New Delhi: With increasing urbanisation and rising income, Real Estate sector is growing rapidly, but at the same time property related frauds are also on the rise. There have been cases when the disputed property was sold to home buyers without disclosing full information. According to the data of the National Crime Records Bureau, in the year 2022, more than 7,000 cases related to land or property disputes were registered in the country. So if you are also planning to buy a home then keep these three things in mind.
Get complete information about the ownership of the property you are buying. Check whether there is any legal dispute on the land on which the society is built. You must also check whether there is any tax due on the property being purchased. Let’s take a closer look at each point.
Get property documents checked by lawyer
Usually, when you apply for a home loan, banks do their due diligence. The lenders check about legal disputes on the property, or if there are dues pending. However, it is not guaranteed to be foolproof. Therefore, you should also get the property documents checked by a lawyer. Documents related to ownership like Sale Deed or Registry, Title Deed, Encumbrance Certificate, Mutation etc should be thoroughly checked and verified.
Title deed
While buying property, two important terms, title document, and encumbrance certificate are often mentioned. Therefore, it is important to understand – Title documents include documents like lease deed, sale deed or registry and title deed which prove ownership of the property. That is, it tells who is its real owner. Title deed informs about the current owner of the property and the previous owners. Whereas the Encumbrance certificate gives information on legal or financial liability like a loan on the property.
RERA registration
If you are buying an under-construction flat from a builder, then check things like RERA registration of the project, building plan and layout approval, and NoC from the local authority. In the case of land i.e. plot, you can check with the local municipal corporation or the concerned authority.
Check unpaid taxes
If you are thinking of resale i.e. buying an old house, then apart from the title document, keep some other things in mind as well. Check on house tax, electricity and water bill pending. If the previous owner has not cleared the bills, then you may have to pay them after purchasing the house.
Before buying an under-construction flat from a builder, check RERA registration of the project, building plan and layout approval and NoC from the local authority. Check documents related to ownership like Title deed. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
