Risks in buying unfinished house

Raki
Posts: 6
Joined: March 29th, 2014, 5:02 pm

Risks in buying unfinished house

Postby Raki » August 11th, 2015, 2:49 pm

Hello Friends ,

Need your help/suggestions in finding risks in buying an unfinished house ?

Description of property
=======================

Owner of the house(G+1) is actually a reseller who got house from first owner as-is
and couldnot complete too because of lack of funds .

Current owner took loan on this property in a co-op bank .
Propety is having A katha and katha is on current owner's name
In EC property is registered as purchase of home .

Flooring,bathrooms,electrical work,wood work and front elevation are pending .

Looks like house is left unfinished from nearly 2 years .
===========================

==> When I asked for approved plan he said it is with bank and
said he will get it before we start legal verification . Also he said
he will get renewed plan after agreement and asked to mention this
sale agreement if required .

==> He is ok to register the sale agreement if I need .

==> What else I need to take care ?

==> Do I need to get any other documents related to BESCOM(owner says there was electricty
meter but is stolen) , BWSSB (as that locality has kaveri water) ?

==> Will there be any other problems for me to finish the house if I buy it as-is ?

Thanks,
Raki

ShashiDeshpande
Posts: 20
Joined: August 3rd, 2014, 6:07 pm

Re: Risks in buying unfinished house

Postby ShashiDeshpande » August 12th, 2015, 12:45 pm

Raki

1. Check with the owner the loan amount remaining to be paid.
2. Will the owner accepts the payment (out standing loan amount), directly paid to the bank or the loan is transferred to your name.
3. If the BESCOM meter is stolen, has he filed an FIR? Has he got previous bill ? Payment receipts?. Take RR number and meet the BESCOM Engineer for disconnection, rather informing him as the meter is stolen.
4. If the plan is approved and is with the bank, he must have a copy. Check for deviations.
5. Apply for EC for 13 years. Take the loan account number and directly enquire with the branch for authenticity/default of loan payment.

Take your own time and do not yield for pressure tactics.


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