To prevent any possible risks, proper research is essential when buying property in India. To avoid fraud it is crucial to confirm the legitimacy of ownership rights and supporting paperwork. This is a guide on what to search for and what to check closely at the time of purchasing a home, land, flat or floor along with important legal details.
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Location and Legalities
- Examine the location’s viability in light of your requirements and preferences, taking into account things like amenities, accessibility, and potential for future growth.
- Check if the property is registered under the Real Estate (Regulation and Development) Act (RERA), which was passed by the Indian Parliament to protect the rights of purchasers and stop deceptive activities.
Crucial Documents
- Trace the history and ownership lineage of the property, review the chain of ownership transfers (X sold to Y, Y sold to Z).
- Acquire an Encumbrance Certificate to verify that the property is free of mortgages, outstanding debts, taxes or penalties.
- Make sure the builder gives you the occupancy certificate, which attests to the property’s appropriateness for habitation and conformity with local laws.
- Obtain a possession letter from the developer. This document must include the possession date and is necessary in order to get a house loan.
- Examine the property’s mortgage status because it affects ownership rights and is used as collateral for loans.
- To make sure there are no burdens lowering the property’s market worth, check the seller’s property tax payments by visiting the local municipal authorities.
Legal Considerations
- Seek legal advice to manage complicated legal matters and ensure regulatory compliance.
- To avoid problems down the road, resolve any lingering disagreements or legal matters pertaining to the property before completing the acquisition.
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