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Important Legal Specifications for Buying A Property

Buying a property is an all-inclusive process, which requires a lot of aspects including personal, professional, and legal aspects to ensure a secure and smooth deal. Buying property is a huge responsibility in terms of financial and mental stress, hence any error made in the whole process can lead to disastrous results. If you are well-prepared with all the paperwork it is crucial to submit various papers to get the property registered. All these have to be done with due diligence while evaluating the details of a property. Here are below-mentioned the key legal checklists, to consider before investing in any property.

Verifications of builders’ title and proprietorship

To evaluate the validity of the builder, excellence and marketability of the builder’s property, the buyer must check the seller’s reputation, and background history and review the below legal documents:

  • Property ownership documents- These documents include government grant orders, transfer certificates, sale deeds, and transfers of ownership over the decades, and many more.
  • Check if the seller has property development rights, and the power of attorney under his possession.
  • Each and every document is duly signed and stamped by the authorized sub-registrar.
  • Previous litigation details.
  • Accessibility of original credentials.

Authorization of possession

The dealer to receive a certification of possession from the authority to transfer the property under his name. Apart from this, the chances of demolition of the property, and utilization of the real estate, without securing the occupancy are subject to a fine under the relevant building laws.

Permission for constructing a building

Individuals must analyze the building or construction plan, that should be approved by municipal authorities. Also, check the provision for sanitation facilities, water and drainage systems, electricity, and many more before you finalize any property.

Property tax assessment

The buyers should check the property tax evaluation to confirm that there should not be any pending dues against the property before it is transferred to your name. Always ensure that all the taxes are paid by the dealer before you make a deal.

Physical inspection of the property

A physical inspection of the property’s location can be thoroughly done by the investor so that he can get a proper idea about the location and its surroundings. For this, you have to visit the site and ask the people residing in the nearby location to get a fair idea.

Permission for conversion and land-use

The acquisition of non-agricultural land has increasing importance due to the limited supply of land and expanding urbanization. Be sure to check the zoning rules and regulations to ensure that the property can be used for planned motives. Also, be mindful of any restrictions and limitations on the property.

Khata certificate

You should check the khata certificate which is proof that the property is registered with the local authorities.

Non-objection certificate

The investor must ask the dealer for non-objection certifications (NOCs) from the various departments such as the environmental department, traffic and coordination, pollution board, sewage board etc. to be received while buying the property.

Hence, legal documents are an essential part of investing in real estate and making a good deal between both parties. It ensures a smooth process of transferring property rights when buying or selling the property. The legal agenda acts as a safety measure to protect the rights and responsibilities of all the parties involved in the real estate deals. Hence, it is important to be vigilant in making decisions while buying residential or commercial properties.

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