In the current market, you can’t trust real estate listings blindly because there is a huge number of cases in which the buyer had become a victim of fraudulent and they are in court. Our courts are overburdened with the cases and primarily with the subject line of ‘’property”.
Why Property Verification is Important?
No one can deny the fact that the civil courts in India are burdened with litigations where the almost major subject matter is the “property”. Among those halves, the matter falls into the category where the buyer has filed the suit due to his failure to scrutinize the title of the property properly at the time of its purchase. A first-time buyer or an experienced buyer – whomever he may be, a good amount of base work has to be done before purchasing a property whereupon the buyer needs to inquire and verify all the documents. Before hastening to the Sub-Registrar office for the tenacity of registering, the prudent buyers are required to verify the title of the property which can easily be done with the help of the Attorney. So it’s mandatory to go for property check.
BE A HEEDFUL REAL ESTATE INVESTOR
Once you have decided to invest your hard-earned money in a long-term investment such as property, you must also ensure that you do the same with an eagle eye. Purchasing of immovable property for your future needs must not be turning into a disaster and put you in hectic situations at a later point in time. The buyer should always ensure that there is monetary triumph though he makes fast and furious decision to purchase the property immediately.
Twelve Documents For A Property Check Before Buying It
A Sale Attainment is the core legal document that acts as evidence of the sale and transfer of ownership of the property from the seller to the buyer while property verification.
Mother Attainment, also known as the parent document, is an important legal document that traces the original owner of the property from the start, if the property has had various owners.
A Commencement Certificate is a legal document issued by the local authorities (DDA/DMP & alike) after the inspection of the site.
CONVERSION CERTIFICATE (Agricultural to Non-Agricultural Land)
An immense amount of land being agricultural in nature in Delhi, a Conversion Certificate is mandatory to be obtained from the legal body for the property. A Conversion Certificate is issued to change the use of the land from agricultural to non-agricultural purposes from the proficient revenue authority.
BUILDING APPROVAL PLAN
A building plan is sanctioned by the DDA (Delhi Development Authority) or DMP (Delhi Mahanagar Palika) or DMRDA (Delhi Metropolitan Region Development Authority).
Or DIAPPA (Delhi International Airport Area Planning Authority) without which the construction of the building is illegal under the Delhi Municipal Corporations (DMC) Act.
LATEST TAX PAID RECEIPT
Receipts for property tax bills ensure that the taxes for the property are paid up to date to the government. For properties falling under the DMP jurisdiction, it is mandatory for the property taxes to be paid up to date so a buyer could get an Account issued in his name.
The completion certificate will be issued by the municipal authorities signifying that the building is in compliance with their rules in terms of height, distance from the road, and is constructed as per the approved plans. This document is important at the time of purchasing a property or seeking a home loan.
When a builder applies for the occupancy Certificate, an inspection is carried out by the authorities to ensure that the construction meets all the specified standards. The occupancy certificate is obtained after the completion of the construction.
ACCOUNT CERTIFICATE AND ACCOUNT EXTRACT
It’s the account of a person owning a property. It typically consists of Account Certificate and Account Extract. An Account Certificate is mandatorily required for the registration of a new property and the transfer of a property. Account Extract is nothing but obtaining the property details from the assessment registrar.
POWER OF ATTORNEY (POA)
The power of attorney is a legal procedure used to give authority to another person by the property owner on his/her behalf. One can give a Special Power of Attorney or a General Power of Attorney to transfer one’s rights over one’s property.
The encumbrance certificate means charges in the ownership or liabilities created on a property that is held against a home loan as security. An EC consists of all the registered transactions done on the property during the period for which the EC is required.
BETTERMENT CHARGES RECEIPT
Betterment charges are also known as improvement fees/development charges that are to be paid to the DMP before an Account can be issued. The developers are permitted to pay a fixed amount as betterment charges to the municipal body. The receipt of the betterment charges should be obtained at the time of property buying.