This is the best way to keep yourself safe.
Buying a house is a big step in life, but this is where many people make mistakes because they do not look at the necessary documents properly. Property related frauds and disputes are common in India. The best way to keep yourself safe. Checking all documents thoroughly before signing or paying money.
1. Start with the title deed
Title deed is the document that proves who is the real owner of the property. Always ask to see the original copy. Make sure that the seller’s name matches the government records and that he has full title to the property. That means there is no dispute or mortgage on it.
2. View Encumbrance Certificate
This certificate states that there is no outstanding loan or legal dues on the property. This certificate is obtained from the sub-registrar office and usually gives information for the last 15 to 30 years. If there is any bank loan outstanding on the property, it will be reflected in the certificate, so that you know that the seller is not passing on any responsibility to you.
Also read- How ready is your pocket to buy a house? check like this
3. Check plans and approvals
If you are buying a house in an apartment or house project, then definitely check whether the builder has got approval from the Local Development Authority or Municipal Corporation. Ask for the approved map of the building and see whether what is being built is as per the plan or not. Due to wrong or illegal construction, fine or demolition notice may also come later.
4. Check Taxes and Bills
Check whether there are any outstanding property tax or electricity and water bills. Take fresh tax receipts from the seller and ensure that there is no outstanding payment. This also shows that the property is properly registered with the local body.
5. Don’t forget RERA registration
If the project is under construction, check whether the builder has registered the project with RERA (RERA Real Estate Regulatory Authority) or not. Every state has its own RERA website where you can enter and check the project information. RERA registration increases transparency and provides legal protection to buyers.
6. Why is the help of a lawyer necessary?
It may seem a bit expensive, but getting the documents scrutinized by a property lawyer can save lakhs in the future. Lawyers can spot things that are often missed and ensure that your agreement and sale deed are legally sound.