Finding a property free of any legal squabbles is a significant accomplishment. The frequency of land conflicts has increased along with the real estate sector’s phenomenal rise. Land ownership disputes have been a major cause of project delays on numerous occasions. Although the real estate law, which is being implemented in various phases throughout the country, will improve the situation for property buyers, here is a self-checklist to determine whether the property you are shortlisting is worthwhile investing in or not:
Check For The Title Papers
A property should have an unambiguous, transparent title. When purchasing a brand-new home, the construction company should own the land’s title. If purchasing a used one, carefully review the papers or consult a property lawyer to verify their validity.
Ask For Bank Approvals
Your work is halfway done if you are having the bank finance your home. The property is evaluated by banks before they approve your loan. Several banks provide on-site offers for apartment projects, which amply demonstrates that the real estate is legally vetted and has all necessary approvals in place. But be sure to read the fine print before you sign the bank loan contract.
A certificate of encumbrance signifies that a property is legally free of any mortgage or outstanding loan. It also includes the previous owner of the property’s name. To determine whether the previous owner had mortgaged the property and whether all the dues had been paid, this is a crucial document when purchasing a resale property.
Tally The Approved Plan With Actual Site
Make sure you receive a copy of the approved map from the developer that has been approved by the local authorities if you are purchasing an apartment complex. This can provide you a realistic impression of the locale and any encroaching construction.
Check Out Property Tax Slips
Ask the prior owner for the property tax papers if you are purchasing a resale home. This will offer you information on two things: if the colony or region you are buying in is lawful or illegal; and whether the property is properly registered and there are no outstanding debts to the local government.
Project Has A Registered Society
A recognised society and a resident welfare association ought to be present in every apartment building. This is a legal process in and of itself, and it also provides information regarding the legitimacy of the project and the land you are purchasing.
Before you purchase a house, there are numerous tasks you must complete. You might blow through all of your savings or apply for a bank loan. Therefore, it’s crucial to consider these factors carefully and make a choice that will leave you feeling at ease.