Mind Your Savings

Home
Financial Articles
Financial Articles Details

Update Date : 31-Dec-2022

Created Date : 31-Dec-2022

Category : Home Loan E-Book (Promotional_New)

Avoid buying any property without verifying these documents

Buying and selling of immovable properties are quite complex as it involves numerous clauses & technical jargons that a common man especially from a non-technical background may find difficult to comprehend.

One critical aspect if overlooked or ignored can drag your new property into litigation and wipe out years of your hard saved money.

Hence, evaluating all of its legal and technical aspects before buying it is very critical.

If you don’t quite understand it, you must consider hiring a professional who has hands on such transactions.

He should be competent enough to find out the irregularities and gaps involved and can help you buy a good property that is legally and technically sound.

It is important because a minor slip up over any of its critical aspects can prove fatal and may cost you the savings of your lifetime.

If things don’t work out, you may even have to sell it at a deep discount should you ever plan to dispose it off.

Hence, buying a property that has strong paperwork, has a clear title and is free from all encumbrances is of paramount importance.

Be extra vigilant, where multiple chain agreements are involved.

Hence, once you finalize any property, you must consider performing thorough due diligence in the following manner. It can save you a lot of trouble in the future.

• Ensure the chain agreements do not have any of their pages missing.

• Ensure all of the utility bills like the electricity bill, the gas bill etc. are fully paid till date.

• Ensure there are no pending dues towards the maintenance or any other society related charges.

• Ensure all of the chain agreements are registered.

• Ensure all of the chain agreements are available.

• Ensure the availability of registration and stamp duty receipts of all of the chain agreements.

• Ensure the availability of Index 2 of all of the chain agreements.

• The sale agreement should be signed and executed by all owners.

• Obtain NOC from the competent authority (society or builder as the case may be).

• Obtain ROC to ensure the builder has cleared the loan on the said property.

• Ensure that the property is RERA compliant and the latest RERA certificate is in place.

• And more…