Planning to buy a new home? But have you done a good homework about the project? When your biggest dream is taking the shape of reality, it is quite evident that you will be happy and excited. Buying a dream home is one such exciting moment in almost everybody’s life but in this joyful phase, you often forget to focus on some major property related issues that may put you in trouble in future. Usually when you look for a home, you consider factors like location, price and amenities offered which are relatively secondary matters to consider. Have you ever thought of verifying the credentials of the builder, project approvals or any other legal issues related to the project? Property investment come with lot of legal risks and as a sensible homebuyer, it is essential that you concentrate on all the matters which directly or indirectly is associated with property buying.The real estate sector in India is going through a tough phase; therefore in such a scenario it becomes more vital to consider the nuts and bolts. Whether you are investing in ready-for- possession homes or under construction properties, you have to bear in mind a checklist that will stop you from falling into trap. Based on the information gathered from the property experts, here are few precautionary steps which you need to follow, before buying your dream home:If you are buying a ready possession flat:When you plan to buy a flat that is ready for possession, you have to check some issues before making the deal final:
- The first thing you need to check is that who is the actual owner of the property and also have to check whether the construction is authorized and legal.
- To find out title of the seller that is the owner, you need to see the title deed. If the property developer is owner, the title deed will include conveyance deed, sales deed, Power of Attorney and the development agreement.
- It is a bit tricky but important to check the title transfers which have taken place in past 30 years. If the builder is not a part of the earlier title documents then you can ask him for the builder agreement, deed of conveyance and Power of Attorney.
- As a genuine homebuyer, you have the right to ask for the title certificate from the developer’s lawyer and ensure the property is fully free from litigations.
- Ask the developer to present the copy of the Intimation of Disapproval (IOD), project’s approved drawings, project completion certificate and also ask for the occupation certificate (OC), if any.
- If the building is been present for quite long period then you can ask the builder details about the property taxes paid by the municipal corporation.
- If the home which you are buying already comes under co-operative housing society, you need to verify the Non-objection certificate (NOC), seller’s share certificate and also need to request a note from society that states that the seller and the property owner are indeed same and the society is free from encumbrance.
For under-construction property:If you are investing in under- construction property, here are few steps to follow:
- Even in this kind of property, you have to check whether the builder has the actual ownership of the land where the project is constructed.
- The buyer needs to scrutinize approved sanction plan, commencement certificate presented by the municipal corporation and also the IOD.
- It is very important to analyze whether the builder is trustworthy. Verify the past record of the builders for transparent dealings. Check if he was involved in any fraudulent act.
- You need to be more cautious, in case of projects that are half completed. If your home is on 20th floor and the project is constructed only 10 floors till now then you have to ask for the commencement certificate of your floor since the building is under construction, you may not get the occupation certificate.
- Extra care and scrutiny has to be done, during the pre-launch period.
Remember builders generally do not disclose their information to the prospective buyers and sometimes even you may not be aware of some legal terms hence you can always hire a lawyer to accompany you in this mission.займ на карту без отказов круглосуточновзять кредит онлайн