There are many things that one should consider before buying a property such as legal considerations and of course the financial aspects.
Read on to learn the sort of legal aspects that you should look at before buying a property.
Getting into legal tangles is not something that many people can handle; cases can be drawn out for years and getting a favourable decision could end up exhausting your resources. It is better to plan ahead, do a thorough legal check and then think about investing in a property. After all, if you going to invest lakhs of money, is it not better to sweat a little before hand, ensure that everything is in order rather than breaking your head once you land in trouble?
There are quite a few things that you should be considering while buying a property such as the Khatha certificate issued for the land. An ‘A’ Khatha is issued for properties that don’t have deviations and this is the first thing that you should look for. Another thing to look at is the tax receipts to ensure that property taxes have been paid and they are in order. This will also serve to tell you the name of the owner.
Yet another thing that you must insist upon is the Encumbrance Certificate popularly called the EC. This will clearly identify to whom the property belongs as per Government records. Once all this is done, get a lawyer to go through the sale deed and original title deed. There should be no discrepancies and in case of any litigation, make sure that the current owner is in the clear. Also, go through the entire litigation history and understand what has transpired. This will help you decide whether the property is worth buying.
If you wish to buy a flat, you should also look for the no objection issued by various authorities in the Government – BDA, BBMP, Fire Department, Police Department, Environment and Pollution Control, Forest, BWSSB, KEB and so on. There will be about 10-13 NOCs that need to be obtained depending on the flat in question. Get a lawyer to go through these as well and ensure that all the approvals are there in order and only then invest in the property.
Investing in a property is no simple thing and the legal clearances and papers need to be in order before you think of buying the property!
NBR Developers has an excellent track record for clear titles and the builder enjoys a repeat customer base. Most of the customers come back for investing as there are no legal issues or tangles in the properties developed by these builders.