Undoubtedly, when you make a capital intensive investment like buying a house, you need to be well-informed. To put in simple words, if you fail the investment can go wrong. Most importantly, it is important to comb through the legal documents before signing on any deal. Furthermore, proper legal advice, examination of documents and verification of information pertaining to the property will ensure right buying a house. With this in mind, we have created a choosing a house checklist. Briefly, this can make the process easier for you.
Definitely, buying a house is a big step. In particular, it is a big investment. To put in simple words, this blog is an attempt to compile some home-buying tips that will help you pick the right home this coming year. Hey! Planning to buy a home anytime soon? Let me give you some helpful advice.
Choosing A House Checklist: To Decide if a Home is Right for You
1. Verification of Title and Ownership of the Seller
- Firstly, the Title documents of the property. Most importantly, one needs to check Government order for grant, succession certificate, sale deed, gift deed, will, partition. Besides other documents that provide evidence of the transfer of title to the seller.
- Without a doubt, nature of title if it is Leasehold, freehold, or with development right.
- Definitely, you need to check the Development agreement and power of attorney. In particular, if issued by the owner in favour of the seller in case there is a claim of property development.
- Furthermore, check stamped and registered title documents at the office of the jurisdictional sub-registrar of assurances.
- Subsequently, check if Khata registered in the name of the seller.
- Importantly, check if information on pending or past litigation.
- Specifically, check the availability of original title documents with the seller.
2. Verification of the seller’s Identity
- Infact, residence status and nationality of the seller if consent from government authorities is required for the sale.
- Most importantly, identification of all owners, in case of jointly held properties.
- Most importantly, the constitution documents of the entity are necessary. This is if the seller is a company, trust or firm. Undeniably, this is to confirm its ability to own and transfer the property. Besides it is important to validate if the seller has the authority to do so.
- Indeed, orders from the competent court. This particularly, means permission to sale the property. Furthermore, appointing a proper guardian, where the property is held by a minor or person of unsound mind.
3. Choosing A House Checklist: Conversion and land use permissions
- In particular, the buyer must examine the Master Plan. Subsequently, should satisfy that the property is developed in accordance with the zoning plan. To mention a few residential, commercial, industrial, public or semi-public, parks and open spaces and more.
- Confirm where actual use is different from the notified zoning
4.Construction Approvals
- Of course, scrutinise the building or the layout plan
- Another point is, check for approvals issued by government, statutory and regulatory authorities. This is definitely, for providing infrastructure facilities, water, sewage, electricity, environmental clearance, fire safety approval
5.Occupancy Certificate
- Most importantly, check for the occupancy certificate before acquiring the property
- Furthermore, use of the property, without obtaining occupancy, exposes the buyer to penalty under the applicable building bye-laws
- In short, there is also a risk of demolition when it is acquired without the occupancy certificate
6. Choosing A House Checklist: Status of Property Taxes
- Definitely, verify with the municipal authorities that the seller has not defaulted on payment of property taxes
- Furthermore, ask for the receipts of all utility bills from the seller
- Indeed, you will be liable to pay all pending dues against the property once the property is transferred in your name
7. Registered Encumbrance
- Above all, search at the jurisdictional sub-registrar office or the official web portal of the Ministry of Corporate Affairs. This is important (if the seller is a company) to reveal information of any registered encumbrance on the property
- Besides, the purchaser may also issue public notice in newspapers. This is in particular, prior to completing the transaction, calling for claims from interested third parties, if any.
8. Physical Survey with Access to the Property
- In particular, buyers need to undertake a physical survey. He can furthermore, confirm the extent and measurement of the property.
- In the case of land, it is better to identify and mark out the boundaries.
Undeniably, tips and things to look out for when viewing a house helps you to grab the best deal.
In conclusion
To wrap up, make sure that the property is compliant under the Real Estate (Regulation and Development) Act, 2016 (RERA). Most importantly, shopping for a new home can be exciting. Subsequently, a little serenity will go a long way and make your purchase a place of safety instead of a pain. In addition, organize your requirements, understand your needs and invest. To put in simple words, check the property carefully before you buy
I feel, I could help you with a home buying checklist. In particular, things to consider before investing. However, consult a lawyer before finalizing a deal.
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