Good Documentation - Only Saviour from Legal Hassles
Dec 12, 2016 Legal Guidance
Buying a property is a major decision in the life of a buyer. This is so because the entire process of buying and selling is not only a time consuming affair but also involves a huge amount of money. The process demands a lot of time and attention because you need to be extra cautious in order to avoid any sort of fraudulence as such cases have become quite rampant these days.
In metro cities, cases of inventory overload have become another big problem. There are innumerable buyers in NCR Delhi who have no clue about when they will get the possession of their houses. Although these people have invested a huge amount of their hard earned money on the projects where they have booked a villa or an apartment, yet they are clueless because the deadline has been already missed long ago. This puts them in a precarious condition because a major chunk of their income is stuck in these projects. Unfortunately, these buyers mostly belong to the middle-class segment of the society who usually spends their life’s savings in buying a home. Thus, uncertainty in getting possession of their dream home has become the greatest nightmare among the property investors in Delhi.
For this reason, you must diligently check the documents when you are buying or selling a property. This will save you from falling into real estate traps to a great extent.
Before doing any sort of property transaction, you should take consultation from a lawyer and make a list of all the documents that are involved in the process of buying or selling a house. You should also check the authenticity of each document and take written assurance from the developer about the tentative date of completion of your property. It is important to know about the various taxes and charges that are needed to be paid as these are the documents that establish your ownership over your house. If you are buying a resale property, then you should be very meticulous in verifying whether the proper chain of documents, that too in original is maintained. Otherwise, there would be difficulty in proving your ownership over your new property later on.
To be precise, knowing the proper list of documents that are needed for property transaction is absolutely essential. And it is equally important to check whether an original copy of each and every document is in front of your hand. This is crucial because good documentation is the only way in which you can avoid legal hassles in future.
In metro cities, cases of inventory overload have become another big problem. There are innumerable buyers in NCR Delhi who have no clue about when they will get the possession of their houses. Although these people have invested a huge amount of their hard earned money on the projects where they have booked a villa or an apartment, yet they are clueless because the deadline has been already missed long ago. This puts them in a precarious condition because a major chunk of their income is stuck in these projects. Unfortunately, these buyers mostly belong to the middle-class segment of the society who usually spends their life’s savings in buying a home. Thus, uncertainty in getting possession of their dream home has become the greatest nightmare among the property investors in Delhi.
For this reason, you must diligently check the documents when you are buying or selling a property. This will save you from falling into real estate traps to a great extent.
Before doing any sort of property transaction, you should take consultation from a lawyer and make a list of all the documents that are involved in the process of buying or selling a house. You should also check the authenticity of each document and take written assurance from the developer about the tentative date of completion of your property. It is important to know about the various taxes and charges that are needed to be paid as these are the documents that establish your ownership over your house. If you are buying a resale property, then you should be very meticulous in verifying whether the proper chain of documents, that too in original is maintained. Otherwise, there would be difficulty in proving your ownership over your new property later on.
To be precise, knowing the proper list of documents that are needed for property transaction is absolutely essential. And it is equally important to check whether an original copy of each and every document is in front of your hand. This is crucial because good documentation is the only way in which you can avoid legal hassles in future.
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