Buying an apartment is a very major decision which most people make only once in their lifetime. Of course there are others who buy apartments as investments for rent or as retirement income too. After going through the circus of finding the ‘perfect dream home’ in the best location suitable to your needs, you then have to get down to doing the dirty work – going through the hassle of loans, legalities and paperwork needed before you can transfer the home to your name.

This is also the point where some unscrupulous builders often mess up their clients as they don’t always have the necessary paper works needed for building the apartments in the first place. This is a very important reason why you should always go with reputed builders – like Artech Realtors, so you don’t end up with a royal headache!

After zeroing in on the property, you will first need to check the Title Deed to see if it belongs to the builder or the builder just has building rights on it. And if you are buying a used apartment, ask for a Release certificate, just in case it had been pledged to get a loan. You will also need to check for an Encumbrance certificate to make sure the property is free from any legal dues. You have to check that the land being used is as per the city master plan and has the appropriate approvals too by the local development corporation bodies. Though this might seem like a lot of homework to do, there is more coming! Here is a list of all the legalities that you have to go through before signing on the dotted lines:

• Verify your builder: Make sure that the plot in question is free from any litigation and check into the status of other projects by the same builder.
• Total cost vs. Actual cost: When going through a broker, you might be misled by not being told about the numerous other taxes, development fees and extra charges which increase the final cost of the apartment. So make sure you ask for the final cost.
• Actual size of the apartment: Many times the brochure shows the area of the apartment to be much greater than the actual carpet size of the apartment as they willfully include common areas such as staircases, elevator and lobby! So clarify on the carpet size of the apartment.
• Location: Check the infrastructures available or upcoming around the apartment that would increase the value of your apartment in the future. You should also ensure that facilities like bus stands, hospitals, shopping centers and schools/colleges are nearby. A visit to the actual site may be more useful as there might be a difference from the brochure and reality!
• Project Financiers: Once you have confirmed that all the licenses and approvals are in place, you need to check out the banks financing the project and opt for the one offering the lowest interest rates. You also need to finalize on a payment plan that fits your pockets.
• You are now ready to register your property with the authorities concerned and become a proud home-owner!