Important points to keep in mind before buying a house
For everyone buying their first house is a dream come true, but proper procedure needs to be followed otherwise the task becomes a nightmare. It is imperative for the buyer to take a close look at every activity and aspect related to a property deal before making the final decision. Here are some pointers to keep in mind for the same:
1. Clear title
Make sure that the seller has a clear title and is free from any encumbrances. Check the property documents for a period of a minimum of 12 years. Ask for the following documents from the buyer:
- Title documents of the property
- Nature of Title
- If the development rights are present with the seller then he/she should provide with the developments agreement as well as the power of attorney
- Documents should be stamped and registered
- Information on pending or past litigation should be available
- Original documents need to be submitted
2. Identity of the seller
Make sure you know the identity of the buyer. This you can easily do by checking their residential status and nationality. Keep in mind that if the property is owned jointly by a number of buyers then all their identities should be checked. If a company or a society is the seller then the documentation related to the entity needs to be checked. This will ensure that the entity has the ability to transfer the property. Also, if the property is owned by a seller who is of unsound mind then the seller should have the documentation from the competent court to sell.
3. Land use conversion
For instance, if you are buying agricultural land, make sure to covert it to residential use. A buyer should be attentive regarding the status of the land that is being sold. Also, the buyer should check the master plan of the property to ensure that the construction is being carried out according to the plan such as commercial, residential, industrial or any other.
4. Construction approval and occupancy certificate
The layout master plan should be approved by the municipal authorities. The occupancy certificate should also be availed before handing over the property. If this is not the case, then there will be a risk of property demolishment.
Final say
There are many formalities and procedures related to buying a property. A new buyer should therefore consult agencies such as Think Plutus for a smooth buying experience.
