Property In Gurgaon or individual house is not as easy as everyone thinks. It needs a lot of ground work to be done initially, followed by a series of processes to go through. There are several documents involved while buying a house and these documents have to be verified by real estate specialists in order for you not to face any hassle in future.
Making a lot of inquiries from the beginning is how you start looking for a good property in the city. Do not hesitate to do that because you might require a lot of time to be spent. In this article, we will discuss thoroughly the documents and procedures to be followed to grab the best property in town.
Legal Issues/ Title Deeds
To start with, the title deed needs to be checked thoroughly as it shows clearly on whose name the property is. Nevertheless, check if the names are properly spelt both the seller’s and buyer’s. Most of the time, copies are shown to the interested party. But the buyer has to insist that he see the originals. By doing so, one will come to know without doubt if the property is legally fit for commercial use or residential.
The land on which the property is should be clearly checked for legal entanglement. If there is any then, that needs to be sorted out before paying advance money to the seller. This process may need guidance from experts which you should avail. The buyer has to make sure that the property has a clear encumbrance certificate and title. This will make the registration process very simple.
In today’s world, unfortunately, there are many ways of manipulating paperwork
At times, there are circumstances where two people claim title for the same property. This is because of various manipulative methods that are in practice in this industry. To avoid such things from happening, the buyer should contact a real estate expert to get the papers cleared before purchase.
Kind of Property
Before buying a property, the buyer should thoroughly decide if he has to go for a freehold property or lease one. In the former, both the property and the land on which it is built belong to the person. In the latter, the buyer would have the right to live in the property for a specified number of years. The former is a better option.
Measuring the land
This is one important thing that you as a buyer do before buying a property. You need to know the exact measurement of the land because there may be wrong figures entered on the document. So, Make certain that the figure on the document matches the size in reality.
Tax receipt and bills
There are several taxes involved in the process of buying out of which some are very important to be cleared on time. Apart from that, there are things such as electricity bill, water tax etc., to be paid by the seller before transferring the ownership. Failing to check those things will certainly become a responsibility on your part to clear payment. According to expert opinions, there are times when the seller would not have the proper receipts for genuine reasons. In situations like that, the buyer can approach the concerned authority with the survey number of the land and confirm the name and other details of the owner.
This is one of the main things that the buyer has to check before going for a property. This certificate is the only proof that the property is not a mortgaged one. If so, the seller should make sure that it is cleared before passing it to the buyer. The Sub Registrar’s office can be approached for the same.
There are definitely circumstances, when a property owner would pledge documents with a bank, to get loan. But, the buyer has to be very cautious and ask for the release certificate before signing off on any ownership papers.
Since, buying a property involves a great amount of risk, if there is lack of knowledge on procedures, a buyer should not hesitate to contact a lawyer or a real estate expert, for opinions and verification. Do so would definitely eliminate more than 50% of the hassles involved otherwise. Moreover, an encumbered property will undoubtedly pose a threat to the buyer in the long run which you may find very difficult to resolve.
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