Before signing above the dotted line and finalizing your contract for purchase of immovable property in India, the
following points should be thoroughly complied with, to ensure protection of
the buyer –
1. Check the Title Deed: The title deed is always in the name
of the owner of the property, protecting his/her claim to it. Always ask for
and check the title deed to ascertain the true holder of the property, in order
to avoid legal hassles in the future. It also helps establish whether the
property has been mortgaged or not.
2. Inspect the Encumbrance Certificate: Issued by the registering authority,
the encumbrance certificate is essential to check the clearance of the title of
the property. Basically this signifies the presence or absence of any
liabilities, loans or charges created on the estate.
3. Obtain a No-objection Certificate: In case the house is owned jointly, it
is pivotal to approach the co-owners to get a no-objection certificate to the
transfer/sale of this property. They will not be able to approach the new owner
for any claims in the property henceforth.
4. Check the Torence Plan: The torence plan is essentially a
drawing of the plot by a licensed surveyor. It is a detailed and accurate
collaboration of the complete plan of the home, thus it can help highlight any
issues that may arise looking forward.
5. Obtain Property Tax Receipts: One can directly approach the seller
to present the latest property tax receipts to determine whether any notice,
requisition or order has been passed against the property. It is also used to
verify the timely payment of dues to the government and to confirm the name of
the registered owner of the flat, leaving little scope for doubt.
6. Hire a Lawyer: Lawyers prove a great asset when it
comes to purchasing residential flats in Lucknow.
Not only can they check for loopholes in the registered title deeds and protect
the concerned buyer, but also they help in drafting the documents required for
registration of the property in the new owner’s name.
7. Interview the Developer: Don’t shy away from asking questions
to the developer of the property, if you are directly purchasing from him.
Before purchasing it, you should ask some essential questions which will assist
you in avoiding legal problems later. For instance, while buying residential apartments in Lucknow, one
must be sure of the area – whether it is carpet, built-up or super-built-up, in
order to not suffer due to false claims. Find out the tentative date of
completion and handing over of the property, so you can make adequate
arrangements. Also, it is important to ask for the completion certificate, this
not only means that the building is complete, but also that it adheres to the
municipal requirements and the pre-decided approved plan. Additionally, sit
down with the developer and deliberate upon the inclusions like furnishings,
bathroom fittings, electronics, etc.
Whether you are purchasing directly from the
builder or a previous owner of the residential flat, always visit the site a
few times to ascertain the quality of materials used, state of the house, etc.
to review whether you are paying more than you should.
Summary:Frequently,
a lot of property buyers are new to the prospect of purchasing property and do
not know how to protect themselves from any discrepancies that may arise as a
result of acquiring property without
making the essential enquiries or inspecting certain documents. This article
promises to guide them by listing seven essential criteria that needs to be
complied with before purchasing immovable property.
No comments:
Post a Comment