Points to Remember while Checking the Property Legally Verified or Not
Jun 25, 2019 Legal Guidance
Looking for a property is still feasible, but finding one without any legal tussles can be termed as an achievement. As the real estate sector has grown leaps and bounds, the dispute and fraud over properties have also increased significantly. Although with real estate law in place to a certain extent, things have come in control but depending on the law every time is not going to help. So here are some checklists following which you can verify the property yourself.
Title documents: Do check whether the property has a clear title, without any dispute. If you are buying a new property, then the title papers should be with the developer. And if you are purchasing a resale property, the thoroughly go through them, or you can even contact a property lawyer to verify the authenticity of the papers.
Encumbrance Certificate: An encumbrance certificate implies that a property is legally free from any loans or mortgage. The document also comprises of previous owner’s name. It is an essential document for buying a resale property, to know whether the owner of the last property had mortgaged the property and whether the owner has any dues to be paid.
Bank approvals: There are certain benefits of taking a home loan as before approving your loan bank will evaluate the property. In this way, your half work is done as banks will only offer a loan for those projects that are legally verified and have all the required approvals.
Check the actual site with the approved plan: if you are purchasing an apartment or in a housing project then makes sure you get to see a copy of the approved plan, passed by the local authority. This can make you aware of the area and on-going construction if it legally encroaches.
Property Tax Slips: while buying a resale property, do ask for the property slips from the previous owner. This will tell you whether the area or the colony is regularized or illegal or if the property is registered and has no dues left with the municipal authority.
You spend a majority of your savings while buying a house and hence it gets essential to check through all the details related to the property thoroughly. So, do remember these points while buying a property to have a peace of mind in future.
Title documents: Do check whether the property has a clear title, without any dispute. If you are buying a new property, then the title papers should be with the developer. And if you are purchasing a resale property, the thoroughly go through them, or you can even contact a property lawyer to verify the authenticity of the papers.
Encumbrance Certificate: An encumbrance certificate implies that a property is legally free from any loans or mortgage. The document also comprises of previous owner’s name. It is an essential document for buying a resale property, to know whether the owner of the last property had mortgaged the property and whether the owner has any dues to be paid.
Bank approvals: There are certain benefits of taking a home loan as before approving your loan bank will evaluate the property. In this way, your half work is done as banks will only offer a loan for those projects that are legally verified and have all the required approvals.
Check the actual site with the approved plan: if you are purchasing an apartment or in a housing project then makes sure you get to see a copy of the approved plan, passed by the local authority. This can make you aware of the area and on-going construction if it legally encroaches.
Property Tax Slips: while buying a resale property, do ask for the property slips from the previous owner. This will tell you whether the area or the colony is regularized or illegal or if the property is registered and has no dues left with the municipal authority.
You spend a majority of your savings while buying a house and hence it gets essential to check through all the details related to the property thoroughly. So, do remember these points while buying a property to have a peace of mind in future.
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