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New Delhi. If you are going to buy a property then it is very important that you do a thorough investigation of it. It is also important to check the ownership rights and documents of the property. Today we will tell you what things customers should keep in mind while buying a flat, floor, house or land. Before making any deal, it is important to know about many things. Otherwise you may get cheated. Actually, the things you should pay attention to while buying a new property include the location, different types of documents, information about the seller, any kind of dispute on the property, etc. You can take legal advice for this work.
As far as scrutiny of documents is concerned, you will have to pay special attention to it. Which documents are required to be checked? Whatever project you are buying a flat or house in, it should be registered with RERA. It is a real estate law, passed by the Indian Parliament. Its objective is to protect the interests of the general public in the real estate sector and protect them from fraud.
1. It is very important to verify the title and ownership of the seller before purchasing a property.
2. Channel Document: It is very important to check the channel document also. Channel document means X sold to Y, Y sold to Z. During this period, everyone has a say in whatever deal is made. That means who got it from where and where, it should also be mentioned.
3. Encumbrance Certificate: This certificate tells you that there is no mortgage, bank loan or any taxes outstanding on the property you are purchasing. Apart from this, information about whether there is any penalty or not is also available. Apart from this, you can collect information by going to the registrar office and filling form number 22.
4. Occupancy Certificate: Occupancy certificate is an important document which needs to be obtained from the builder. If he does not give then the buyers have the right to take legal action against the developer.
5. Possession Letter: The developer issues a possession letter in favor of the buyer, mentioning the date of possession of the property. It is necessary to submit the original copy of this document to avail the home loan. Unless OC is obtained, mere possession letter cannot be considered sufficient for possession of the property.
6. Mortgage: A mortgage is a type of loan that a borrower uses to purchase or maintain a home or other type of real estate. Also agree to pay it over time. The property acts as collateral to secure the loan.
7. Check Tax Payment Status: Non-payment of property tax is a tax imposed on the property, which affects its market value. Therefore, the buyer should visit the local municipal authority and check if the seller has made any default in property tax.