Risks in buying unfinished house
Posted: August 11th, 2015, 3:28 am
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
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