Purchasing a house is an important milestone in everyone’s life. You might decide to buy after looking at umpteen properties or make your decision after visiting a Great Property Sale; it is a decision which will change your life one way or the other. When buying a property, you sometimes get so attracted to it that you want to block the property as soon as possible, but there are certain things about the property that you should check before finalizing says experts are www.realtor.com.
Once you have liked a property, the first thing you need ask for all the legal documents about the property. The list is as below
This document proves that the property belongs to the builder, verifying this is important as the developer should not be building if the title does not belong to the developer and there can be legal issues if the rightful owner stakes a claim on this property.
This is not applicable for a new property, but if you are buying a home or land on resale then this document proves that all the loan dues are repaid.
This document has to be verified to know if the land does not have any legal dues.
Make sure you get approval certificates from local corporations and development organizations for the layout your property is located.
Property tax bills:
If buying on resale ask for property tax receipts of previous years from the seller to ensure there are no dues.
Ensure that your building plan is approved by civic bodies in your city and is being built in a land-use area.
This document is needed to prove that the property has complied with all the regulations and has all the permissions required for building the property.
Finance from Banks:
There are a lot of real estate projects which are on hold due to lack of funds, and there are many projects which have too many unsold flats\apartments. As a result of this, not all projects get bank loan approvals. As soon as you have verified all the property papers, the next thing is to find out the list of banks which are offering loans and that too at the lowest possible rates.
The reputation of the builder:
It is advised to research on the reputation of the developer before buying property. You should find how many projects were executed earlier and all about the ongoing projects and what stage they are in currently. Queries can be posted on forums for real estates, check the builder’s website or speak to people who are staying in the properties already built by the developer. Search online you will find a lot of information on the builder and the projects.
Verify the plan:
The building plan mentioned in brochures and what is being built in reality can be different. Before booking the property, visit the site and check if it is made according to the plan. Also look around for the neighborhood, speak to people in that area to know if there is any legal issues or any other matters related to the builder or the property.