Here are factors to keep in mind when it comes to buying of property. Look into details of the sale deed of land here. Read the blog to know more.
A Real Estate Sale Deed is a legal document that serves as evidence of the transfer of ownership of a property from the seller to the buyer. It is a binding agreement that outlines the terms and conditions of the sale, including the purchase price, payment details, and property description. The sale deed is signed by both parties involved in the transaction, and it is typically registered with the local land registry or sub-registrar’s office to make it legally enforceable. It is an essential document for any real estate transaction and provides a clear and legal title to the buyer.
Property investments are generally capital intensive, and any mistake during the property buying process can lead to a lot of trouble, especially for the buyer. The buyer needs to be cautious while buying the property, and they also need to examine the documents of the property. Suppose you are purchasing the property for the first time then you must know about the Sale Deed and Patta Chitta online.
You must ensure that your investment brings you Peace of Mind and security. It should be validated by different documents proving the property’s ownership. Scrutiny of documents and verifying relevant information regarding the property is essential, and you can do it with excellent legal advice.
Things You Need To Know Before Buying The Property
Verify The Seller’s Identity:
Before buying the property, you must check documents that help you identify the seller’s identity, such as an Aadhar card, passport, income tax return, salary certificate, etc. Just like understanding the title of the property, you should also understand the identity of the seller and the specific conditions which govern the ability of the seller to sell the property. You have to understand the seller’s resident and nationality status if the person has all the consent from the required government authority to sell the property.
You also need to understand where the seller is coming from, including a Trust Company society, a partnership company, etc. The constitution of the entity documents is essential to confirm the ability to own and transfer the property while understanding that the person registering and executing the sale date is also authorized duly.
Conversion of Land Use Permissions:
With ever-increasing urbanization and merging of income lands with the urban conglomerate’s conversion of property for the non-agriculture, use is essential as several state laws restrict the purchase of agricultural property by the non-agriculturist.
You have to consider checking all the things before buying a property. Additionally, the buyer should examine the master plan and be satisfied that the property is developed per the zoning plan, like residential, commercial, public, or semi-public parks and open spaces. It is essential to understand where the actual use is coming from, and you have to get the order from the town planning authority permitting the Real estate consultant services.
Requesting the builder to get copies of the no-objection certificate from various departments like the pollution board, sewage board, environment traffic, and others is important. You should check the documents before buying the land with a constructed building.
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The seller must get the occupancy certificate from the competent authority to use the property. Using the property without obtaining the certificate exposes the buyer to penalties under the applicant’s building laws, besides the risk of demolition of the property.
Tax Payment Status
You should ask for the receipts of all the bills from the seller and note that once the property is transferred in your name, you would be liable to pay all the pending amount against this property utility or any other cost.
A Physical Survey Of The Property
While buying a property, you need to undertake a physical survey to confirm the measurement of the property.
Compliance Under The Real Estate Act 2016
The RERA act mandates that developers must register the projects with authority constituted under the act. A buyer who intends to buy the property in the project coming under the rice is advised to verify whether the property has been registered with the authority.
The information available on the official website of the RERA for all the states also provide the details of the complaint cases filed against the developer of the project default by the developer, if any, then they give up insight into the credibility of the developer. The project helps the buyer to understand if they should invest in the land or not.
Documents required in the case of the outstanding loan
If there is a case of an outstanding loan on the property you are buying, you need to perform due diligence and check some documents before signing the deal. As a potential buyer, you can ask the seller to create the outstanding home loan amount or a part of it while getting original property documents from the bank and getting the property registered in the name, after which you can pay the remaining amount.
You can also transfer the seller’s name to your name if you are looking forward to buying the property for a stop. The bank would be responsible for checking your KYC and reviewing the eligibility criteria before transferring the loan to any other name. Furthermore, you should always ask for a copy of the title documents and the statements regarding the loan outstanding from the bank and ensure complete disclosure.
You should always request the loan’s closure and get a due certificate from the bank before buying the property.
When buying any property, you should consider all these factors.
Why do you need to buy a property with perfect diligence?
Unless you are sure about the seller and the ownership of the property, which is duly certified by some documentary proof, you should avoid getting in any deal, irrespective of how good it seems. At times people end up selling disputed properties at least prices. This prospect would look great, but it is not.
You should never engage with any seller who wants you to use the unaccounted money to complete the deal to save on Property Tax Chennai. It can also lead to future hassles.
You should never agree to sign on any dotted line without doing research. Ensure that you check all the documents if you are buying the property. Check the RERA Id even if you know the developer or agent.
You shouldn’t agree to offer the money in black for getting some tax discounts. You should not agree to buy the property on behalf of someone else. Additionally, don’t forget to check power of attorney, as this is a legal element that gives another individual the authority to act as a legal owner. They act on behalf of the actual owner.
When it comes to buying land, one needs to be very careful with the legalities. Get in touch with the experts at Vakilsearch who provide the best services.