A resale purchase can mean earlier possession and a price set by an individual rather than a launch sheet. The trade-off is that you are inheriting someone else's paperwork, so it has to be checked in a particular order.
Resale suits buyers who want to see the actual building rather than a render, and who would rather negotiate with one owner than a sales desk. Here is the order in which to check things.
1. Confirm what the seller owns
Ask for the allotment letter or builder buyer agreement, the payment receipts, and the conveyance or sale deed if the unit is already conveyed. Confirm the name on these matches the person selling.
2. Check dues and encumbrances
Ask the developer or the maintenance agency for a no-dues statement covering instalments and maintenance. If the seller has a home loan, the transfer has to be coordinated with their bank's release of the original documents.
3. Ask the developer about transfer
Most projects charge a transfer or nomination fee and have their own process for endorsing the new buyer. Find out the amount and who customarily pays it before you agree a price.
4. Agree the money and the sequence
Put the token amount, the balance schedule, the deadline for the developer's endorsement, and what happens if either side delays into a written agreement to sell. Budget for stamp duty and registration on top of the agreed price.
5. Registration
The deed is executed and registered at the relevant sub-registrar office, with both parties present or properly represented. Only after this is the unit yours.
We do this alongside buyers regularly, including the awkward conversations with maintenance offices. Ask us if you want the checklist for a specific project.
