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Posted by Admin on February, 15, 2021
Property investments are of high-capital intensives and the slightest of mistakes during the process can cost you massive trouble. This makes it important for the buyer to be mindful when browsing through the property document. When as a responsible buyer you are willing to make a careful scrutinization of the important documents and verify them with equal precision during the process of investing in a property, you can be sure of peace of mind.
Here are some of the legal documents a buyer must make sure of and take care of before he is ready to buy a residential apartment for sale in Dharwad.
Checklist for Property Documents
• Property’s Title Documents: Order from Government for deed, partition, will, deed, gift deed, certificate, etc, proving the title transfer over the period, resulting in giving the property to the seller.
• Nature of the title: right of development, freehold, or leasehold.
• In a scenario where the seller claims rights of development to the property, the agreement of the property, the power of the attorney, is exercised by the owner on behalf of the seller.
• All the title documents must be stamped and get registered at the jurisdictional sub-registrar of assurances’ office.
• Seller-name registered khata
• Information about past litigation
• Original title documents available with the seller
Ensure to Get the Seller’s Identity Verified
• Just like having the property title verified, the buyer must also take into consideration the seller’s identity and any particular conditions, controlling the seller’s ability to have the property conveyed. The points given below might be taken into records for illustration.
• Seller’s residence status and his nationality, in terms of an individual and whether permitted by government authorities, are needed for the sale.
• If the properties have joint holdings, owner identification is needed.
• When the seller is either a society, partnership firm, trust, or a company. The documents of the constitution of the entity are mandatory to confirm its ability to have the property owned and transferred, besides ensuring that the person exercising and registering the deed sale is authorized.
Approvals on Construction
For buying of residential apartment for sale in Dharwad, the buyer must make sure to have the building plan scrutinized along with the layout plan that is approved by the local municipal authorities, along with government-issued approvals, regulatory and statutory authorities, for offer infrastructure facilities, fire safety approvals, environmental clearance, electricity, sewage, and water.
The Occupancy Certificate
The seller must acquire the occupancy certificate from the able authority, before conveying the property. Property use, sans acquiring the occupancy, leads the buyer to penalty under the applicable building bye-laws, besides the property’s demolition risk.
Tax Payment Risk
Property tax non-payment contributes towards the property charge, bringing about marketability. Hence, the buyer must get verification from the municipal authorities that the seller hasn’t faltered during the payment of property tax. Seek the utility bill receipts from the seller. Also know that once the property is transferred in your name, you would have to pay all the pending dues that are there against the property.
Avoid signing the deal of a property, unless you are completely sure of the seller's credentials and unless their asset ownership is verified by documentary evidence. Also, keep away from getting involved with a seller who wishes you to use your uncounted money to purchase to evade taxes.
This entry was posted on February, 15, 2021 at 14 : 34 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response from your own site.