Below mentioned is the checklist for buying a property with brief explanation:

1)  Land titles/ construction permits/ Approvals from authorities :

2)  Agreement :

3)  Title clearance certificate :

4)  Income Tax clearance (37-I and 230 A):

5)  Stamp duty and registration:

6)  Society clearance and membership:

Checklist for buying a property
 
1)  Land titles/ construction permits/ Approvals from authorities :

•  Ownership of land in favor of the builder;
• Conveyance of property in favor of the society;
• Urban Land Ceiling and Regulation Act clearance certificate, if applicable;
• Power of Attorney executed by the landlord  in favor of the developer in case it is joint development between  landlord and developer;
• Permission to use land for non agricultural purpose;
• Original plans approved by municipal authorities (total area, number of floors, etc.)
• Commencement Certificate issued by municipal authorities permitting the developer to begin construction;
•  Occupation Certificate issued by authorities certifying that the building is complete and fit for occupation. 

 
 2)  Agreement :

•  Check the serial number of flat, floor is clearly indicated in the agreement;
• Carpet area/built-up area and purchase consideration of property is clearly stated;
• Floor plan of the specified property is annexed with the agreement;
•  All the amenities (type of construction, floorings, doors, windows, sanitary, water supply, electrical fittings, etc.) are clearly specified;
• The agreement is duly stamped and signed and lays down a payment schedule.
• Original stamped receipts and previous sale/conveyance deed in case of resale properties;

 
3)  Title clearance certificate :

 Obtain a title clearance certificate from the advocate certifying that the property intended for purchase is unencumbered and has a clear marketable title.
 
 
4)  Income Tax clearance (37-I and 230 A):

 A transaction is incomplete and invalid if No objection certificate from the Appropriate Authority is not obtained in case of immovable properties in certain cities transacted above a certain value. 

 The current 37-I limits have been laid down for various cities as under:

The seller must obtain a Income Tax clearance certificate u/s 230 A of the Income Tax Act, 1961 specifying that the seller has no dues/outstanding in terms of the Income Tax payable by him.  It is necessary to submit this certificate at the time of registration of the property.
 
 
5)  Stamp duty and registration:

•  Stamp duty is payable as per true market value as per rates prescribed by the Stamp office.
• The agreement is to be registered with the sub-registrar under the provisions of the Indian Registration Act with a period of four months from the date of its execution.

6)  Society clearance and membership:

•  No objection from society for transfer and sale of flat;
• Payment of necessary transfer charges to the society;
• Obtain the share certificate from society duly transferred in the name of the buyer.

7)   Taking possession of the flat:

•  Ensure that you receive the vacant and peaceful possession of the flat on the date specified in the agreement;
• Is there a provision in the agreement for refund of the amounts due by the builder/seller along with simple interest @ 9% per annum from the date of receipt in the event the seller fails to give possession of the property by stipulated date or mutually agreed extended date.
• Inspect the flat with the amenities stated in the agreement and ensure that there is running supply of electricity and water in the premises.

---