Property laws in India differs from one state to another as Land, as a subject falls in the power of the State Government. Apart from the local laws, there are many laws that are enacted by the central Government that govern ownership and acquisition of property which includes an interest in the property through purchase, wholesale, mortgage, transfer, gift or inheritance. The ownership right to property is confirmed by a title which is a kind of evidence of your ownership. The title is created by operation of law by an act of parties. Without an appropriate title, one cannot legally hold ownership of a property with an unfiled or informal contract. Every owner of the property holds their duplicate titles.
Verify Your Documents Before Buying a Property
When you plan to invest your hard earned money in a property which is a long term investment you must be a vigilant investor. You have to make sure that buying an immovable property should not result in a disaster and cause you harassment in future. The Civil Courts in India are already burdened with the more litigations that it can resolve in due time and most of the cases are related to property. Among those cases, half of them are instances where the buyer has filed a suit because of their own negligence or failure to verify the title of the property in due time during purchasing. For both first time and experienced buyers, it is absolutely mandatory to enquire and verify the documents before purchasing a property. So prior to visiting the sub-registrar office for registering, the buyers will need to verify the title of the property that it is easily done with the help of an Attorney.
How To Go About It
Laws and Regulations To Look For
There are a few procedures and substantive laws that will guide you when it comes to buying a property and things to do post-purchase. The laws such as the Transfer of Property Act 1882, the Real Estate Regulatory Authority Act 2016, the Indian Registration Act 1908 are a few important ones that help you with certain procedures regarding buying and selling of the property to prevent any illegal activities to take place.
Doorstep Initial Verification
Government has taken all possible measurements on their behalf to ensure that transparency is maintained in the revenue records. With the help of technology, one can verify the data and check for accurate information. A buyer can now visit the official websites of the respective state that are well maintained and up to date with records. The Attorney helps you to assist in scrutinizing the data and complete the first stage of verification.
Demand Your Rights From the Seller
The more you establish your right and demand the less harassment you face as a buyer. When a purchaser is investing a huge amount of money in a property, he or she is vested with various rights. Many of us as buyers are not aware of these rights that we can demand from our seller. This awareness is imparted by an attorney who saves a buyer from turning a property deal into a tragedy.
No Two Properties are the Same
Every property has its unique characteristics and identifying the title to the properties vary from one another. Some properties have a lot of documents but the important records of revenue go missing and vice versa. Also, some of the documents need to be cross-checked in the sub registrar’s records in order to verify the genuineness of the property. Here as well and attorney guides you and provides you with a complete structure of the property. The Attorney makes a search report in the form of opinion where you can understand the background history of the property and proceed without any doubt.
Get Bank Approvals
While getting your home financing from a bank your property verification is also done thoroughly before the bank approves your loan. Many banks offer onsite loan offers for Apartment projects that also confirm that the property is verified legally and have all the important approvals.
Check for Encumbrance Certification
To check whether the property is free from legal disputes such as a mortgage or pending loan, verify with the encumbrance certificate. An encumbrance certificate has the list of names for the previous owners of the property. This is one of the most important documents to verify while purchasing a resale property. The encumbrance certificate makes sure that the property is free from any mortgage or debt related to it.
Cross Check With Actual Site
When you are buying an apartment project you should see the copy of the approved map from your developer that is passed by a local authority. This gives you a clear idea about the surrounding area and the construction legibility.
Check Property Tax Slips
If you are purchasing a resale property you must ask for the property tax slips from the previous owner. It will confirm the legal value of the area or Colony where the property is situated. Besides, you will also get to know if the property is duly registered or not and whether any dues are pending with the municipality.