Buying a house? Keep these things in mind while investing
Buying a new house is a major investment decision of your life. By keeping a few things in mind, you can ensure that your investment is safe.
There are a lot of frauds happening in the purchase of property these days. To ensure that the property you are going to buy with your life’s hard earned money does not defraud you, it is important to check the legality of the property thoroughly before buying it.
Verification is required
Before buying a property, verify some things, so that there is no possibility of mistake.
Banks give loan to any township only when the title and search there is clear. If you are buying a property in a township and all the banks are giving loan there, then understand that that property is safe.
Before buying any property, make sure to check its linked document i.e. how many times the property has been bought and sold till now. You will know this from old registries. So, from whomever you are buying the property, take a copy of the old registry.
Then see whether the details are being linked to each other in all the registries.
Check the identity proof of the one who is selling the property to you. Match it with the documents.
Check the record of the land you are buying. If you are taking farm land, then the information about its documents will be available from the revenue department of the state government.
– If you are buying land to build a house, then first find out whether the residential permit is there where you are buying the land. If the property is commercial or industrial, then you will not be able to build a house there.
The most important thing is to check whether the colony in which you are buying the land is legal or not.
Many people think that if the government registers the property, then the property will be valid, but it is not so.
Keep these 5 things in mind while buying a house
Building a dream house, dream home is one of the biggest achievements of life for everyone, especially for middle class people, as people either take home with their lifetime savings or take the help of bank loans. .
Most of the people depend on the reputation of the builder to buy a house, but this is not true. The only criterion for buying a house should be perfect paperwork, so be alert while buying any house and proceed only after making sure that the builder has completed all the required paperwork. Apart from this, it is also important to check the credibility of the builder by visiting various forums. You can check his past or current projects. Apart from this, keep these things in mind as well-
Title Deed: It is most important to check the title deed of the project land. This will tell whether the builder is the owner of the property he is selling or not. Whether he has the right to sell the property or transfer the ownership thereof? It will also be known from this deed that there is no litigation going on in the property concerned. It would be better to take the help of a lawyer to get the title deed checked.
No Objection Certificate (NOC): Very few people would know that to build a project, builder has to take 19 NOCs from different authorities like PWD, Forest Department, Environment Department, Transport and Coordination Department etc. This number may be different in different cities. You can ask your developer to keep a copy of these NOCs in your personal records. Apart from this, you should insist on looking at the Commencement Certificate ie CC also. This certificate allows the builder to legally start the actual construction work. Construction work done without commencement certificate is considered illegal.
Obstacle Certificate: None of us would like to invest in any asset that is under litigation or there is a legal or financial dispute? Brokers and builders mostly do not share such facts with you, but you should be alert and insist on looking at the obstruction certificate to make it clear that the property is free from any legal disputes. This will save you from many other problems in future.
Layout plan: Before buying a house, you should insist on showing the layout plan from the builder, which is approved by the concerned authority. In many cases, it has also been seen that builders work outside the approved plan, due to which many types of problems arise later, so be sure to check the layout plan so that it is clear that the developer is planning the building on the basis of approved permissions. is building.
Purchase agreement ie purchase agreement: Also make sure that all the promises made by the builder while making the deal are written in your purchase agreement. It should contain all the details like construction, payment, apartment specification, deadline and penalty for reneging on the promise by either party. Remember that it is only on the basis of this purchase agreement that you can hold the builder responsible for any irregularities in the infrastructure.
Also check these documents
Denama: This page is most important for buying a house. The real debenture proves your ownership of the property. You have to register your property by going to the sub-registrar’s office in the area where the property is located.
Account Certificate: The document is proof that this property has been entered in the local municipal records and that the property has been constructed as per the approved plan. This is a very important document for registration of new property. Later, if you want to transfer the ownership of the property to someone else, this document is also required at that time. Apart from this, the bank also asks you for this document before giving the home loan.
General Power of Attorney: Power of attorney is required to ensure that the sale or purchase of a property is being made by an authorized person on behalf of the owner of the property. You will also need it while taking a home loan.
Allotment letter: Allotment letter is one of the most important documents for home loan. It is issued by the developer or the housing authority. It contains the details of the property and how much money the customer has paid to the builder. Also note that the allotment letter is different from the sale agreement. While the allotment letter is issued on the letter head of the authority, the sale agreement is prepared on stamp paper.
Sale Agreement: The sale agreement contains complete details of the property such as terms and conditions, date of possession, payment plan, details, common area and facilities. Original copy of this document is required for purchase of property and home loan.
Possession Letter: This is given by the document builder. It mentions the date when the builder will hand over the property to the customer.
Property Tax Receipts: The owner of the house has to pay property tax regularly. Also ensure that the previous owner has paid the property tax and there are no dues now. Property tax receipts also help in proving the legal status of the property.
Payment Receipts: If you are buying a new house, be sure to get the original payment receipts from your builder.
Completion Certificate: This document is required for availing a home loan. This also proves that the building is being constructed according to the approved plan.
Occupancy Certificate: This is issued to the builder by the local administration. This is in a way a certificate that the building is fully habitable and has been constructed according to the approved plan.
Did you know that…
It is necessary for the owner of the property to put his photograph on the documents of the registry.
Both the parties sign the documents of the registry in the presence of each other.
– Pratibha Tiwari