Discovering a property that is free from all kinds of legal issues is an accomplishment. With the significant growth in the real estate sector, the quantity of disputes over lands has also risen. After many delays, fights across land owner ships have a superior reason. Here is a DIY checklist to know whether the properties you are shortlisting are worth investing in.
• Title Papers: A property should have a different title without any hassle. If you are buying a unique property the title of the land should be in the name of the company that has been constructed. If you are buying the resale one then read the papers carefully and visit the property with your lawyer to verify the papers.
• Encumbrance Certificate: This a certificate that indicates a property is independent of any contract or mortgage. This is a really essential document if buying a resale property to identify the former owner of the property and know whether all dues have been cleared or not.
• Tally the approved Plan with Actual Site: Buying a home in South Shore, make certain to see the copy of the approved map from the builder which is passed by the local authority. This may help you to give a fair idea about the area and construction.
• Project a Registered Society: Each apartment should have a recorded or registered society along with a resident welfare association. It is itself a legal process and also gives an idea about the validity and legality of the project and property you are buying.
• Look for Property Tax Slips: If you are buying a resale property in South Shore Real Estate, ask for the property tax slips from the previous owner.This will provide you an acumen on the two factors that the area is regularized and property is registered with no dues.
• The Query for Bank Approvals: If you are getting your home financed from the bank, half of the work for investigating is done. Before approving the loan, the bank evaluates the property. Numerous banks offer on-site offers which obviously indicates that the property is legally verified and has all approvals.
• Occupancy Certificate: Be sure that the building is meeting all the required norms and inspection is performed by the authorities. This certifies that the project is ready for occupancy.
• Completion Certificate: This certificate by the authorities of the state that the building complies with the rules and built according to approved plans.
