Whether it involves purchasing flats or plots, it’s essential to proceed cautiously and thoroughly examine various documents when venturing into real estate.
Taking necessary precautions can avoid pitfalls and ensure a smooth and secure transaction. In this regard, several factors to consider and steps to take safeguard one’s interests when buying real estate.
From verifying the seller’s identity to confirming the legality of the property and seeking legal consultation, these measures play a crucial role in ensuring a successful and stress-free real estate transaction.
Here are some factors to consider and steps to take: Verify the seller’s identity through documents like an Aadhaar and PAN cards. Check the seller’s track record and inquire about previous deals.
Another important step is to verify the legality of the property. This can be done at the local municipal office. Obtaining an encumbrance certificate (EC) is also crucial, as it helps to check for any mortgages or loans on the property. This ensures a smooth transaction and avoids future complications.
It’s also essential to check the property tax receipts. This helps to verify the owner and ensure there are no tax arrears, which can prevent unexpected financial burdens and confirm ownership.
If purchasing land, confirm that the authorities approve the layout. For apartments, ensure that the builder obtains all necessary NOCs from government agencies and obtains an occupancy certificate after construction.
Ensure that the sale deed is well-drafted and includes the personal information of both the seller and the buyer.
Obtain the Property Possession Certificate from the developer, which is essential for renting the property. Lastly, seeking legal consultation from a lawyer is advisable due to the complexity and cost of property transactions.
New Regulations in Property Purchases
Real estate prices are increasing daily, and this year’s land rates may not be the same tomorrow. Due to this, many people are showing increased interest in investing in land.
Consequently, many need to pay more attention to verifying the authenticity of the land they purchase and whether proper documents are in place.
Several people have fallen victim to fraudulent practices as a result. However, specific vital points must be considered when purchasing land and property.
It’s essential to stay informed about new regulations that pertain to property purchases. Certain documents must be readily available when buying land or property.
When purchasing a house or real estate, it’s crucial to have all the details of the property owner. This knowledge will help you navigate the process with confidence.
Access the Encumbrance Certificate (EC) and download the related PDF. Aadhaar cards, as well as the Aadhaar cards of their family members and the signatures of sons and daughters, should be acquired accurately.
Their signatures should be obtained at registration, and documents linked to the property for the previous 30 years should be thoroughly examined.
If property records are not correctly linked, it is not advisable to proceed with the purchase. These precautions should be taken when executing the sale deed.
Additionally, it is crucial to ascertain whether the property has any outstanding loans at the time of purchase or sale. It is advisable to purchase a property with existing debts only once they have been resolved.
Determining whether the land being purchased is agricultural or non-agricultural is essential. Officials from the revenue department strongly advise exercising extreme caution when buying and selling property. This vigilance will help you make informed decisions and avoid potential pitfalls.