There can be so many reasons why someone would want to buy property. But no matter what the reason is, when buying property from the best builders in Chennai, there are some documents that you need to check before buying any property.
In fact, properties bought under the Government Housing Schemes India require document verification. Without proper documents, no construction can take place. Hence, buying property without proper legal advice, scrutiny of documents and verification must be avoided at all costs.
In today’s blog, we discuss all the compulsory legal verification processes required before getting a property.
According to legal principles, the first step that a buyer needs is to ensure that the title of the property is ready and available to the seller. A buyer also needs to check the nature of the title and its marketability. Ideally, the seller should be able to convey a clear and marketable title that is free from any kind of encumbrance. This entire process is a part of research about the property and its current ownership. Remember that property related disputes and the discrepancy is dealt with by the Transfer of Property Act and the RERA or Real Estate Regulation and Development Act.
Let’s take a look at the property document checklist
Title documents of the property
Whether you buy property from the best builders in Chennai, or an individual seller, a title document is extremely important. Government order for grant, its succession certificate, sale deed, gift deed, will, partition deed, evidence of transfer of title are all part of the title document of any property.
- The nature of the title should include leasehold, freehold, or development rights.
- In a case where the seller claims development rights to a property, the development agreement, as well as the power of attorney, needs to be executed by the owners and will be in favour of the seller.
- Each title document needs to be stamped and registered at the local office of the jurisdictional sub-registrar of assurances.
- The patta must be registered in the name of the seller
- Documents containing information of any pending or past litigation
- Original title documents must be available with the seller as well.
Verification of the identity of the seller:
It is not enough to verify the property documents when you buy a flat in Ayanambakkam, you also need to verify the identity of the seller of the property. Best builders in Chennai are also liable for undergoing such identity verification to ensure the ability of the seller to convey any property. Let us take a look at some of the examples for a clear understanding:
When buying a property from a seller, verification of the residential status and nationality of the individual is crucial. You must also ask for documents stating consent from the government authorities before purchasing any property.
If the property is jointly owned, the consent of all the owners must be obtained. Many property buyers make the mistake of not obtaining consent from all owners and later face lawsuits filed by non-consenting owners.
Constitution documents of an entity are crucial, no matter whether the seller is a company, trust, partnership firm or society. The constitution documents state the ability of the seller’s legal rights to ownership, and authorisation of the same individual in registering the sale deed of the said property.
Identity verification of the seller also includes checking orders from the competent court that permits the sale of the property in question. A property owner should also check if the property is owned by a minor or a person of unsound mind.
Some documents that can help you to verify the identity of sellers are Aadhaar number, PAN number, income tax return, passport, and salary certificates.
Conversion and permission to use land
As urbanisation continues to increase at a rapid rate, the merging of revenue land with various urban conglomerates continues to increase. Conversion of non-agricultural land is of crucial significance and many states have strict laws that restrict non-agriculturalists from buying any agricultural property. Moreover, every buyer must check the master plan and verify whether the said property is being developed in the respective zones such as residential, commercial, industrial, public or semi-public, open spaces, etc. If there is a change or deviation from the assigned zones, builders and developers must obtain orders from the Town Planning Authority who permits the change in land use.
A buyer must look for properties that have the plan sanctioned by the local municipal authorities. Moreover, approvals from the government, statutory and regulatory authorities must be obtained in order from basic infrastructural facilities like water, electricity, sewage, fire safety approvals, environmental clearance, etc.
Tax payment status
When you are buying a flat for sale in Ayanambakkam, look for property tax documents. If a property owner does not pay property tax, it affects the marketability of the property. Hence, verify with the local municipal authorities that the seller hasn’t defaulted on paying the property taxes.
Surveying the property in-person
Conducting a physical survey of a property before buying it to understand the actual extent and measurement of property is always a good decision. If you are buying land, then look for clear boundaries and ways to access the property. You can easily identify them before confirming the purchase if any other physical attributes are present that might turn out to be a hindrance for you in future.
Buying a property is a long and tedious process that involves careful planning and research. You can take help from real estate agents and lawyers to make the process easier and hassle-free.