Investing money in buying a home requires financial commitments, a legal process, and clear documentation. Despite the pandemic and inflation, the real estate sector has seen consistent growth and resilience. This shows that potential homebuyers will invest in properties and markets.
Consequently, real estate developers, investors, and financial institutions are optimistic about the growth of the sector. And hence, it becomes necessary for a home buyer to understand the process of registering a property.
In India, section 17 of the Registration Act 1908 accounts Registration of property. The objective is to make sure the transaction in question has all the correct information and that legal records of the same are maintained. If you’ve found a house and wish to buy one, you have to check the following things.
Before buying any property, it is necessary to check the history of the land. You can connect with a lawyer who will help you get the sales deed and property tax receipts of the land. You can also access the last 30 years’ details of the property. Check the authenticity of documents provided by the seller or broker. Check the credibility of the developer or seller in the market.
The second step for a homebuyer is to publish in the local newspaper about the property. This will help you to fetch any disputes related to the property. Sometimes, sellers or brokers present ambiguous documents to hide disputes. You can add your email Id so that any person can connect with you in case of a property dispute.
A common element in property cases is the Power of Attorney. The power of attorney is written authorisation to represent or act on another person’s behalf in private affairs, business, or some other legal matters. Many frauds in the real estate sector unfold because of this element hence it is important to verify the documents. You can take assistance from an advocate.
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Always ask for Non-Objection Certificate. This will state this property is not under any other developer or builder. Usually, the seller shows confidence so that the NOC clause is surpassed. Ask for the tax receipts of the property. This way the land will be a legally registered property in the government documentation.
Sometimes, the involvement of a bank is necessary. Whenever you take a loan for a property. Bank will ask for the documents. The loan will only be passed when the documents are clean and straightforward. If the loan is rejected then fortunately you are saved from fraud.
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