7 Tips to know How to self-verify Property Documents
One of the biggest financial decisions of once life is to buy a brand new property or a dream home. Before you take a plunge of purchasing property, it’s vital to cross-check the property documents that will prevent you to invest in deceitful deals. To examine the genuineness of the property documents, most of the individuals take the help of a lawyer. But, what if you don’t have enough cash to bear these additional charges?
No worries, you’ll be able to examine the correctness of the property documents on your own. Through this article, we’ll be sharing some of the important tips on how to authenticate your property documents while not taking any professional help.
1. Check for Title Documents
Title documents form the base of real estate transactions. Being a potential customer, it’s fair for you to demand the earlier transaction papers from the sellers to prove that he has ownership over a specific property. In short, the ownership transfer in the agreement should be done legally. It is suggested to verify that all pending dues are cleared by the seller and therefore the property is evident from any possible disputes or conflicts. Moreover, to search for more information, you can give the advertisement in the local newspaper concerning your intention to buy the same property.
2. Check all the Building Approvals
Each tower needs approval for construction and occupancy. This development permission provides ground rules for the construction and therefore the occupancy allows ensures that the building was developed without breaking any rules and building codes and fits for human occupancy. Many times, builders permit possession of the flat without giving occupancy certificate and later residents had to bear the impact for the violations by the builders. Thus, it’s smart to confirm that all permissions are in place before you invest in a property.
3.Check Property Tax details
Property tax details are vital things that you need to cross-check to verify the authenticity of the property. Ask for pastproperty tax acceptance paper from the seller. This way you’ll get an insight if the property is illegal or regularised. It’ll additionally facilitate in ensuring that there aren’t any tax dues on the property.
4. Get Encumbrance Certificate from the office of Sub-Registrar’s
Checking the property Encumbrance Certificate is more vital once when you are purchasinga second-hand flat. It’sproof that the property in question doesn’t have any legal and financial liabilities. It can easilybe obtained from the sub-registrar’s office where the property has been registered. The encumbrance document is vital not justwhile purchasing property, but is also vital for those tryingto apply for a home loan or go in for a home loan against the property. In case the seller had taken a loan for the property that wasn’t repaid, it’ll be mentioned in the encumbrance certificate.
5. Look for Know Your Customer (KYC) details of the Seller
Whether you’re looking to purchaseunder-construction or ready-to-move flats, the primary thing that you should check the identity of the builder or seller. Ensure the genuinenessof the information given by the seller and always collect a replica of the address, identity and PAN copy of the individual. Just in case you’re buying the property from cooperatives or housing society, look for reviews and read other articles in the press through that you’ll be able to check its authenticity. The buying agreement should cover all the important points of the municipal, property’s location and collector’s land record number. The agreement should be witnessed by 2 individuals each from the buyer’s side and seller’s side.
6. Analyze the property with the Approved Plan
Reckoning the approved plan and the actual property to know if there are variations from the plan. If you discover variations, ask the authorities to regularise them. It’s also vital to confirm the precise measurement of the building matches the particular plan
7. Check Payment Schedule
Often neglected, this is vital to check that the agreement paper has mentioned the payment schedule. The agreement ought to mention the total amount to be paid to the seller and therefore the amount remaining. This helps in preventing any futuremisunderstandings or ambiguity on the payment schedule. This protects both the seller and the buyer from any money disputes in the future concerning the property.
