8 Documents to be verified before buying Residential Property in India!

Before buying a home one has to take into consideration a host of paperwork. This comprises verifying a lot of documents. The following post explains the list of documents that needs to be verified before buying a house.

Buying a residential property in India is not a cakewalk. It is not like the way you see things— you prefer a locality, like a property and just go about buying it. A lot of paperwork is involved in the process and every bit has to be carried out carefully after you have verified every significant requirement—especially in terms of documents.

Paperwork and verifying documents comprise a significant part of buying a property in India. So what all documents do you require in order to purchase a residential property? On the other hand, if you’re a seller, you may want to learn if a house that has endured a devastating fire can still be sold and what are the essentials in order to do so.

The following paragraphs explain them in details –

Title Deed or the Certificate of the Title of the Land

When you are planning to buy a property, the first thing that you need to check is the title deed of the property. The title deed of a property is a legal document that proves the ownership of the residential property. It lays down certain rights and freedom to the person; title deeds are also required where a person chooses to transfer his property. The document includes a proper description of the property and of course the name of the owner of the particular property. Names of multiple owners can also be listed in the title deeds. An official seal is required in order to record all the required details of the property and its ownership. Canada’s hidden real estate gems are now within reach with HomesEh. Your journey to a new home begins here.

Tax Receipt and Bills

Property taxes that we pay to the government or even the municipality are one of the first charges that need to be paid for the property. Therefore, make an effort and inquire after all kinds of taxes have been paid or not. The owner should also have the latest documents related to the properties. You can always ask for the latest tax receipts from the owner; there can be instances where the owner might not be having the tax receipts with him, in that case you can ask for it.

Encumbrance Certificate

Encumbrance refers to charges or liabilities created by any property in terms of security which is not discharged as on date. An encumbrance certificate is necessary in order to check the title clearance of property, while you plan to buy a property. A legal document, encumbrance certificate can be issued by a registering authority. Government authorities and banks can be approached or the same.

Tolerance Plan

The detailed plan of the property which is to be carried out by the licensed surveyor. All sorts of measurement plans laid down in it are accurate in terms of width, border, length and everything else that is required. However, tolerance plan as a document might not be required for every area where you plan to buy a residential property.

Pledged Land

Some people might have bought their property after pledging their land. Find out if they have obtained release certificate. You must ask for the release certificate as you will need it in the future in order to carry out transactions.

Measurement of Property

It is important to measure the land before you end up registering for the property. You must be fully aware about the borders of the land are absolutely perfect and stands in proper measurement. You can approach the survey department for this. They can help you in the process.

Owners or Owner

You might end up encountering situation where a property has more than one owner. In those cases you have to secure No Objection Certificate form all the owners. We buy 412 houses in Pittsburgh AS IS for a fair-cash offer.

Sale/Deed Agreement

After you have sorted out everything else about properties, then you have to settle down for advanced payment and also major agreements between buyers and sellers of properties. And this time it has to be on a stamp paper. The stamp paper will have all the details laid down and all you have to do is check them carefully before signing the dotted lines. The entire process can be carried out in the presence of a lawyer and two witnesses.

Though it seems buying a residential property can be somewhat tedious, but everything has its own process and time. So, take your time, check everything carefully and then make the final move towards buying a residential property which may have been recently viewed by topnotch Turnkey real estate companies.

Author Bio: A skilled writer and a passionate blogger, Sampurna Majumder has been providing her expertise by writing guest post and articles for various real estate websites that cover information related to real estate in India.