Pune Real Estate buying process– A brief, step-by-step overview

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If you’re like most people, buying a flat in Pune represents your single biggest investment – and debt. As such, the flat buying process can be one of the most exciting, but sometimes also stressful, experiences you ever go through. This may be true whether you’ve bought many flats or you’re looking to buy your first, whether you’re in the market for a new primary residence in Pune, an investment property in Pune or Pune real estate.

Moreover, never has the real estate in Pune market offered more great opportunities, or been fraught with more risks, than now. There are many factors to consider and many decisions to make. That’s why, when buying flat in Pune, it’s crucial for you to have all the available resources necessary to make a well-informed decision, together with the time required to make complete use of them. That’s also why you should enlist the help of a trusted real estate developer in Pune who’ll be able to provide you with expert consultation at each step of the Pune real estate buying process. 

Generally, finding and purchasing a flat in Pune includes the following steps, some of which are examined in more detail throughout this blog:

  • Define your goals, research your options, make your plans: Given that buying a flat is such a big step, it’s all the more important for you to educate and prepare yourself as much as possible in advance. This means clearly determining why you’re buying and what kind of flat you’re looking for. And because buying and financing a flat are so closely related, it also means examining your current financial situation and projecting how much you can afford. Once you’ve answered these questions, even tentatively, you’ll be in a better position to research your housing and mortgaging options, as well as create an action plan and timelines for moving forward. You may want to do this yourself, but you may also benefit by consulting an experienced real estate developer in Pune right from the start.
  • Contact a real estate developer in Pune: Buying real estate in Pune is a complex matter at the best of times, given that there are so many factors to consider and no two flats or transactions are alike. However, with all the unique opportunities and potential pitfalls of the current market, it’s even more important for you to contact a Pune real estate developer once you’ve definitely decided to buy. In choosing a Pune real estate developer to guide you through the property search, financing, negotiation and transaction processes, you should consider their local market knowledge, experience and track record.
  • Get pre-approved for a loan: Generally, it is recommended that you get pre-qualified for a loan before you start viewing flats with the serious intention of buying. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination the lender will provide you with a document that details how much you can borrow to buy a flat in Pune.
  • View flats in Pune and select the one: simply put, key to the flat search process is knowing what you’re looking for. Among other things, that means distinguishing between “must-haves” and “like-to-haves”. To help you to target your search and define your flat preference priorities in Pune real estate.

That said, here are a few recent facts about the search process that might put your experience in perspective:

  1. Almost 90% of buyers use the internet to search for flats
  2. The typical buyer searches for 12 weeks and views 12 flats
  3. 81% of buyers view real estate agents as very useful in the search process

However, it’s also important to view flats in Pune in person. While their property details may seem similar online, flats in Pune can actually be very different in terms of layout, design, workmanship and other aspects. In addition, you should ideally view flats with the help of an experienced and eagle-eyed Pune real estate developer who’ll notice things you might miss, provide expert analysis, and act as an impartial sounding board. 

  • Make an offer and negotiate with the seller: Now that you’ve found the flat you’d like to buy, it’s time to make an offer. Your local real estate in Pune association, working with legal counsel, has developed the contracts that are used for transactions in your area. These contracts enable you to specify a sale price and also include many clauses for specifying various terms of purchase, such as the closing and possession dates, your deposit amount, and other conditions. You should carefully review these clauses with your Pune real estate developer to ensure that they express your desired offer. In addition to drawing up the contract, your Pune real estate developer will be happy to address all your questions about the offer process. Successive counter-offers, with deadlines for responding and meeting conditions, will be exchanged between you and the seller until a mutually-satisfactory pending agreement is reached or the negotiations breakdown. Negotiations can involve many factors relating to different market conditions, flats in Pune and Pune real estate, some of which are examined in negotiating the deal. 
  • Secure your financing once you have a pending agreement, it’s time to go back to your chosen lender to finalize your mortgage details so you can close the deal. This means finalizing your down payment, interest rate, regular payment schedule and any other financial conditions associated with the closing. As noted in the section on loan pre-approval, if you’ve already been qualified with a lender for a certain loan and flat in Pune purchase, this phase of buying your new flat should be a relatively straightforward matter that centers on finalizing the loan details and signing the mortgage papers. As the old saying goes, ‘let the buyer beware’. Particularly in these times, when so many buyers are suffering the consequences of having not fully understood their financing decisions, it’s crucial for you to work with people you trust. In this regard, a good Pune real estate developer can be a true friend for life. 
  • Close the deal: If you’ve efficiently taken care of everything connected with purchasing your new flat in Pune, the experience of taking ownership will be a positive joy with no surprises. Key steps to the closing, also referred to as the “escrow” or “settlement”, include:
  1. Getting a title search – An historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. It is also necessary to purchase title insurance in case the records contain errors or there are mistakes in the review process.
  2. The final walkthrough – You’ll be given the chance to look at the flat to make sure it’s in the same condition as when you signed the sale agreement.
  3. The settlement – Typically, on the closing date you’ll go to a lawyer’s office to verify and sign all the paperwork required to complete the transaction. The settlement will include paying your closing costs, legal fees, property adjustments and transfer taxes. At that point, you’ll receive the property title and copies of all documentation pertaining to the purchase.

Oh, and one more thing – you’ll get the keys. In most cases, possession date will fall within a couple days, at which point you’ll be able to move into your new flat in Pune.