It is quite a feat in today’s residential real estate market to find a property that is completely legally verified. The rapid growth of the real estate sector has also seen an increase in the number of land disputes. Fights over ownership of property are commonplace today.
This is why it is imperative to check that all legal formalities have been fulfilled before you invest in property. Here are some points to help you legally verify your property:
Paperwork – Check the title papers of the property thoroughly. There should be a clear title with no legal disputes. In the case of a newly developed property, the builder must have the title of the land. When investing in resale property, it is wise to get the papers checked by a professional before investing.
Encumbrance Certificate – This certificate affirms that a property is free of any mortgage or outstanding loan. The encumbrance certificate is a vital document when buying a resale property. The document certifies that the previous owner has cleared all payments, and there are no dues pending on the property.
Bank Approvals – Before approving home loans, banks do a thorough check of properties to make sure they are legally verified. If you are applying for a loan to buy property, you can rest assured that the bank has verified the same. However, it is important to check the clauses of the loan agreement carefully.
Property Tax – When buying a resale property, you can ask the seller for the receipts of property tax paid. This will ensure that there are no pending dues owed to the local authorities. It will also ensure that the property you are buying is legal.
Registered Society – Every residential project should have a registered society. This is a legal body and is an indicator of the legality of your property.
Tata Carnatica prelaunch residential township at Devanahalli, North Bangalore.