When purchasing an apartment, here are some points to be aware of:
Title and Ownership:
It is important to ensure that the seller has clear title to the apartment and the property is free from any legal disputes or encumbrances. You can conduct a title search to verify the ownership and title of the property by back tracking the title for at least 50 years.
Construction and Quality:
Check the construction quality and building specifications of the apartment. Make sure the apartment meets the local building codes and standards. Check for any visible defects or structural issues in the apartment.
Amenities and Facilities:
Check the amenities and facilities provided in the apartment complex, such as parking, security, elevators, gym, pool, and clubhouse. Assess if they meet your needs and if they are well-maintained. Very importantly get to know the maintenance cost involved and the defined period when it will be revised.
Location and Surroundings:
Consider the location and surroundings of the apartment, including the neighbourhood, proximity to transportation, schools, hospitals, shopping, and entertainment. Evaluate if the location is suitable for your lifestyle and if it has good potential for appreciation.
Legal Documents:
Verify all the legal documents related to the apartment, including the sale deed, property tax receipts, building approvals, occupancy certificates, and NOC from the society or local authorities. Ensure that all documents are in order and there are no discrepancies. Get support from a proper civil lawyer and scrutinize the documents.
Home Loan and Financing:
If you are taking a home loan, ensure that the property is eligible for financing, and you understand the terms and conditions of the loan. Check the interest rates and repayment schedules and ensure that you can afford the loan.
UDS and its benefits:
UDS or Undivided Share of Land is the portion of land owned by the apartment owner in a building. It is the proportionate share of the total land area of the apartment complex. UDS is important as it determines the ownership of common areas like parking, elevators, and amenities. The higher the UDS, the better the ownership rights of the apartment owner. It is also a crucial factor in determining the property value and potential resale value of the apartment.
In summary, it is crucial to conduct due diligence when purchasing an apartment and seek professional advice from a good civil lawyer in the town to avoid any legal or financial risks.