What Documents Should We Check Before Buying Any Property?
- lead India
- May 15, 2023
- 3 min read
If you are looking for a property and intend to purchase any property, you have already won a significant battle in life. Different people purchase properties for various reasons, and these motives typically have a significant impact on the shortlisting procedure.
But before you make your final choice, you must look at some crucial considerations you should take into account when choosing the ideal property, something that will enable you to make reasonable and logical decisions.
Required Documents to Check before Buying any Property
It is crucial to verify many documents before purchasing any property to make sure the seller is the legal owner and that there aren't any defaults or other issues affecting the property. Before purchasing any property in India, it is important to check some important documents, including-
Title Deed- It is the most important document as it establishes the ownership of the property. It is essential to verify that the title deed is in the name of the seller and that there are no encumbrances or legal disputes related to the property.
Sale Deed- It is a legal document which helps in transferring the property ownership from seller to the buyer. It contains details of the property, the parties involved, the consideration paid, and other relevant terms and conditions.
Encumbrance Certificate- It is a document that shows that the property is free from any legal or financial liabilities such as mortgages, loans, or liens. It is important to check that the encumbrance certificate is up-to-date and covers the entire period during which the seller owned the property.
Building Plan Approval- If the property is a constructed property, it is important to check that the building plan has been approved by the local authorities. This ensures that the construction is legal and in compliance with building regulations.
Tax Receipts- It is important to check that the property taxes and other dues related to the property have been paid up to date. This ensures that there are no outstanding dues or liabilities related to the property.
No Objection Certificate- If the property is in a cooperative society or apartment complex, it is important to check that the society or the builder has obtained a No Objection Certificate (NOC) from the concerned authorities. This ensures that the property has been built in compliance with local regulations and that there are no legal disputes related to the property.
Power of Attorney- If the seller is selling the property on behalf of someone else, it is important to check that the seller has a valid power of attorney to sell the property.
Role of Lawyers
The lawyers help in-
Verification of Title- One of the most important roles of a lawyer is to verify the title of the property you intend to buy. A lawyer can verify that the seller has legal ownership of the property, check for any encumbrances or legal disputes related to the property, and ensure that the property is free from any liabilities.
Drafting and Reviewing Contracts- A lawyer can help you draft and review contracts related to the property purchase, such as the sale agreement and the deed of conveyance. They can ensure that the terms and conditions of the contract are fair and legally binding, and advise you on any potential risks or legal implications.
Regulatory Compliance- A lawyer can help you ensure that the property purchase is in compliance with all relevant laws and regulations. This includes verifying that the property has all necessary approvals and permits from local authorities and that the sale of the property complies with applicable tax laws.
Due Diligence- A lawyer can conduct thorough due diligence of the property, which may include physical inspection of the property, verification of ownership and title, and assessment of any legal or financial risks associated with the property.
Resolution of Disputes- In case of any legal disputes related to the property, a lawyer can help you navigate the legal system and represent you in court or arbitration proceedings.
You will need the help of lawyers during the time of buying any property. If you need the assistance of lawyers to verify all the property documents before buying in Bangalore, then Lawyers in Bangalore can be hired.
If you need the assistance of lawyers to verify all the property documents before buying in Kolkata, then Lawyers in Kolkata can be hired. Similarly, Lawyers in Delhi can be employed if you need the assistance of lawyers to verify all the property documents before buying in Delhi.
At Lead India, you can consult and talk to lawyers for advice there. You can get free legal advice online as well as ask a legal question online for free to lawyers at Lead India.
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