Know what precautions you must take while buying a commercial property

buying commercial space

As some wise man said “Precaution is always said to be better taken when it is taken at time”. Timing matters after all, especially when you are into real estate purchase or buying commercial property. Any ignorance, compromise or slip-out from some particular concerns and details of the deal might turn things bad for you. There are laws which are made to support the buyer and that is what needed to be understood and acknowledge soon enough. No matter how concerned or well-rehearsed you will be for that, there will be something that might outgrow your expectation on not so good side. So it is better to be prepared and precautious so nothing will left unturned. Following are some precautions that you must put into your consideration before you get yourself out there.

Most common precautions that you must consider to acknowledge before buying a commercial property

1.      Calculating the Actual cost

Starting with the very basic thing- costing! Just do not admit what the broker or real estate agent tells you. It is necessary to examine all the finance related angles in the deal. There are various sort of charges and additional cost or say hidden cost that you may not have been told by your broker. Generally, they skip most of the extra charges and complicated stuff so that you could easily catch into the deal. No matter, how much worthy the deal is or reliable your broker is, you must get into it yourself and check all aspects. There are cost like internal and external development fees, location charges, parking area charges, service tax and other costs. You can see these charges implementing on any commercial property in Pitampura, Noida or any more commercial sector in New Delhi.

2.  Checking the Approvals and Licenses

Everything is hidden in papers as it is said in property business. You need to assimilate all the paperwork done by your builder and check commencement certificate, approval of construction plans and environmental clearance. Land title is very necessary to be check thoroughly with the details. You also need to check the authorization of the land by the builder. Now, what exactly you need to look here is following:

  1. Title Status: As just said, you need to verify the actual right of the builder. Whether he has bought the land and has authority to build on the property or just have the property development authority. It will be best that the title deed must be checked.
  2. Certificates:  There is some specific kind of certification required to be checked before you approve the deal. First there is a release certificate which state that the loan amount has been repaid on the resale property. Another is Encumbrance certificate which state that the property or land is free from any kind of legal issues or cases.

3.   Which are the banks financing the project

Find top Commercial Property in Pitampura and you need to find out how many and which banks are financing the real estate projects or builder’s project. Sometime, they didn’t get approval for loan or get stuck into final process. In that case you need to be aware of that. Also check for any legal formalities left out.

4.  Builder Verification is Must

Land acquired or the property the builder has may be under litigation, so you need to go through a detailed check and extensive research on their documents and history. A complete verification is essential and that you can also make sure with their current projects. As most common mistake, buyers ignore to get through the proper background check sometime.

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