Introduction
Buying a property is a big investment, and it is essential to ensure that the property you are purchasing has clear and valid documents. Property documents verification is a crucial step in the process of buying a property. However, there are some common mistakes that people make while verifying property documents. In this article, we will discuss some of these mistakes and how to avoid them.
- Not verifying the title deed: The title deed is one of the most important property documents. It establishes the ownership of the property and the right to sell it. Many people make the mistake of not verifying the title deed. It is essential to ensure that the title deed is in the name of the seller and that there are no encumbrances or legal disputes associated with the property.
- Not verifying the property tax receipts: Property tax receipts are important documents that provide information about the property’s tax payments. It is essential to ensure that the property tax receipts are up-to-date and that there are no pending dues. Failure to verify the property tax receipts can lead to legal problems in the future.
- Not verifying the encumbrance certificate: An encumbrance certificate provides information about any financial or legal liabilities associated with the property. It is essential to ensure that the property has a clear encumbrance certificate. Failure to verify the encumbrance certificate can lead to legal disputes and financial problems.
- Not verifying the building plan: If you are buying an apartment or a villa, it is important to verify the building plan. The building plan provides information about the layout, the number of floors, and the amenities provided. It is important to ensure that the building plan is approved by the relevant authorities.
- Not verifying the possession certificate: The possession certificate is an important document that establishes the seller’s right to sell the property. It is essential to ensure that the possession certificate is in the name of the seller and that there are no legal disputes associated with it.
To avoid these common mistakes, it is important to engage the services of a professional property lawyer or a chartered accountant who specializes in property matters. They can help you verify the property documents and ensure that the property you are buying has clear and valid documents.
Conclusion:
Property documents verification is a crucial step in the process of buying a property. It is important to ensure that the title deed, property tax receipts, encumbrance certificate, building plan, and possession certificate are clear and valid. Failure to verify these documents can lead to legal disputes and financial problems in the future. To avoid these common mistakes, it is essential to engage the services of a professional who specializes in property matters. By taking these precautions, you can ensure that your investment in the property is secure and hassle-free