You must make sure that you know answers to these questions
while buying from a Co-operative Society:
- Will you have to pay the transfer fee?
If yes, how much?
The society may demand a transfer fee from you or the seller
selling his apartment to you. Some societies charge both individuals
a fee.
These charges are based on the carpet area of your home and
may include municipal tax, property tax, water charges, common
electricity charges, elevator charges and charges for hired
help such as the garbage cleaner, security and other miscellaneous
charges.
- What other payments does the society expect from
you? How are they pooled?
If a major contingency/repair requires each flat owner to
make a payment, either as part payments or a lump sum, all
members will also have to contribute to a fund. Check how
often these contributions are to be made and if the previous
owner was prompt in his payment till date.
- Will car parking be provided? What are
the society parking fees?
Check with the seller of the apartment if his parking slot
will be made available to you. Get to know about the rules
about parking space and parking lots.
- Does the apartment need renovation/ touch-up?
What kind of permissions and estimates are needed?
You may want to make changes in the apartment. If your renovation
includes touching any of the load-bearing pillars, then you
will need to obtain permission from the Municipal authorities.
For plumbing work, you may require the society's permission
and for work like replastering or a simple paint job you may
not require any permission.
- Are all the bills settled?
You must ensure that all the previous electricity and telephone
bills till date are cleared. You will also have to inform
the local electricity board of the change in name, as you
are the new occupant.
- When can you transfer the house to your name?
Be prompt in getting the ownership title of the house transferred
to your name (from the seller's name) at the first annual
general meeting of the building society held after you buy
your house.
Submit your legal issue and an attorney will contact you.
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Submit your legal service, which you want to outsource.
Step 2: Tell us about your requirements.
Step 3: The Legal Service Company will contact you.
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