When you buy property,you often fear about fraud and may lose your hard earned money when doing property transaction.Read these tips to relieve from fear related to property transaction.
1. Check for title-before buying property check for the title of the property at registration office, you can also check the land use from the revenue office.A clear title is a prerequisite for initiating the transfer of property.
2. Check for law suit- A disputed property cannot be transferred as it is affected by the doctrine of lis pendence. So always check the court where the immovable property is situated for any kind of dispute.
3. Contract or agreement- when buying property from builder always abide with the terms of contract,if property is affected by above two, do not enter into contract.There would be double jeopardy when a property does not have a clear title and you not abiding the contract as these contract may not be specifically enforced.
4.check the possession status of property, if tenants are already there check their tenancy agreement.Always take possession by giving advance payment and then pay full during registration.Do take possession when tenants have terminated their agreement.
5.Architectural plan approvals-Always check for building approvals.check the local municipal office for building approvals.
6. Check for environmental clearances if necessary.
7. Other objections like Archaeological department, government notifications etc.
Take the following steps and transfer the property with ease.