Documents Due Diligence to avoid fraud in buying property
In future or present time you have to buy an appartment/flat/property/real estate in Delhi or adjoining area for residing in it. Though, due diligence or checking the fair price of property is important, it is important to prevent yourself from becoming the victim of fraud. Hence, it is very important and essential for you to know about the real estate documents that required to be cross checked before and during the sell purchase transaction, this will help you in safeguarding yourself against cheating. This article will let you enlighten about some of the important points to be checked and cross checked at the time of buying a new home.
Documents to be Check before Buying property:
The property documents are the most important part of any investment in real estate. To avoid fraud it is essential to check the following documents before purchasing any property in Delhi NCR:
Sale Deed: It is a legal document that will act as proof of sale and it must be registered with registrar. prior to the execution of sale deed in your favour, you must execute the sale agreement and check for the compliance of various terms and conditions as agreed. Also check the property under deal must bear clear title.
Mother Deed: Tracing the antecedent ownership of the property under deal right from the beginning or existence. If there is no mother deed available, you must obtain the certified copies of ownership from the registering authorities.
Approval Plan of Your Building: Builder or owner of the appartment must obtain an approval plan from the concerned authorities.
To obtain a building approval plan following documents required:
- Title Deed
- Property Assessment Extract
- Property PID number
- City/Panchayat survey sketch
- Up-to date tax receipt
- Earlier sanction plans
- Drawings of the property
- Demand drafts
- Foundation certificate
- Land use certificate
Conversion Certificate: A large part of land agricultural in nature, a conversion certificate is important to be obtained from the legal body.
Encumbrance Certificate: changes in the ownership on property that has been held against a home loan.
Power of Attorney: The Power of Attorney holder can let-out, mortgage, sell the property on your behalf.
Tax Receipts: These would ensure that the taxes have been paid until the date of sale. Other bills like water and electricity bills are also need to be checked.
Completion Certificate: issued by the municipal authorities stating that building is in compliance with rules and is built according to the approved plans.
Occupancy Certificate:The certificate would certify you that the project is ready for occupancy.
Though, it is important that you check for all the aforementioned documents while buying a new home, it is also essential to have a property lawyer vetting for these documents.
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