InvestorQ : What are the points to remember when I actually execute the title transfer deed with the builder and are there any precautions?
Nisha Chandani made post

What are the points to remember when I actually execute the title transfer deed with the builder and are there any precautions?

Answer
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Bhavika Nehru answered.
1 year ago


Once you take possession of the house, immediately inform the bank as your tax benefits will kick in from that date. The period prior to that has a different tax treatment as pre-construction period. With the sale deed, you can register the property in your name. At this point you will have to pay the stamp duty, so prepare yourself financially for the same. Once the property is registered in your name, the payment of municipal taxes on that property becomes your responsibility. You need to ensure that municipal taxes are paid on time without fail, as it is an important proof of continued ownership. There is another important aspect of possession that you need to remember.

Remember, the builder is responsible for maintenance of the building for a period of 18 months after the Occupancy Certificate (OC) is given. Also remember to get a car parking allotment letter with a map of the parking lot. By the end of the 18 months, the builder along with representatives will initiate the formation and registration of the society, which will elect its representatives and take over the management of the society from then on.

In a nutshell, you need to adopt a more systematic approach and we can summarize the property purchase responsibilities as under:

Check what you are able to buy and the best deal that banks can give you

Compare properties, estate agents, financiers and pick the best deals

No laxity on paperwork. The devil lies in the details, so get involved in the detailing

Ensure the property adds value in terms of location, resale price, amenities etc.

House is a long term investment. So, envisage your needs for the next 10 years.