I recently purchased a resale apartment in Bangalore without hiring a broker. The normal brokerage fee in Bangalore is 2%, which seemed like a significant sum to me. Hence, I chose to go solo and buy resale home without agent. But I ensured to take a methodical approach. However, purchasing resale property without a broker necessitates thorough research, legal due diligence, and assistance from experts like lawyers.
How Can I Buy Resale Home without Agent?
I confirmed the property’s ownership history for at least the past 15 years. My lawyer confirmed the title flow, and the current owner revealed the chain of sale deeds.
The Encumbrance Certificate (EC), Khata certificate, and property tax receipts were among the documents that my lawyer verified.
Using publicly available court documents, we conducted an online search for current or previous legal conflicts.
I also confirmed the apartment's BBMP approval and made sure it wasn't located in a restricted location, such as close to lakes, rajakaluve drains, or forest areas.
I signed a sale agreement, paid stamp duty, and registered the apartment at the sub-registrar office following direct negotiations with the seller.
At last, I was given possession and my name was added to the invoices for services like water and electricity.
When purchasing a home, you may avoid brokerage fees by purchasing directly from a family member, choosing houses listed by owners on real estate listing platforms, and doing your own research on the property. However, you should hire a property advocate to assist you with the due diligence part.
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There are a series of steps that need to be followed if you really want to buy a property without a broker and they are-
Check the property documents
Find out whether there is any loan availed against it or not
Check the value of the property and compare it with others
Find out the age of the property
People usually tend to hire a broker as their connection is large, but that will charge you a lot and might also scam you. I will suggest you opt for
NoBroker
. Their team is efficient and can help you get your desired property easily. You can read-
What documents are needed to check while buying a resale property?
To get more details
Seek legal advice from
senior advocates with experience 15yrs+ through NoBroker
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What are the steps involved in buying resale property without a broker?
Anonymous
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2023-05-29T08:49:09+00:00 2023-05-31T15:25:01+00:00Comment
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