Awareness and knowledge of your rights can protect you from various unscrupulous practices of the land developers. There is no doubt that the industry of developers and builders follows a nebulous approach. Therefore, you have to inspect all the documents carefully before buying any property. Apart from this, the agreement of sale must be drafted precisely. On the whole, every property buyer must understand the contents therein and recruit NRI legal services in India to prepare a note of all the deliverables to which the developer has agreed.
It is a challenge indeed to find a property without any kind of legal hassles, but when you get it, you will experience a sense of achievement in the real sense. With massive growth taking place in the real estate sector and the NRI’s expressing their interest in property investments, the instances of disputes have also grown exponentially. Apart from various reasons for the delay, the primary is the disputes related to the ownership of land. Even though the real estate law is in various stages of implementation across India, the legal tenets can make it easy for the property buyers as far as real estate investment is concerned. Following a checklist is necessary when you need your property dealings to be successful.
The following points talk about the property verification steps you need to follow to avoid disputes.
- Checking the title papers
The first thing to check in the property is whether it has a clear title or not. When you buy a new property, the title of the land must exist with the construction company. On the other hand, for resale properties, it is essential to analyze and study the papers adequately. While buying a resale property, you must consult with a lawyer to verify the papers and to check whether the documents are authentic or not.
- Personal detail and title documents
The agreement of sale must include the details of the seller such as the father’s name, PAN number and the information related to the bank account. Furthermore, it must also incorporate the location of the property, the tehsil and the municipal and the land record number of the collector. Two witnesses each from the buyer’s and the seller’s side must be present during the signing of the agreement. The seller must confirm the authenticity of the title documents and the ownership transfer accurately. Apart from this, the agreement must clearly state that all dues related to the property must be cleared properly till the date of transfer. The property dispute lawyers assist the buyers to resolve the obstacles related to sale and ownership of transfer.
- Getting the bank approval
When you try to get a home loan from a bank, a major slice of your work is already completed, but the bank is going to evaluate your property before approving the loan amount. The on-site offers of the bank show that the property has already undergone legal verification and the approvals exist as well. The Indians residing abroad can discuss with lawyers to avoid NRI property disputes while buying property check the clauses properly before signing the agreement.
- Comparing the actual site and the approved plan
For investing in an apartment project, you have to acquire a copy of the approved map from the builder to determine whether the local authority has passed it. You can get a fair idea of the possibility of illegal encroachment when you compare the site and the plan.
- Tax slips in the property
When you buy a resale property, do not miss checking the receipts of the payment of property tax. It will help you to understand whether the area where you are buying the property is legal or whether any tax dues are pending with the municipal authority. The NRI legal services Delhi can also help you with the tax checking formality when you are buying a property in this city.
- Checking the registration of the society
For every apartment exists a registered society and a welfare association. The presence of a registered society also provides an indication about the legality of the project along with the property in which you are investing.
There are so many things you must check before property investment. You must inspect every aspect of the documents carefully before consolidating the decision of property investment.
Amy Jones is a certified legal expert by profession and she is associated with Ahlawat & Associates- one of the top legal firms in India. She loves sharing useful information about the business, finance, and law with needy people.