Simply stated “Resale” is a term that is normally used to indicate the subject property is NOT to be considered as “New Construction” and was previously owned by someone.
What does a resale mean in real estate?
Resale is considered a standard sale where the seller is a real person and they are selling their home – instead of a short sale or bank owned property.
How do you buy a resale property?
Buying a resale property? Here’s your document checklist
- Homebuyers are often misinformed about the documents involved in a resale property transaction.
- Sale deed.
- Building plan.
- Completion/Occupancy Certificate.
- Encumbrance certificate.
- Tax paid receipts.
- Other documents.
- Home loan clearance document must be verified.
What is a resale listing?
A resale listing is a term that would easily apply to “resale” properties which are listed in an MLS accessed by all dues paying member real estate licensees.
Is it good to buy resale flats?
Nothing can be more profitable than purchasing a flat at a price much lesser than the market rate. Moreover, the resale flats are fully constructed and come with a ready-to-move-in tag. One of the biggest benefits that the resale apartments provide is the tax benefit after gaining possession.