An investment in real estate involves several steps. When making such a major investment, one must consider several factors. The legal verification of property documents is a crucial step in the process that requires extreme caution. Even a slight mistake can prove detrimental to the investor’s financial health. This is the reason why people seek legal assistance for property document verification.
In most cases, lawyers charge substantial fees based on the severity of the matter. The information provided here should be helpful to avoid this additional expense.
Read on to find out how to verify property documents before buying without the help of a lawyer.
Importance of Property Documents Verification
Checking property paperwork is essential for confirming ownership and title. The buyer’s responsibility is to verify that the seller owns the property legally and has the right to sell it. One should check these particulars to mitigate the consequences of fictitious transactions, including financial loss and legal difficulties.
Documents Required for Property Legal Verification
Here are the documents to be verified before buying land or any property without engaging a lawyer.
Know the Customer
Despite finding the right construction that fits one’s needs and budget, the deal will not work out if the seller is unreliable. Thus, while examining the property, one must also try to find out about the seller. Request a copy of their PAN card, identity proof, and address. Genuine sellers would not hesitate to share these documents.
One can assess a builder’s credibility online if one deals with a prominent builder. Look for the builder’s RERA registration. The Real Estate Regulatory Act (RERA) safeguards buyers, improves accountability, and completely overhauls the home-buying process. The RERA enhances the builder’s credibility and ensures the rules are followed while developing the property.
Title Documents
One should ask for all the title documents from the seller. The title must be clearly stated. Any previous transaction papers and land document verification can be obtained from the seller. This document establishes property ownership. Also, advocates often issue title certificates that disclose crucial information like the nature of the promoter’s title, the property obligations and sale permission, and other information. The buyer can also place an ad in a local newspaper stating their intention to purchase the property.
Encumbrance Certificate
When an encumbrance certificate is issued, it confirms that a property is free from mortgage or debt. The document will reflect if the seller or the previous owner has defaulted on any loan. It will also show if the loan is still being cleared.
Ensure there are no tax dues on the property before closing the deal. The latest property tax bill and receipt must be requested from the seller.
Sales Deed
A sales deed documents the transfer of ownership. It contains the buyer’s and seller’s information. Various details are included in this document, including the construction details, the address of the given property, and the sale amount. The investor should strictly scrutinise and verify the sales deed. It is necessary to pay the requisite stamp duty and register the sale deed before the office of the Sub-Registrar.
Power of Attorney
The purpose of this land document verification is to determine if the property is being sold by someone authorised to do so on behalf of the property owner. This may not be applicable in cases where the owner himself is selling the property.
Approved Plan
This document shows if the construction is in accordance with the plans approved by the Competent Authority. It will help prevent later questions or fines from the municipal corporation.
To Conclude
Checking property documents without a lawyer is not very difficult. It begins by gathering and verifying all the necessary documents, such as sales deeds, title documents, power of attorney, and approved plans. It is possible to verify the legal status of a property on some websites by following a few simple steps.
The document verification becomes even smoother for investors if they choose premium properties developed by eminent builders like Piramal Realty. Piramal Realty is a renowned luxury property developer that assures its customers of safe legal compliance. It makes homebuyers and investors confidently choose the premium Piramal properties.
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
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