Answered on December 02,2022
Undervalued properties can be found from time to time, in the large majority of cases if the price of a property seems too good to be true, there is generally a reason.
6 Reasons to undervalue property:
- Structural issues
- Family conflict
- Financial distress
1. Structural issue:
Structure issues are worst nightmare for occupants. Issues like
- Recurring seepages in rainy and winter seasons,
- Cracks on walls, Wall bulging, uneven floor
- No sunlight in the flat (rooms are dark even at day time)
- Poor foundation, etc...
Such issues cause severe health & safety concerns to occupants.
Quality of air, sound, and water has a significant impact on the value of property
An apartment consist of following spots, make sure that flat is not close to any of below spots
- Sewage line
- Garbage dumping spot
- Water recycling plant
- Waste disposal plant
- Close to road
- Close to play area
Such spots cause profound impact on air and sound pollution.
3. Family conflict:
- Divorce - When a couple is separating, the price of the property may not be the priority, Rather couple requires quick sale.
- Separation: When the siblings are separating, they may sell immovable property for quick settlement among sibling
4. Financial Distress:
Owner of the property may be under financial pressure for following reason
- Need of fund for medical emergency
- Investing money in business or new property
- Marriage expense
- Not able to repay mortgage
- No income (jobless). Need money for day-to-day expenses
Owner of the property moved and settled permanently in abroad.
They sell property in India to buy property in abroad.
The neighbours could be noisy, noisy pets, bullying in nature or chain smokers which caused second-hand smoking in your flat etc…
Owner of the property wants to move quickly from annoying neighbours
To safeguard the sale, do the ground and document verification
Ground verification helps us to understand the real condition of the property. The ground verification should include the following
- Visit the flat and assess the condition of flat. If possible, inspect the property by profession and get the inspection report
- Inspect the surrounding
- Talk to neighbours or known people in the apartment
- Talk to apartment association member or maintenance head about the sale of property
Document verification assures that the property involved in the transaction is legal and legitimate. Verify the following documents
- Registered Deed (Sale deed, Partition Deed, Gift Deed, Release Deed etc..)
- Encumbrance Certificate (EC)
- Tax receipt
- Seller’s PAN
- No Objection Certificate from Bank (NOC)
- No Objection Certificate from Apartment association (NOC)
We provide assistance for document verification, our verification includes reports + Sale Agreement including franking + Sale Deed Registration.
To opt for our service, please Whatsapp to + 9 1 - 9 7 4 2 4 7 9 0 2 0.
Thank you for reading…
Hey , can you help?
Answer this question
- How do I cancel Memorandum of Deposit of Title Deed (MODT) online in Karnataka? Through Kaveri Online Services. I am transferring the bank loan from one bank to another bank Write Answer
- എങ്ങനെ എന്റെ അഡ്രെസ്സ് change ചെയ്യാം പ്രമാണത്തിൽ? Write Answer
- How to get SPOA registered in karnataka for property in Gujarat and Maharashtra? Write Answer
- Can i buy a non conversation land in Bangalore near mylsandndra for construction of an house? Write Answer
- I applied for Khata transfer online and after all the procedure I'm given only one certificate called Uttara Patra. Is uttara Patra the khata certificate? And what is pramana Patra and Extract? Would we be also getting pramana? Write Answer
Top contributors this week
Kerala Institute of Local Administration - KILA
Vileena Rathnam Manohar
A R Ashraf
Best Practices while applying for Government services online
1. Check whether you are eligible to apply for this service.
2. Check the documents required for application before applying.
3. Keep the documents in one folder for ease of access.
4. In case of any doubts, check whether the queries are already answered. You can check the FAQ section of the department website or use platforms like Tesz for this purpose.
5. Once you have applied, note down the application number to track the status.
6. Check the time required for the completion of the service. If the service is not completed within the due time, track the status online or reach out to the department.