How to Check the Legal Verification of the Property
Feb 24, 2020 Legal Guidance
When searching for a property to invest in, it is important to make sure that the property you are interested in is free from any legal tussle. As there have been many developments in the real estate, the number of property disputes have also risen. The major reason behind the project delays is property land disputes. However, the government is making efforts to make sure that the paperwork in the property sector is more transparent with stricter laws to be implemented.
The buyers, however, need to be careful and follow some steps to make sure that the property they are buying is free from any legal dispute.
The buyers, however, need to be careful and follow some steps to make sure that the property they are buying is free from any legal dispute.
- Papers with the title of the property: The property papers should have a clear title of the property owner. When buying the property from the construction company, the title should be the name of the said company. Form buying it from the individual, the title should be the owner’s original name as mentioned in the various government approved ID’s. One can also get the lawyer to check the authenticity of the property title.
- Bank approvals: If you are taking the loan from the bank to help in purchasing the property, then half your work is done. Before approving the loan, the banks check the background of the property to make sure it is not stuck in any legal dispute or any other issue. When buying the property from the developer, many banks offer on-site offers which indicate that the property is legally verified and free from any dispute. It is important to read and understand the terms and conditions before taking the loan from the bank.
- Encumbrance certificate: The encumbrance certificate is the legal paper that certifies that the property is free from any mortgage or outstanding payment made towards the bank or the financial institute. The encumbrance certificate also lists down the names of previous owners of the properties. The encumbrance certificate is a very important document when it comes to buying property buying or selling.
- Tally the approved plan: While buying the property from the builder, make sure you get the copy of the project blueprint as it will give you a fair idea of the area and the construction plan and whether the project has been built accordingly or not.
- Property tax slips: When buying a resale property, ask the owner for the property tax slips. This will give you a clear idea about whether the property is duly registered or not, and whether the property is in the regularized area.
- Registered society: Every apartment project should have a resident’s welfare association. Since it is a legal process, it will give you the idea of legal validity of the project.
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