Investing in a property can be intimidating. If you are planning to purchase a property it is very important to understand the basics of real estate and navigate your way into the world of real estate. From taxation, legal formalities, certifications to value of the property, taking care of the required checks can put you into a better position to own a property. While it is recommended to take the help of the expert, there are certain parameters that are to be taken into consideration before locking the deal.
Title deed
Title deed is the document that gives you the right and ownership of the property. Identify the nature of the title leasehold or freehold. Ensure all the required documents are stamped and duly registered.
Approvals and Certifications
Ensure the builder has the required approvals for construction of the property like RERA certification, building plan and layout. From approval of building plan by local municipal authorities, approvals for water, electricity, fire safety to environmental clearance by government and concerned regulatory authorities.
Check on the list of possession of mandatory certificated with the seller. It includes commencement certificate, no objection certificate (NOC), completion certificate, certificate of no encumbrance and occupancy certificate. Checking the above-mentioned documents will help a smooth transaction and avoid any legal issues.
Sale Agreement
Make sure to thoroughly check the sale agreement to safeguard yourself from any legal complication. The document includes terms and conditions, possession date, property specifications, legal implications etc. The document is to be shown in original at the time of purchase of property and acquiring a home loan.
Letter of allotment
It is one of the important documents required at the time of purchasing a house. It is issued by the concerned authorities or the developer and includes the description of the property and the payment made. It is issued to the first owner and the letter is transferred to the subsequent buyers at the time of final deal.
Property Tax receipts
Duly paid property tax is the assurance that the seller has all the valid documents. Hence, verify the property tax receipts and ensure that there are no pending dues.
Along with the above mentioned legal checklist, it is important to consider the below parameters for sealing the deal:
- Manage your finances- Set a budget and consider the total cost of the shortlisted property.
- Decide on the type of property you want to invest in- Be mindful about selecting the type of house which would be suitable for you and your family in long term.
- Check on the builder’s reputation-Do a 360-degree research about the builder starting from a number of projects, quality of construction, financial strength, possession time and customer reviews.
- Have clarity on the size of the property- Be aware of the difference between the carpet area, built-up area, super built-up area.
- Location matters- Pick up a location that is accessible and has good connectivity.
So let’s get started with the above real estate roadmap and jump start on owning your dream home.
