You must came across to many real estate projects that face delays or stuck in court for not having appropriate permissions from concerned authorities or for not completing legal formalities on time. It is therefore advised that one should check all the legal documents and other important approvals before investing in a real estate property.
While many of us aren't aware of what kind of legalities we need to check before investing in a property, considering the following points can help us verify the legal status of our property.
The legal checks that should be made at the time of purchasing a property include the verification of the original title deeds along with building approvals/occupancy certificate. You need to ensure that all the property related documents are adequately stamped and registered as per the laws. You also need to ask for the originals from the seller and verify them through a lawyer or concerned person before finalizing the deal.
Apart from the above mentioned documents, Property card/7/12 extract is required in case you're buying a plot. Also for buying a resale property, receiving of transfer deeds and share certificate are must from the seller to verify the property.
Many buyers have doubt that only bank approved projects are legal. While bank approval for a property can be taken as an added surety about the legal aspects of the project, it's not a necessity to be always fulfilled.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, advises buyers not to pay cash to the builders for any property transaction even if they ask for it. Mr. Anil Mithas says, “Buyers should avoid paying cash to the builders before the property agreement is signed between the two parties. Cash transaction is not advisable while buying a property and it should be avoided as much as possible.”
Mr. Anil Mithas of Unnati Fortune Group also states that buyers who have bought or planning to buy a property through brokers should verify all the property related documents including approvals, certificates, etc., through competent lawyers to prevent any fraudulent activity.
Apart from doing the above mentioned legal checks, one can also ask for No Objection Certificate (NOC) from society where the property is located so that there will be no problem in buying or selling it in the future.
By considering these basic but important points, you can save yourself from property fraudsters and other illegal activities while buying a real estate property in India.
Follow Mr. Anil Mithas on Twitter & Facebook
While many of us aren't aware of what kind of legalities we need to check before investing in a property, considering the following points can help us verify the legal status of our property.
The legal checks that should be made at the time of purchasing a property include the verification of the original title deeds along with building approvals/occupancy certificate. You need to ensure that all the property related documents are adequately stamped and registered as per the laws. You also need to ask for the originals from the seller and verify them through a lawyer or concerned person before finalizing the deal.
Apart from the above mentioned documents, Property card/7/12 extract is required in case you're buying a plot. Also for buying a resale property, receiving of transfer deeds and share certificate are must from the seller to verify the property.
Many buyers have doubt that only bank approved projects are legal. While bank approval for a property can be taken as an added surety about the legal aspects of the project, it's not a necessity to be always fulfilled.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, advises buyers not to pay cash to the builders for any property transaction even if they ask for it. Mr. Anil Mithas says, “Buyers should avoid paying cash to the builders before the property agreement is signed between the two parties. Cash transaction is not advisable while buying a property and it should be avoided as much as possible.”
Mr. Anil Mithas of Unnati Fortune Group also states that buyers who have bought or planning to buy a property through brokers should verify all the property related documents including approvals, certificates, etc., through competent lawyers to prevent any fraudulent activity.
Apart from doing the above mentioned legal checks, one can also ask for No Objection Certificate (NOC) from society where the property is located so that there will be no problem in buying or selling it in the future.
By considering these basic but important points, you can save yourself from property fraudsters and other illegal activities while buying a real estate property in India.
Follow Mr. Anil Mithas on Twitter & Facebook