Advance Payment in a property deal is very common. Just to clarify that here i am not referring to advance payment or token money to initiate a property deal. It is must pay a token money or advance else there is no financial commitment from buyer's end to close the property deal. The quantum of token money, i discussed in my post on the same topic and may vary from case to case basis. In the idealistic scenario, after the payment of token money, the buyer should make balance payment only at the time of property registration. Unfortunately, we don't live in the idealistic world. Besides the ... Read More
Why you should mention Type of Joint Property Ownership in Agreement
Joint Property ownership is very common in India, especially with a spouse. Personally, I don't suggest joint property ownership with parents because of inheritance and other hassles/issues. With the increasing marital and family disputes, sometimes joint property ownership becomes a major pain point. During happy times, we don't think of future repercussions. If the potential buyer comes to know about a dispute between joint owners then it might be difficult to dispose of the property. Such sales are distress as i shared in my post, Beware of Heavily Discounted Property. In the case of joint ... Read More
7 Imp Points Buyers Never Ask Property Seller
Recently one of my clients asked me Which all points i should Ask a Property Seller?. Maybe the buyer is cautious in her approach and which is very good. In one of my previous posts, 5 Questions a Buyer Must Ask a Seller i highlighted queries you must ask a property seller. In this post, we will discuss the imp points which are never discussed with the seller. Some of the points are simply assumed or taken for granted by the buyer. Depending on the case, these points may have future repercussions. It is always advisable to ask a property seller all the relevant queries before you sign below ... Read More
Property Transaction – 5 Risks of a Seller
In a Property Transaction, what are the risks of a seller? is asked by many of my readers. As i always maintained a stand that, predominantly property transaction risk is of a buyer. Therefore, most of my posts on real estate are dedicated to the buyers. For the benefit of sellers, in this post we will discuss 5 risks of a seller in a property transaction. From a seller's perspective, the risk is more or less hedged but still it is advisable to take care of certain points. Most of the sellers prefer property transaction through brokers/agents. Obviously brokers have vested interest in the ... Read More
How to Pay Token Money?
How to Pay Token Money is most frequently asked question from my clients. As i keep highlighting that token money should paid by buyer once he has clarity how he will arrange funds for the transaction. If buyer fail to arrange the funds then stands to lose the entire token money. Payment of Token Money is imp because seller will not share copy of documents for Home Loan processing till buyer pay token money. For buyer its a catch 22 situation because most of the time Token Money is paid without any legal formalities. As i mentioned, buyer carries the risk of losing money if something goes ... Read More
How to buy a Property without Home Loan?
Buying a Property is quite tedious and cumbersome process in India. Normally its a big hassle to buy a property due to complex legal processes and absence of Real Estate Regulator. Besides this there is no centralized database of housing units in India and due to corruption large no of projects are in legal tangle. Though majority of property transactions are through Home Loan but considerable no of property transactions are executed without Home Loan. In my post on How to buy House with Home Loan i discussed steps relevant to property purchase by availing Home Loan. In this post, we will ... Read More