An
apartment is a financial asset and more: it's a place to live and raise
children; it's a plan for the future. Buying an apartment you'll enjoy having
something that's all yours - a home where your own personal style, it gives you the pride of ownership in your society. Although apartment prices
moves in cycles, sometimes up, sometimes down, over the years, real estate
prices has consistently appreciated. In case Bangladesh, over the years, buying
apartment has turned to be the safest investment. But it's very important to remember that it's a big legal
and financial commitment.
Physical
(Location)
Ownership Documents
(Title)
Real Estate Agent
Physical
Decide the area you want to buy an apartment.
Check if it
is close to the facilities you require. For example shops, clubs, cafes, public
transport, parks, hospitals, schools, work, gym, etc.
Check the
amount of passing traffic – will it be noisy at peak hour? Will the noise
affect your lifestyle?
Determine
if the area is secured for your living
Before you
buy, researches the market to make sure you are getting value for money. Talk
to independent values and real estate agents, and check recent sales in the
area. Don't rely on advice from the developer or their agent.
Check the
maintenance charges - municipal tax, property tax, water charges, common
electricity charges, generator charges, elevator charges, security charges and
garbage cleaner and security.
If your
dream and reality does not match visit as many places as you can look for
properties that fit your criteria, so you'll have a good idea of what your
money buys.
Last not the least, If are not sure of living in one place
for at least a few years, then owning is probably not for you. With the
transaction costs of buying and selling a home, you may end up losing money if
you sell any sooner - even in a rising market. When prices are falling, it's an
even worse proposition.
Legal
- Ownership Document
Purchasing an apartment in
Bangladesh is not an easy task. One wrong step can drag you to lifelong pain.
So, before you start the buying process, you need to
consider the whole range of legal issues.
Following issues need to be considered before buying a flat/apartment:
Identify
seller
Check
Survey Map
Check
copy of title deed to know if seller ownership is clear through registered
document
Check
ownership record in CS (Cadastral Survey), RS (Revise Survey) & SA (State
Acquisition)
Check
ownership on Khatiyan & Porcha
Check/verify
ownership in Municipality, Electricity, Gas and Water & Sewerage department
If the owner on title deed is not alive, check the
death & legal heir ship certificate.
Check for minor interest if any. If minor interest
involved court permission needed to sell property.
Verify whether entire undivided shares of land have been
transferred by the land owner /promoter/Power of Attorney.
If it is resale of flat, check the original allotment
letter builder's agreement etc.
Check handover certificate
Take
copies of all sale deeds of all previous owners of the flat.
Check whether the building is approved by the RAJUK.
Check if cconstruction
(shape) of the building is as per sanction plan
Check whether all floors are approved or not.
Check whether NOC was taken Housing & Settlement
and other departments.
Inquire locally with neighbours, security guards, and
service staff for any pending litigation.
While you buy a ready or secondary apartment you can be pretty sure
about ownership of land. The real estate agent will give you all title
documents of land as he had to ensure those and submit to RAJUK for approval of
plan or apply for loan from bank.
Documents Real Estate agent will give you include:
Copy title deed
Copy of CS, RS, SA Record
Record ownership in Municipality, Electricity, Gas
& Water offices
Copies of all parent documents at least for last 3
ownership
Khatiyan & Parcha
Extract of land record (Mutation) in Tahsil
office & DC land showing
ownership of land
Survey map
