5 things to check before buying a flat/property
The biggest challenge in buying a property is avoiding fraud. In an unfamiliar city with an unknown builder, and the extended time to get possession, the risk of fraud increases. As a buyer, you need to be extra cautious. A small mistake can lead to legal troubles, and the legal process for land and property is so complicated that once your money is stuck, recovering it becomes very difficult. To avoid such situations, you must consider these five key factors before booking a flat:
1. Verify the Original Papers of the Property
To confirm the true owner of a property, you must review the original documents. Request these papers from the current owner. Upon reviewing the documents and deciding to proceed with the booking, ask for photocopies. These documents should include the sale deed, chain of sale (a record of past sales and previous owners), title, land use details, original payment receipts, and a possession certificate. You may want to consult a lawyer or a professional in the field to assist in examining these documents.
2. Verify the Title
The title indicates ownership and the right to sell the property. It is crucial to determine how the current owner acquired the property. Did they purchase it with their own money, are they a co-owner, or did they inherit it through a will, gift, or other means? You can verify the title at the sub-registrar's office in the relevant area. Only invest if the title is completely clear; do not invest if there is any doubt.
3. Prepare the Sale Deed Carefully
After verifying the documents and the seller, focus on preparing the sale deed. This document outlines the terms and price of the transaction, as well as details about the property's size and use. Ensure the sale deed is balanced and includes a clause stating that the seller is responsible for any outstanding dues (such as electricity, water, telephone, gas bills, or property taxes) before the purchase.
4. Check the Sales Chain
Before finalizing the purchase, review the property's sales history to see how many times it has been sold and the duration of each ownership. This information can be found in the previous purchase and sale documents. It is advisable to thoroughly check this ownership chain.
5. Obtain the Possession Certificate and Verify
Before making the final payment, confirm that the seller currently possesses the property. If a tenant occupies the property, ask the seller to have the tenant vacate it before registration. Ensure the property is vacated and that the seller takes possession. Once registration is complete, take possession immediately and secure the property with your lock.