HOW TO BUY A CLEAN PROPERTY
Basic Classifications of property is based on its use. This is namely:
- Agricultural Property
- Residential Property
- Industrial Property
Buying property has different aspects as per the requirements of the buyer. For some it’s a dream to build a house or buy land for agriculture purpose or so on. For few its pure business, but in any condition the buyer’s first question before buying any property is “How to buy a clean property?” For this buyer must be aware of the legal and technical issues related to the property which he is planning to buy. Before going on Legal issue there are few basic guidelines for a buyer:
- Firstly, there should be a proper plan for which purpose the property is required. For ex: Purpose is investment or etc.
- Secondly, Must see the appropriate location according to hid requirement.
- Thirdly, Prepare question which needs to be asked from seller.
- Fourthly, Must check about sewage, water, road and electricity as per the requirement of property.
- Fifthly, Speculation related to its use or change in price in future.
After these basic information related to the property. If we need to take preventive measures related to legal matter related to the property, we can consult the appropriate lawyer to save own self from any kind of fraud. This is related to the due diligence, rights of owner of property and use of property after purchase. The requisites are namely:
1. Title change in 30years:
To buy a property, the investigation is carried out broadly to ensure that the property is indeed in the name of the person selling it. He must possess the certificate of title. In case of ancestral property all members should be consenting parties of deed. To make sure that there are no loop holes in the title deed get it reviewed by the expert lawyer. Real Estate transactions are public order, which includes value, sales, history and ownership, for this one can visit the website, open the most recent dated sale deed.
2. Property tax and other taxes:
Document and receipts related to taxes must be checked to know that all dues and taxes are paid. For more information related to taxes buyer can visit NETR online Real Estate Information of concern country. Apart from this Income tax clearance certificate must be obtained under sec 203A of income tax act.
3. Liens and Encumbrance:
Buyer must aware of any existing encumbrances and liens. Buyer can ask for encumbrance certificate, which is a legal document issued by the registering authority. Some transactions are not registered for them buyer needs to publish notice in at least two local Newspapers regarding any objection, which will be entertained with in the 15 days by the lawyer of buyer in prescribed manner. In case of existence of any liens they should be cleared by the seller before selling the property. For ex: any kind of mortgage, pawn.
4. Valid Sanction Plan:
In case of building a house or flats, building plan is required, builder or owner should take prior sanction for building floors or etc. Surveyor can be appointed for making or cross check the building plan. It covers every little detail regarding the measurement of the property.
5. Completion Certificate:
A completion certificate is a very important document. When a buyer purchases a property he should obtain a copy of completion certificate from the builder or seller in case of building. It is obtained from municipal authorities by the builder after completion of a building. It’s of two types temporary or permanent. Permanent completion certificate is the proof that building is constructed according to the norms provided in Building act 1984. A buyer must not take possession without completion certificate, as it may lead to legal problem in future.
6. NOC from Municipal Corporation:
In some specific cases of property NOC is required from the concern authority or Municipal Corporation. So, it should be acquired in time given as per the guidelines. NOC certificate can be obtained from the public utility service like electricity utility, water and sanitation utility.
7. Environmental Restrictions:
The buyer must be aware of environmental restrictions if there is any.
For ex: SC has given guideline about use of land water according to places in Delhi.
8. Easement Rights:
While doing research about the legal aspects related to the property. Easement rights must be checked of either neighbor or owner. Buyer needs to take permits from various civic authorities and neighbors as they too are going to get impacted. For ex: Right to way or light.
It’s necessary to check that the property is not attached to any kind of litigation or any other dispute, by the way of online and off line search. Apart from this buyer should obtain Guarantee from the present owner about the non- litigation for future purpose.
Online search also includes the search of various updates related to the rule and regulations related to property by the concern authority. For ex:
- 1. The Greater Noida Authority on July 14, has blacklisted 14 contractors who have abandoned construction work being carried out for residential units in city.
- 2. In a landmark Judgment, A three-judge bench presided over by Justice R.V RAVEENDRAN Suraj Lamp & Industries Pvt. Ltd. v. State of Haryana & Anr.said that property can be lawfully transferred only through registered sale deeds.
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