How to Purchase Property

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How to Purchase Property

Guideline for how to purchase a house/flat

1. Select the locality/areas as well as the price range for purchase of the house/flat

2. After selection of the area first survey the area and assess that the necessary infrastructure i.e. water, sewerage, Electric, Gas and transport are easily available;

3. The area where you are interested to purchase the house/flat should be leased hold;

4. Trace out the house/flat through Estate Agency or through personnel level;

5. After selection of the house/flat enter into a sale agreement with the seller on stamp paper of Rs. 100/- duly attested by Notary with two witnesses;

6. For purchase of house/flat you may pay 10% of the total value of the house/flat as token money to the seller at the time of the agreement and should obtain receipt of token money on prescribed revenue receipt value and photo copy of the following documents for verification of the genuineness of the documents from the concerned department:-

a. Allotment letter

b. Possession order

c. Site and sub-divided site plan

d. All paid utility bills and challans

e. Approval and completion of the building plan

f. Completion certificate

g. Transfer/Mutation Order (In case where sale deed is executed subsequent to Lease Deed)

h. Power of Attorney, duly executed in the office of the Sub-Registrar concerned.

7. Also ensure to publish notice in News papers that you have entered into an agreement with the seller of the property and if any person(s) have any objection he/they may inform the concerned department within period mentioned in the notice.

8. During the intervening notice period get prepared the draft of Sale Deed to be executed between you and seller, through an Advocate.

9. After expiry of period mentioned in the public notice, get prepared through an Advocate the original Sale Deed and purchase the adhesive revenue stamps from the Treasury Department on the prescribed rate of the Provincial Government for affixing on the Sale Deed before execution of the same.

10. Ensure that the photos of the seller and yourself is pasted on the first page of Sale Deed

11. The Advocate should also prepare the 2^nd copy Sale Deed on stamp paper of Rs.100/- for mutation after execution of the Sale Deed.

12. Get prepare the Pay order in favour of the seller of the balance amount (Price of the house/flat agreed minus the token amount paid) so that the same may be handed over to the seller at the time of execution of the Sale Deed.

13. The procedure requires that the Seller along with you shall appear on the fixed date before the Sub Registrar for execution of the Sale Deed. Do not forget to bring the Original Identity Card and some money for payment of registration fee and advocate fee.

14. After execution of the Sale Deed, ensure to collect all the original documents of the property from the seller and vacant possession of the house/flat with keys of the locks before the Registrar and then hand over the pay order to the seller.

15. The Registrar Office will also issue a receipt for obtaining the registered original Sale Deed on due date The original receipt of the Registrar office may be kept in safe custody and on due date ensure to collect the same from the Registrar Office.

16. On receipt of the original Sale Deed from the Sub Registrar Office you should apply the concerned department for Mutation. The step by step procedure for obtaining the Mutation is avail able in the guidelines on page #.