new home checklist

1
?
Home ? Blogs ? Quick checklist for home
buyers Quick Checklist For Home
Buyers In Property Trends
Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD
2

• In our country, India, the considerable
  signi?cance is attached to the ownership of the
  property. While for the rich, it certainly
  connotes the sense of prestige and power, for the
  vast majority of the middle-class population,
  its cherished dream as well as unfortunate lesser
  privileged, it is the luxury beyond the reach.
  While some nations have somewhat simpli?ed the
  process of property buying including the
  authentication of the documents of ownership by
  the government, in the Indian context, the
  process of identifying the property right is
  fraught with various risks, regulatory and legal
  hurdles. The property buyers are at times the
  mercy of the builders or brokers and motivated
  to make the decisions by the promise of the
  exponential returns or the irresistible offers.
  However, the lucrative and tempting prospect may
  appear, it is imperative for the property buyers
  to exercise the cautions as well as appropriate
  legal advice to safeguard the interest before
  property buying.
• Veri?cation of title and ownership of the seller
• It basically is a settled legal principle that
  any person cant convey better title than what
  there is. As the prime step, the property buyer
  should undertake due diligence to ascertain the
  existence of title with the seller, title nature
  and the marketability as well as the ability to
  the property seller to convey clear and the
  marketable title, and free from encumbrance. For
  the period of 30 years, the documents if not
  more, where the documents arent available, for a
  limited period of 12 years, must actually be
  examined and the seller may be called to provide
  following information or documents-
• Title documents of property- government order for
  grant, sale deed, succession certi?cate, will,
  gift deed, partition deed, etc., evidencing the
  transferring of title over years culminating the
  property vests with the seller.
• In the case of seller claiming the development
  rights to property, power of attorney,
  development agreement, executed by owners in the
  favor of the seller
• Title nature- freehold, leasehold or development
  right
• Khata registered in sellers name
• All the title documents being duly stamped as
  well as registered at the o?ce of jurisdictional
  sub-registrar of assurances
• Availability of original documents of title with
  the sellers
• Information on pending or past litigation Verify
  the identity of the seller
• Alike to verifying the property title, the
  property buyer should ascertain the identity of
  the seller as well as any speci?c conditions,
  governing ability of the property seller to
  properly convey.
• The residence statuses as well as the nationality
  of the property seller, in case of the
  individual, as well as consents from authority
  government are required for sale.
• The identi?cation of all the owners, in case of
  properties held jointly.
• Where the seller is the organization, partnership
  form, trust, society, etc., the documents of the
  constitution of the entity are important,
  transfer the property, to con?rm the ability to
  own, besides ascertaining the person executing
  as well as registering the sale deed is duly
  authorized.
• The orders from the competent court, permitting
  the sale of the property as well as

Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD
3
appointing the guardian where the property is
held by minor or the person of unsound mind.
Conversion and land use permissions With the
increasing urbanization and merging the revenue
lands with modern conglomerates, conversion of
the property for non-agricultural use assumes
crucial signi?cance since the various state laws
restrict buying the agricultural property by
on-agriculturists. Secondly, property buyer must
examine the master plan as well as satisfy the
property developed in accordance with zoning
plan like residential, industrial, commercial,
public/semi-public, open spaces, parks, etc.
where the actual use is varied from noti?ed
zoning, obtaining the orders from Town Planning
Authority permitting land change use is
compulsory. Construction Approvals For the
purchase of the land or the apartment with the
constructed building, the property buyer should
also scrutinize the layout plan or building plan
sanctioned by local municipal authorities with
approvals issued by the statutory, government and
the regulatory authorities for giving
infrastructure facilities, sewage, water,
environmental clearance, electricity, ?re safety
approvals, etc. Occupancy certi?cate It is
compulsory for the seller to obtain the occupancy
certi?cate from the competent authority, before
conveying the property. Use property without
obtaining occupancy, exposes buyers to penalty
under applicable building the bye-laws besides
the risk of the demolition of the
property. Check the status of tax
payment Non-payment of the property taxes
constitutes the charge on property that affects
the marketability. Thus, buyers must verify the
municipal authorities that seller hasnt
defaulted on the payment of property
taxes. Encumbrance The searches at jurisdictional
sub-registrar of the assurances where the
documents of property are registered as well as
the available information on the o?cial web
portal of Ministry of Corporate Affairs in case
of property seller being corporate entity will
basically reveal information of the registered
encumbrance on the property. By way of the
caution, the buyers may also issue a public
notice in the newspapers prior to completing
transaction while calling for the interested
party, if there are any. Physical survey and
access to the property The property buyers may
undertake the physical survey and con?rm the
extent as well as the property measurement. In
land case, it is advisable to actually identify
and demarcate boundaries, access to the property
and further ascertain any other physical
attributes that may impede the enjoyment of the
property. Compliance with Real Estate (Regulation
and Development) Act, 2016 Real Estate Regulation
and development Act makes it compulsory that the
developers should register the properties with
authority constituted under this Act. The
property buyer intending to purchase property in
the project coming under the ambit of Real Estate
Regulation and Development is advised to verify
property has been resigned with authority under
Real Estate Regulation and Development. The
information is available on o?cial web portal of
Real Estate
Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD
4
Regulation and Development for each state, giving
details of any cases or the complaints ?led
against developer of property as well as the
default by the property developer if any and thus
giving useful insight into credibility of
developer and project helping the property buyer
make the informed choice. Conclusion While
property buyers, it is better to err on side of
caution. With complete legal advice, veri?cation
of relevant information and scrutiny of documents
pertaining to property, the property buyer can
make sure that investment brings to mind peace
and sense of security.
? ? ? ?
? PREV ARTICLE
Comments
There is 0 comment on "Quick checklist for home
buyers".
Submit A Comment
your comment...
Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD
5
your name... your email...
SEND COMMENT
Related Posts
Interesting Ways To Use Corners Of Your Home On
Feb 27,2018
Home Renovation Myths On Jan 31,2018
Things To Keep In Mind If You Are Transferring
Sale On Mar 12,2018
? ?
Top Rated Recent
Cities To Become Smart With GIS Technology There has been lot of buzz around the... On June 22,2016 8 Reasons You Should Consider Buying Than Renting In the current monetary atmosphere, there is no... On June 10,2016 Cities To Become Smart With GIS Technology There has been lot of buzz around the... On June 22,2016 8 Reasons You Should Consider Buying Than Renting In the current monetary atmosphere, there is no... On June 10,2016
Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD
6
RERA Regulation Bill Brings Cheer In Rajyasabha
Assembly The RERA (Real Estate Regulation
Authority)has certainly brought... On June
22,2016 Coldwell Banker Principled Realty When
we visited Knox Realty o?ce for the... On March
3,2015 Competition For Real Estate Agents In
India By The World's Biggest Brokerage Firm If
you are fed up of continuous calls... On May
3,2015
Categories
? Green Homes 57
? Home-grown News! 2
? News 21
? Newsletter 1
? Property Trends 5
? Realty Affairs 3
Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD
7
Recent Posts
When looking for a home on rent, common dilemma
actually faced by... On
you opt for in a rented Quick checklist for
people looking for Create an Ornamenta garden
with pots NRIs to reshape real estate market
in India Impact of RERA on NRI investors and
Indian Ways how climatic conditions impact The
Quick Checklist For People Looking For Property
In India The real estate market in India has
always been a lucrative one... On
Create An Ornamental Garden With Pots And
Planters Gardens in housing complexes and homes
are no longer just the open... On
NRIs To Reshape Real Estate Market In India There
is an interesting trend that is to be seen in
realty... On
Impact Of RERA On NRI Investors And Indian Realty
Sector Property in Indias real estate market has
certainly seen tougher times since... On
Ways How Climatic Conditions Impact Real Estate
We do hear that there was a time when the city
was... On
The Signi?cance Of Occupancy Certi?cate For Home
Buyers
Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD
8
Quick Contacts
? Phone No. 91 22 6736 4000 ? Email
info_at_coldwellbanker.in
?
Copyright 2017, Coldwell Banker India. All
rights reserved.
Create PDF in your applications with the Pdfcrowd
HTML to PDF API
PDFCROWD