get a record of all the maintenance fees and property taxes paid in the past.

          6. Make sure all included parking etc is clearly mentioned.

          7. Proper OC . So building is not illegal or anything. Original Occupation Certificate.

          8. Get utilities original copies like Electricity, Natural cooking gas etc. NOV to transfer them in your name.

          9. Chain of purchase agreementΒ  original copies. All the purchase & sale transactions made right from the start. There could have been 3-4 buyers and sellers before you! He might not be the first buyer.

          10. Make sure proper Stamp Duty and Registration fees were paid for each & every previous transaction.

          11. Get a proper home inspection done – so there are no leakages, structural issues etc.

          12. Get the Carpet Area measured also from a local junior architect. What’s written on the purchase agreement could be less than what the actual area is.

          • #55247 Reply
            User_bfb48112
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              User_bfb48112
              OP
              February 13, 2025 at 3:43 am
              These are great points. Thanks!

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