Documents to examine before buying property

Purchasing property in India can be complex and unfortunately prone to fraud and deception quite often. That is why, the state and central governments, property experts, and lawyers specializing in Realty advise buyers to peruse all documents thoroughly with the help of a lawyer, before buying property.

Some of the things buyers must look out for:

  • Original Land Deed of Current Owner: Always insist on seeing the original title deed of the property to ascertain ownership details and rights to sell. Photocopies are not examinereliable as information on bank loans taken, or multiple ownership cannot be ascertained easily. A visit to the concerned sub-registrar’s office can help ensure titles are indeed in the name of the current owner who is the seller.
  • FIR of theft: In case seller gives the excuse that the originals have been stolen, ask for the FIR copy of complaint lodged. Once satisfied, place an ad in the newspaper mentioning the desire to purchase, to weed out objections from any quarters.
  • Release certificate from Bank in case of loans: In case loans have been procured in the past on the property, request for Release certificate from all the banks concerned and validate the same from the concerned bank(s).
  • An Encumbrance Certificate from the Sub-registrar’s office: This ensures no legal hassles or unpaid dues are involved in the property. This can be purchased from the concerned sub-registrar’s office.
  • Original property tax receipt for the plot, for the built property, as well as water and electricity bills paid must be provided to ensure there are no pending municipal dues which can become the liability of the buyer.

Remember, the Indian law provides adequate checks and controls to prevent fraudulent land deals. It’s the prerogative of the buyer to employ them and ensure a clean deal.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s