List of precautions you should take before purchasing property
Buying a dream home is an enjoyable experience when you are a bit careful. It is both stressful and exciting. To help through the home buying process, it is important to take the services of a realtor and eminent lawyer. So, when you buy an immovable property, you need to proceed with care and take necessary precautions. Self-help is the best way of making the process smooth. So, when you proceed to buy a property, you must take several precautions.
It is also important to ensure that the builder you choose is reliable and honest. To avoid being cheated by builder or to refrain from filing a Complaint against Builder in Mumbai, you need to read up the reviews of the builder.
Investigate the title of the property
Prior to purchasing a property, you need be careful about the title of the property. A clear title is one of the most important factors to be considered. Study thoroughly the title document to ensure that the owner has the proper ownership. Get the title deed inspected. You can also search through the land records to dig more.
The need for inspecting sanctioned plan
It is important to inspect the commencement certificate and sanctioned plans from the concerned authority. This is even more important if the building is under construction. The building needs to be built as per the sanctioned plan only or else the completion certificate will not be given.
Scrutinize the Power of Attorney or POA
There are times when the property is sold via a person who holds the right of ownership over the property on the behalf of the actual owner. If any such thing happens in your case, you need to get the POA scrutinized carefully. The POA may be executed through a close person.
Consider the tenure of land
It is important to monitor the tenure of land since the land on leasehold can have shorter tenures of the lease. Under such situation, the owner is required to pay extra ground charges for the renewal of tenure. Then, it might also happen that there is no clause for renewal at all.
No-due or no-objection letter from the society
This is not required as per the fresh rules, but to be on the safe side, you should get a no-objection or no dues letter from the society. If the property is not conveyed by the builder to the society, it is even more essential to get the no objection letter from the builder. It will ensure that the seller has already cleared his dues relating to VAT, service tax, property tax and several other outgoings.
What to do when the seller is an NRI?
You need to investigate if there is any proceeding against the seller under the Income Tax Act, Section 281. If the seller is NRI, TDS will be deductible from the paid consideration, but the situation will be different if the lower deduction certificate is attained from the officer.
Verify the permitted user
It is important to check out whether the property is commercial or residential under the Development Control Regulations. For certain buildings, other factors like road widening set back and heritage rules might apply.
The need for checking the documents
Each and every document relating to the purchase must be in place. The sales document needs to be stamped properly and registered. Original title deed needs to be taken from the seller.
So, by considering the above factors before buying a home, you can make smart purchases.
Getting in touch with a real estate, realtor, a lawyer can also help a lot. To avoid being Cheated by Builder, read up the online reviews on the website.