{"id":3688,"date":"2016-04-17T06:26:01","date_gmt":"2016-04-17T00:56:01","guid":{"rendered":"https:\/\/www.squareyards.com\/blog\/?p=3688"},"modified":"2016-07-05T15:51:28","modified_gmt":"2016-07-05T06:51:28","slug":"legal-formalities","status":"publish","type":"post","link":"https:\/\/www.squareyards.com\/blog\/legal-formalities","title":{"rendered":"Legal Formalities"},"content":{"rendered":"<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Buying your own home may be a cherished dream, but it doesn&#8217;t take much for it to turn into a nightmare. Given that real estate is among our most expensive purchases, it is advisable to be familiar with the documents and legal formalities undertaken for the purchase.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\"><b>Documents &amp; Formalities<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">The Documents required for property purchase include an Identity Proof that could involve passport, voter ID card, driving license, ration card or pan card.<\/span><\/span><\/p>\n<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\"><b>At the Time of Signing the Agreement<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">It is essential that the following dimensions should be looked into before signing an agreement with the developer<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Name of the apartment, tower number &amp; size<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Area details along with super area, covered area &amp; carpet area. The latter should not be missed out in any case as it describes the actual livable area.<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">The total cost<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">The date of procession<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Exit Option<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Specifications committed<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">The Payment plan<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Project approval details<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">The status of the land on which the project is being constructed<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\"><b>Legal Approvals of the Project<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">It is imperative to understand that the project adheres all the relevant legal formalities. One of the tool to ensure the same is to understand that a bank is funding the project. Mostly banks will do a thorough legal audit and ensure that everything is on place before embarking with the loan amount.<\/span><\/span><\/p>\n<p><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Besides, mentioned below are some of the other parameters that needs to be taken care of:<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">The document of the title of the Building should be clear. A not properly clear title can create trouble in the coming time<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">It should be ensured that the project has been developed as per the prescribed floor &amp; deviation plan.<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">It should be ensured that the developer has obtained a clearance certificate from the electricity, water supply, sewage &amp; other concerned department.<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">Likewise the commencement certificate &amp; occupancy certificate are some of the essential certificates that need to be taken care of.<\/span><\/span><\/li>\n<li><span style=\"font-family: Garamond, serif;\"><span style=\"font-size: large;\">The buyer should have the agreement of sale &amp; sale deed duly stamped &amp; executed in their procession.<\/span><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Buying your own home may be a cherished dream, but it doesn&#8217;t take much for it to turn into a nightmare. Given that real estate is among our most expensive purchases, it is advisable to be familiar with the documents and legal formalities undertaken for the purchase. &nbsp; Documents &amp; Formalities The Documents required for [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"acf":[],"_links":{"self":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts\/3688"}],"collection":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/comments?post=3688"}],"version-history":[{"count":4,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts\/3688\/revisions"}],"predecessor-version":[{"id":5732,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts\/3688\/revisions\/5732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/media\/4653"}],"wp:attachment":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/media?parent=3688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/categories?post=3688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}