Purchasing a property is an expensive investment, one must be careful regarding the verification and legal issues related to it. With the exponential growth of the real estate sector, there is a rise in the number of disputes over land that is a prime reason behind many project delays. A real estate law which is at various stages of implementation across the country, is going to make the situation more favourable for property buyers.
Check this list to know whether the property you have shortlisted is worth investing or not:
Verify title papers
The title of a property must be clear of all disputes. While buying a new property, the title of the land should be with the construction company. On the other hand, if you are purchasing an old property, study the papers wisely or visit the property lawyer to check the authenticity of papers.
Verify for bank approvals
It is helpful to get your property financed by a bank. Before approving a loan, banks evaluate the property. For an apartment in a residential complex, banks have pre-approved loans which clearly shows that the property is verified and cleared of all legal paper-work.
Encumbrance Certificate
An encumbrance certificate is a document which denotes a property is legally free from any mortgage or pending loan. The previous owner of the property is also enlisted here. This is a document with critical importance for buying and selling of a property to gather the information whether the previous owner had mortgaged the property and all the dues have been cleared.
Cross-check the Approved Plan With Actual Site
To get a fair idea about the area and the correct construction plan, ensure that you cross-check the plan on paper passed by the local authorities and the actual space provided in an apartment. This is usually required if you are purchasing an apartment in a gated society project.
Verify Property tax slips
If you are purchasing a resale property, gather the property tax slips from the previous property owner. This document will let you verify if the property or the complex which you have selected is regularised and is duly registered with no pending dues with municipal authority.
A Registered Society
Every residential apartment project is registered as a society with a resident welfare association. This is a legal process and gives an idea about the legality of the project and the property purchased by you.
Conclusion
We have compiled a list of points to verify before purchasing a property. It is a huge financial decision and you must spend some time analysing these tips and select a property for yourself. Sukhwani Constructions is a leading real estate developer in Pune, with upcoming properties located in major locations. Check our verified property and book an appointment for a guided tour of our projects.
