My experience of buying a site

[ravivasudeva]

My experience of buying site.

Last Thursday i became owner of a site by registering a property and in the meantime I gained valuable information about how to do land transactions.
1. Show the property papers to multiple lawyers or people who are in real estate for long time. In my case, the lawyer read the documents in just 5 min and asked me to collect some useless documents from Seller. I call them useless because there is no way to get those documents unless you file RTI as they are all BDA notifications to a Housing board. Finally on speaking about it to my broker, he filed RTI to get BDA gazette notification to the Housing board approving the layout but I never went back to the lawyer. Fees – 500 to lawyer
2. I further showed documents to one family friend who is in real estate for long time and another person who does property registrations services. Both requested Latest Khata, EC etc which I got from broker. No Fees
3. I then got hold of all the documents and I told my colleague who knew a real estate agent who verifies documents cleanly and slowly reading line by line. My colleagues sent the documents to that person who got back after a week’s time telling that document is genuine and I can go ahead. No Fees paid
4. While making agreement, I didn't call lawyer since all documents were found correct already. Agreement went smooth.
5. After 1 month I went about to have registration in Basavangudi Sub-Registrar office. The registration happened within 1 hour since my broker knew the people over there and he took 10,000 to do Sale Deed which includes other charges like doc scan charges, all other taxes and bribe. Again I made sure I am not paying unnecessary money as I cross checked with property registration service which asked me 12,000. Didn't call any lawyer.

The seller was a IT engineer and me being in same profession became easy for us to negotiate and communicate. We didn't involve broker much in our negotiations expect taking his help in getting all the documents from BBMP and BDA. I paid brokerage of 1% to the agent.

Points to remember, it’s important that Buyer gets a seller who shares similar Age / profession / educated like you as its helps in communication. Before this I saw another site, who’s owner was an old rich man with lots of less educated workers under him. I knew that I can’t do transactions with this owner since I need to be in his league which i wasn't. Either you need a good seller or use your own negotiations skills to deal with them.

[aries31]

If the paperwork is clear, why do you pay a bribe? I got mine registered without paying any bribes. No one asked. We paid only the reg fees etc using pay orders.

[ravivasudeva]

RIght, i didn't see anyone asking or giving bribe there. How much did you spent for Sale Deep preparation and other charges? I gave broker 10,000 to cover all such charges. It may not cost so much but that's the number i got from 2to 3 people. Since my Seller was coming from different city, i couldn't have afforded to spend too much time in Sub Registrar office. I asked broker to get it done within one hour which actually happened inspite of all the crowd.

[blackstallion76]

Good to know your experiences. Its always difficult to find a genuine buyer given the real estate scenario in Bangalore.
Even with close monitoring and scrutiny, there will still be some verifications left over on land issues.

Ultimately, what was the final price you negotiated the price and in which area. Probably, it will help future buyers as well.

[ravivasudeva]

The Site is in Jayanagar Housing Board Society on the way from Uttarahalli to BSK 6th Stage. I wouldn't reveal the exact price but it varies from 2800 to 3600 depending on the approach to the site and tar road / mud road.

[venkyn]

the so-called Use-less paper can be duplicated and forged, that's the reason the lawyer told to get the docs. I think lawyer has done his job well.

One more point that you should add in the deed is, "In the case of any documentation error found in the future, the vendor or his family will be available in the future to rectify the issue at zero expenses within the notice of 15days to 1month"