Disputes regarding a property that you have invested in can be financially and emotionally draining. As recently as in 2016, family and property related litigations amounted for 76% of cases in India’s judiciary. To ensure you don’t add to the statistics, knowing what to watch out for will go a long way in curtailing the risk of any financial loss. This makes carrying out a thorough check of the property you are going to buy a must-do.
Here are 5 things you should look into.
1. Title of the property
This tells you who has rights to the property. Ensuring that the seller/builder is legally clear to sell to the property is vital to avoiding problems like third party claims, issues pertaining to legal heirs, gift of property and the like. To lessen doubt regarding the title of the property, you should do a thorough the title documents of at least the past 30 years. You can hire a title investigator to do so. Examples of the documents you should consider are those pertaining to property transfer, revenue records, lease agreements, and court judgments. You can also check bank approvals as banks won’t grant any assistance if the property isn’t legally clear.
2. Property inheritance
Property is inherited when it is received through a will, through succession, as a family heir or through other means. You need to be absolutely sure that the inherited property you are buying has been inherited lawfully and there is no doubt about whether the owner took possession legally or otherwise. Cases of fraud are rampant and if you do not diligently check proofs of inheritance, succession certificates and letters of administration, you may find yourself embroiled in a legal dispute.
3. Builder fraud
Unfortunately, certain builders are known to cheat you into buying properties that will never be completed by showing fake construction plans and documents. You may even be deceived with regards to the amenities and services that are going to be provided. To avoid this, people prefer to opt for ready apartments. However, if for financial reasons you need to invest in an under-construction property, buy from a reputed builder and get legal help to vet all documents before making any payment or signing anywhere.
4. Property plans
Before buying the property do a thorough comparison of the built-up area and floor plans with the government approved sanctions. Similarly, check for all approvals and licenses that have been granted by the local municipal council.
5. Delay in possession
There are many cases of delay in possession. A range of excuses can be given to you from awaiting necessary NOCs to there being disputes over the property title. Financially this can be disruptive as you have to pay rent on your current property for a longer time. You might also have to pay EMIs for the home loan that you have taken to buy this new property simultaneously. To avoid this outcome enquire about permission certificates and construction timelines. Buying property from a reputed builder also reduces the probability of the latter running out of funds midway.
So whether you plan to invest in a 2BHK apartment at Kalpataru Paramount in Thane or want to buy a flat in a project that includes shopping malls within the premises like JP Infra North at Mira Road, checking all ownership and builder-related details is essential. To make financing your new property easier and to get help with the legalities, you can make the most of Home Loans by Bajaj Housing Finance Limited.
Here you can enjoy help with searching for the right apartment, guidance on legal and technical aspects of buying a home, as well as in-person assistance for site visits. With home loans of up to Rs.3.5 crore, a flexible repayment tenor and minimal onboarding documentation, this is a convenient and comprehensive home financing solution. With a customised deal on housing finance and instant approval, you can buy your dream property without any stress.