Buying
a property is the decision of a lifetime achievement and you have to be known the
facts and Right things in dealings. A lot of care is needed from the beginning
Legal Wise Check list
Origin of the Property –
Land
It’s
important to learn of the origin of the property, continuous flow of the title
and present status of the property before buying the property. Buying a
property for self occupation or investment is perhaps one of the biggest
investments made by a person during his lifetime. A landmark decision like purchasing
property need a well thought out.
Check or Verify
the Following Documents
1)
Property Title deeds.
2) Property Tax receipt and bills.
3) Property Encumbrance Certificate.
4) Pledged Property.
5) More than one Holder.
6) Buying land from NRI/Foreign landowners.
7) Property Agreement.
8) Property Registration.
9) Changing the title in Village office.
10) Measuring the Property.
2) Property Tax receipt and bills.
3) Property Encumbrance Certificate.
4) Pledged Property.
5) More than one Holder.
6) Buying land from NRI/Foreign landowners.
7) Property Agreement.
8) Property Registration.
9) Changing the title in Village office.
10) Measuring the Property.
2)
Documents
relevant to the Land / Project / Building / Apartment
3)
Things to check when you
buy an Apartment / Flat!
a)
Development Agreement
The Development Agreement is an
agreement entered into by the builder with the landowner if the builder does
not already own the land or has a contract with the landowner. It contains
details regarding the terms and conditions on which the landowner has permitted
development on his property. By this agreement, the landowner engages the
developer to develop and build on their plot of land. This agreement generally
may also have a Power of Attorney in favor of the developer.
b)
Approved Building Plan
The building plan has to be approved by
the Corporation or the concerned authority. The approved building plans should
be checked.
c)
Commencement Certificate
The certificate, issued by the
Municipal Corporation permits the developer to begin construction once the
plans have been approved.
d)
Completion Certificate
This is a Certificate given by the
concerned authorities to the developer once the building project work is
complete and fit for occupation.
e)
Track Record of the Builder
Before buying an apartment, please
check the credibility of the builder and also make sure that, the builder has
delivered all his past projects within the time limit with specified quality.
In case you observed any delay or failure form the part of the builder to
deliver the project don’t buy apartment from that builder...
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