Residential Property Buying: Planning And Know how
Residential property is a major investment in India.As it involves a lot of process hence the walk-through is also not easy as it seems to look like. A majority of individual becomes skeptic while buying there share of apartment/apartments as it revolves round a huge amount of money irrespective of its type.Well, a lot of paperwork takes places and it should happen in a specific order to avoid delay of not getting the property in time. Well, property investment is surely a good way to generate high returns, but it would certainly involve a gratifying back work to get it done.
Make Sure To Mark The Checklist Before Investing
India, the land of diversity considerable significance the attachment of various sentiments while an individual buys a residential property. With the ownership, property buying for the rich, denotes a sense of power and prestige, where as for the middle-class section, it is a cherished dream and unfortunately, for the less privileged, it is a luxury beyond reach.
While some countries have simplified the process of buying property, including the authentication of ownership documents by the government, in India the process of identifying the right property is fraught with several risks, legal and regulatory hurdles.
List Of Document That are Must Before Property Buying
This is an important part to make sure that your property doesn’t falls on fraudulent spot . The checklist might various in terms of city or state but the basics will remain close as much as it involves state and central authority.
Verification of Title of Ownership
Verification of title is an important as it states the right of the owner. Now in first place the sellers/developers will have all the rights to hold the ownership but it will had to be readily transfer to make the property yours.
The following are the important docs to mark as checklist
Government order for grant, succession certificate, sale deed, gift deed, will, partition deed, etc., evidencing the transfer of title over the years, culminating in the vesting of property with the seller.
In case of the seller claiming development rights to the property, the development agreement and power of attorney, executed by the owners in favor of the seller.
All title documents being duly stamped and registered at the office of the jurisdictional sub-registrar of assurances.
Khatta registered in the name of the seller. Information on pending or past litigation. Availability of original title documents with the seller.
Leasehold, freehold, or development right.
Power Of Attorney: Generalize Docket
Identification of The Seller/Developer In Respect To The Property
Identification of the seller/developer is an important work to carry out the investment procedure safely. If it happens to be a masquerade paparazzi then the dream of owing a house will be somewhat shatter.
Residence status and nationality of the seller, in case of an individual and whether consents from government authorities are required for the sale. Identification of all owners, in case of properties held jointly.
Where the seller is a company, trust, partnership firm, society, etc., the constitution documents of the entity are necessary, to confirm its ability to own and transfer the property, besides ascertaining that the person executing and registering the sale deed is duly authorized.
A buyer must acquire a copy of the building plan approved by the statutory body to establish that the construction of the property is legal and is done according to set rules and regulations.
Few Other Important Documents
No-Objection Certificates,Allotment Letter, Possession Letter, Possession Letter And Occupancy Certificate, Payment Receipts, Property Tax Receipts, Encumbrance Certificate, Completion Certificate, Occupancy Certificate.
So, this documents are must to avoid litigation while buying residential property in India.