Crucial Documents To Check Before Buying a Property
Why Should You Keep A Tab On Documentation?
Believe it or not but property investments are highly capital intensive. With so much investment in one place, you tend to stay extra careful. There is a tendency among consumers to take even the smallest decision with great research. Because any mistakes made during the process can cause a lot of trouble to the buyer. Prosperty Real Estate Agents in Chennai are genuinely relevant for experienced professionals.
Hence buyers must exercise extra caution while taking a decision. And the process doesn’t end there. Once you examine the property, documents need strict verification too. And believe it or not, you cannot do this alone. Unless you are from this field, you cannot risk such an important event. Hence make sure you seek legal recommendations from Prosperty Real Estate Chennai.
Why Is It So Essential?
You can carry out proper scrutiny of documents with legal advice and support. You can also carry out verification of relevant information that is about the property. This will ensure that investment fosters peace and a sense of security.
In this excerpt, we will talk extensively about the critical documents. Yes, you heard that right! We will cover this technical subject at length. Later the buyer can seek help before he is ready to sign the deal. Make sure you keep a note of the following important documents.
Important Documents To Make A Note Of:
- Check for the appropriate conveyance of the title that is in favor of the developer. This ensures that the developer owns the land rightfully. Hiring professionals from Prosperty Real Estate Chennai is a win-win situation here.
- It is crucial to check whether the seller is the true owner of the property. The buyer should seek clear ownership history if the property has changed hands multiple times.
- Apart from the sale deed, other papers that are needed in the sub-registrar’s office are a letter from the society giving details about the number of floors in the building, the construction year, the apartment’s built-up area and the number of elevators, etc.
- Check the license or the development right and approvals of the builder. Don’t shy away from asking them. It is mandatory to show these documents to the customers.
- Make sure there is the proper execution of the Athe allotment Letter or Sale Agreement on your payments. You can also sit back and relax and let Prosperty Real Estate Agents in Chennai do the legwork.
- For those who all are unaware, an allotment letter is nothing but proof. It is a written proof that the unit or property you select is yours.
- On the other hand, the Sale Agreement is a legal document that ensures that the developer has agreed to sell the property to you.
- See the documents wherein reputed financial companies have approved the project. This will further help you in financing yourself.
- Check the tentative layout plan and keep it handy. In case there are changes later, you should pinpoint them.
- There is a slightly different process if a property is mortgaged. Then the owner gives an undertaking to the bank. He acknowledges that he has agreed to give property documents to the buyer upon the home loan foreclosure.
- Always ask for Occupation or Completion Certificate before paying the final installment. The municipal authorities issue these to the developers on completion of the project. It’s a piece of cake for the experts from Prosperty Real Estate Chennai.
- Also, keep an assessment bill handy. Bills from the local civic body, a copy of the property card, and a receipt for the payment of the registration fee. Keep xeroxes of all of these documents.
- Make sure you register the Conveyance Deed. Do this as soon as you make the entire payment. Only after that, the property now legally belongs to you. You can cross-check with Prosperty Real Estate Agents in Chennai.
In general, for buying a property you need to check the Deed of Conveyance, Mutation Certificate (for the entire property), Land Registration Status, Sanctioned Plan, Search Report, and Payment Schedule (for under- construction property).
Take It Easy
It is important to ensure that the seller produces all the relevant original documents. This is where the role of the registrar comes in. The registrar has the responsibility of establishing the authenticity of these documents. Apart from this, Prosperty Real Estate Agents in Chennai are extremely talented and experienced.
Other challenges that a buyer may face include the absence of a pa roper chain of documentation. This happens when the property has changed hands a couple of times in the past. If a property is thirty years old, there’s a possibility that it was never documented. So this is where the legal issues arise and you would need Prosperty Real Estate Chennai.
