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00:00:00

KNOWLEDGE BASE

 

11 STEPS TO YOUR NEW HOUSE

Owning some property is an important achievement in one’s life. However, one needs to be careful while purchasing land at each step to avoid falling into legal hassles. Precaution is needed from the initial stages of deciding on a property to the registration process. The legal status of the land is one of the first issues that you should address before confirming a property. Don’t make any confirmation by paying in advance before checking the legal status of the property.

Before purchasing a property, there are a number of enquiries that need to be done to confirm that the land has a clear and marketable title. The first thing on your list should be to find out the tenure and legal right of holder of the land in government records. The tenure or possession right could be freehold, leasehold or may be held under a government grant. Freehold land is always preferable. One also needs to ensure that the seller provides all the necessary documents to the buyer.

There are certain documents which need to be checked while purchasing property:

 

Tile Deed / Certificate of title of the land

When you are planning to buy any property, first and foremost, check the title deed of that property. The property title deed is a legal document which proves the legitimate ownerships of property. The title deed presents certain rights and freedom to the possessor and such are required to transfer ownership. I includes the description of his property along with the name of the holder (s). An official seal is used to prove that the deed is recorded officially and normally it is signed by the owner (s) and a witness who may be a regional officer or clerk. So as a buyer you have to ask for the original deed, NOT a photocopy, because sometimes the seller might have taken a loan and submitted the original deed. You should make sure through the title deed that property is in the sole name of a seller and that he has the rights to sell it. The best practice is to get the property deed reviewed by an expert lawyer just to make sure that there are no loop holes. As a good buyer you should also ask for the pervious deed and get it reviewed as well, to be doubly sure.

 

No Encumbrance Certificate

Before one can purchase land or a house, it is important to confirm that the land does not have any legal dues. Check the Encumbrance certificate issued by the sub register office where the deed has been registered, cleaning the said land does not have any legal dues and/ or complaints.

The tolerence plan is a detailed plan of the property which is drawn by a licensed surveyor. All the measurements and details in it accurate in terms of length, width, borders etc. this plan is necessary for some specific areas only.

Many property-owners opt for a bank loan by pledging their property. So check if the seller has paid the entire amount due before you buy that property. Once the loan has been settled in full, the bank issues them “Release certificate”. It is wise to ask for the same as this release certificate is necessary for you to take any loans in the future.

 

Property Tax Receipts

Property taxes are charged on property and are paid to the government or the municipality. So it is essential for you to make necessary enquiries at government and municipal offices to ensure all taxes have been paid to date. You can ask for the latest tax receipt from the owner as well. This enables you to check whether any notices or requisitions are issued on the said property or id any taxes on the property are due. The correct way of checking property tax receipts, is to check for two columns in it. One is for the owner’s name (so verify that first) and the other is for the tax payer. Sometimes, the tax receipt is not in the owner possession. In such cases, you should contact the village office with the survey number of the land confirm the original owner’s credentials.

 

Measurement of Property

It is prudential for the buyer to measure the land before registering any property, ensuring that the measurements and borders of the land are perfectly accurate. You should get it done by an authorized surveyor to avoid future conflicts. You should also take a surveys from the survey department and ensure the accuracy of your possession.

 

Owner or Owners

In some cases, the property may be under the possession of multiple owners. In such a case, obtaining a “No Objection Certificate” or “ Release certificate” from other owners is imperative.

 

NRI owner

An NRI also has the right to well his property in India. For this he usually provides a third party with the “Power of Attorney” thereby giving full rights to the party for selling the property on his behalf. The most important thing here is to ensure that the “Power of Attorney” is witnessed and is duly signed by an officer of the Indian Embassy. A power of Attorney signed by a notary public, has no legal support in such cases.

 

Deed / Sale Agreement

After one has sorted out all arrangements (financial or otherwise) between him and the seller, it’s now time for the advance payments and an agreement between the two parties. The agreement is done on Rs. 50/- stamp paper. It includes the final, actual amount, the advance payment, the time limit to pay all due, details about the installments and an measurements and details in it are accurate in terms of length, width, borders etc. this plan is necessary for some specific areas only indication of the time of the actual sales. It also should include the steps needed to cover any loss if one of the parties (buyer or seller) defaults. This insures the buyer from a fraudulent seller who may otherwise defer the cost at any point after finalization of the amount and may also sell the same property to another party. This agreement can be drawn up by an expert lawyer and is to be signed by both the parties in the presence of two witnesses. This agreement deters either party from defaulting as the defaulter can be dragged to court for it.

 

Property Registration

Any property sale that is made without a sale deed duly stamped and registered, is deemed illegal in the court of law. Hence it is a must to register the land / property at the Sub-Register or the SDM (Sub District Magistrates) of your area after a sale has been made and all other documents have been signed and exchanged.

 

Occupation Certificate

This certificate is issued when the building is ready for occupation, after the water sewage and electrical connections are completed. An original copy of the Occupation Certificate by the Municipal Corporation of the locality is mandatory. It is vital in the sense that this document confirms the possession to the buyer legally; otherwise a mere handing over of the possession will stand null and void in case of any dispute.