The Most Tedious, Yet the Most Important Processes, Is To Keep All Your Documents in Order.
Purchasing a house is a once-in-a-lifetime decision for most everybody. Once needs to be utterly certain of the legitimacy of the property, given the fact that it would be most expensive purchase of the individual in their lifespan. The possible way to such a situation is possible is by conducting a proper due-diligence of the paperwork involved with property transaction and ownerships before finalizing your dream house or any other property.
The first step towards checking the paperwork if the property is at an under construction stage, is the title of the land and other legal documentation, which can ascertain of the land where the project is constructed is through legal source and follows the revenue department’s laws. The record of the property usually is held at the bureau of the deputy registrar or the deputy collector’s office, which can be obtained utilizing the proper procedure.
The second step, one needs to do in case of projects that are still under-construction is to make sure that the builder has all the necessary approvals in place, without which it would be considered illegal. On an average, the developer needs to obtain anywhere between 45 to 52 various kinds of approvals, right from the fire department to the environmental clearances. The various approvals for the project are given, in stages after the municipal authorities are satisfied about the authenticity of the project. For example, if the project has not got the occupancy certificate, then the developer would have problems getting the utility connections like water and power. Once should also check the development with the approved plans to ensure that the developer does not deviate from his promises.
If the buyer is purchasing a resale property from an investor/actual user, then other than above discussed documents, he/she needs to check and verify the share certificate, issued in the name of the seller. The buyer also needs to get a no-objection certificate (NOC) from the housing society and check the original copy of the purchase agreement from the seller. The NOC will ensure that the seller is indeed the owner and there are no dues against the property he owns and it is free of any mortgages. By checking the original purchase agreement, the buyer is assured that it’s not mortgaged.
In case, the buyer doesn’t have the knowledge or time to conduct proper due-diligence of the legal documents, then one should hire a professional real estate consultant or an advocate for this work. If you are going for a mortgage loan, then the bank will verify the documents and bank only gives the loan if documents are proper and legally valid. So your documents get checked by the bank, too, and you get some sort of surety for the document authentication.
In short, take care of the documents in real estate and enjoy your property and your investment.
