I am buying a property from builder; please tell me how to proceed. This query must be sounding very familiar to those buyers who bought the property from the builder. Typically, the buyers put a lot of emphasis on points after finalizing the property/project. What about pre-sales interaction with the builder or his sales team?. Pre-Sales is also very crucial phase, and most of the buyers are unknowingly get trapped. In my post, Sample Flat - Trap from Builder i discussed one such significant factor of pre-sales. If you are buying a property from builder, then you have to be cautious at every ... Read More
Buying a Joint Property with Parents – 5 Important Points
I am buying a Joint Property with Parents, what all points i should take care. I was in a fix what to say and what not to say :). It's hard to answer such queries of my clients. Buying a Joint Property with Parents is quite an emotional decision for a buyer. As a consultant, i have to be extra cautious in selection of words to answer these queries. Despite being extra careful, sometimes the client gets hurt. The biggest problem in India is that people are not open to discussing inheritance and emotional issues. The buyer becomes too sensitive to discuss such topics in a professional way. As a ... Read More
Cash Payment in Property Deal – Beware of Black Money
Builder is asking for a Cash Payment in a Property Deal. One of the clients told me recently. I suggested against cash payment; he said that he will never be able to close a property deal. From this interaction, you can gauge the menace of black money in Indian Economy. Sometimes knowingly or unknowingly a buyer generate black money through cash payment. Another primary concern of my blog readers in small towns/semi-urban/rural areas is a lack of trust factor between buyer and the seller. In large no of cases, the cheque bounce after the property deal is completed. In this scenario, it becomes ... Read More
Property for SALE – 5 Mistakes a Seller Should Avoid
I put my property for sale few months back, but i have not received many queries. Last week, one of the sellers asked me over the phone. He further added what should he do now?. He also gave me feedback that i don't frequently write for sellers. Candidly i told him that as the entire risk of a property transaction rests with the buyer. Therefore, i have a soft corner for the buyers :). I promised him series of posts on the property for sale. This post is first in the series. I hope he is reading :). Similar to property buying even when seller put his property for sale it requires proper ... Read More
Beware of Heavily Discounted Property – It can be a Trap
Should i buy a discounted property?. Recently i received this query from one of my clients. He further added that discounted property is available at a price 40% lower than current market rate. Firstly, i would like to appreciate the alertness of the buyer. He is an investor and has substantial exposure to real estate. Therefore, he smells something fishy. From a retail buyer perspective, the Discounted Property offer is tempting enough to close the deal. Just to clarify that in this post, by Discounted Property i mean a property available at a discount of 15% or more than current market ... Read More
NRI Property – 7 Mistakes to Avoid by a Resident Indian Buyer
Are you planning to buy an NRI property? & if you are a resident Indian buyer then you should go through this post :). Usually buyers don't prefer to buy NRI Property. The reason being rules and regulations are bit complex in nature. Another reason is that the onus of compliance rests on buyers shoulder. It is little unfair as buyers cannot buy NRI Property without professional help. The biggest hassle is of TDS deduction and filing of TDS return. A buyer also needs TAN for TDS deduction. I discussed the same in my post, How to deduct TDS u/s 195?. I do agree that rules should be ... Read More
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