It’s quite an achievement to find a property free from legal squabbles. With the rapid rise in the real estate industry, land disputes are also on the rise. Behind many project delays, disputes over property ownership are a major factor. There is a do-it-yourself checklist you can use to determine whether a property you are shortlisting is worth investing in, even though the new real estate law is in various stages of implementation across the county:
Title papers should be checked
In a resale property, check the papers carefully or contact a property lawyer to ensure that they are authentic. When buying a new property, the title of the land should belong to the construction company.
Get approval from the bank
Your half work is already done if you are getting your home financed by the bank. Several banks offer on-site offers for apartment projects to ensure that the property is legally verified and that all approvals have been obtained. Before signing the loan agreement with the bank, ensure you read the clauses.
Certificate of Encumbrance
As a result, encumbrance certificates indicate that a property is legally free of a mortgage or pending loan. When buying a resale property, this Document Verification is very important in order to find out if the previous owner had mortgaged the property and if all the dues had been paid. Names of previous owners are also listed.
Make a comparison between the approved site plan and the actual site
In order to get a fair idea of the location and the construction spree if it encroaches on your property, you should get a copy of the local authority’s approved map before buying an apartment.
Find out where you can find property tax slips
When buying a resale property, ask the previous owner for property tax slips. In this way, you will be able to identify whether the colony or area in which you are buying is regularized or illegal and whether or not the property has been duly registered and the municipal authority has not charged any dues.
An organization has been registered as part of the project
As part of the legal process, every apartment project must have a registered society as well as a resident welfare association. This gives you an idea as to the legality of the project and the property.
There are many steps involved in buying a property. You could spend all your savings or rely on a bank loan. So, it is important to consider these factors carefully and make an informed decision.
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