27 August 2007
If the property which you are going to purchase is an apartment you have examine and verify:
a. The title to the land on which the apartment building is constructed. For tracing and confirming the title of the land on which the Apartment building is built, the same precautions which one take while purchasing a land have to be adhered.
b. Read the Deed of declaration and it will give you a clear picture as to what are the common rights, facilities, how it has to be enjoyed, how it has to be maintained. As a whole the deed of declaration will contain the various provisions regarding the mode of enjoyment of the apartments, common areas, and facilities.
c. The percentage of right in the land which you are going to get has to be verified
d. Whether the Association of the Owners has been formed?
e. Get a no due certificate from the Association of Owners regarding maintenance or other charges so far as it relates to the apartment, which you are purchasing.
f. The building license, plans, completion certificate latest tax paid receipt have to be verified.
g. All documents relating to land as explained above have to be verified.
h. The original of the sale deed relating to the apartment, which you are purchasing, has to be obtained.