Are you going to buy property? Have you done all legal check on that property?

Q: Before investing your money into property , it is wise to cross check all legal documents of the property.

Sufia, Delhi

8th January 2015

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Replies (6)

Hi Guys,
As per my knowledge, you need to verify the original title deeds along side building approvals/occupancy certificate. Further, you furthermore might got to make sure that all the documents available area unit adequately sealed and registered. just in case of a resale property, apart from the higher than mentioned documents, please check the transfer deeds, share certificate. just in case of plots, you would like to in addition check the Property card/7/12 extract aside from the higher than mentioned documents. However, presumption can be made that once the project is approved, it has got all the legal approvals.

Ananya,

11th March 2015

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@ Sufia,

In my point of view, avoid paying money to the builders although they raise it. You shouldn't give in money. However, if the builder isn't able to listen and you would like to travel ahead with the deal, then you'll do therefore at the time of registration of your agreement. However, money transaction isn't recommended and you must avoid the maximum amount as you'll.

sonyarai,

11th March 2015

Hi Sufia,

According to me, if you are buying properties through brokers then get a sub-registrar search done to ensure that the property is not encumbered and the relevant agreement for sale is registered with the sub-registrar of assurances.

shaina,

11th March 2015

Hi Guys,

I want to know , what legal provisions one takes recourse to if the developer firm has asked for upfront cash in black?

Puneet Laskar,

8th January 2015

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Hi Puneet,
In my point of view, this is something which is not governed. The same is basically on commercial understanding and not regulated. However, whatever is your commercial agreement please ensure that an agreement is registered in your favor so that you have a right and interest in that particular unit.

Surabhi, Delhi

9th January 2015

Hi guys,

This one more thing , what buyers & investor should consider is- please ensure that the payment is not made over 20 per cent prior to an agreement being registered. Your rights will be mentioned in the allotment letter itself. However, it is advisable that a due diligence be done prior to investing in the same.

Pavan Jain, Delhi-NCR

10th January 2015

@ Sufia,

One thing i felt in my life is project delay. So buyers are advised to go through their sale deed. Normally an agreement will give the legal options in case of delay and the extension. In case the developer has exceeded all limits, there will be a termination clause, please refer to the same. You can approach a consumer court for necessary relief.

Praneetha, Delhi-NCR

10th January 2015

Hi ,
How do we ensure that the property we are going to buy is free from any legal disputes without going for due diligence and if a bank finances the property? Can we assume that the property is free from legal disputes?

Akash Kanojia, Delhi

8th January 2015

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Hi Akash,
There is no way to find if any dispute exists. It is advisable that a complete due diligence be done and also a public notice be issued prior to such purchase. Kindly ensure all the original documents are in possession.

Rakhi Bansal, Delhi

9th January 2015

Hi Guys,

As per my knowledge, an OC is must before a person is entitled to occupy the premises. A legal possession of a property can be taken only after the OC is received. Normally the builder hands over the possession for fit out only. The property with the OC is the best option to buy.

Bhuvan, Delhi-NCR

8th January 2015

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Major points you consider before buying property:-

Your budget.
Type of property i.e. under construction or re-sale.
Proper legal and technical due diligence to ensure no charge or mortgage is existing.
In case of re-sale or ready possession, please ensure that the Occupation Certificate is obtained.
One needs to ensure that the unit/property is free from charge of any banks/financial institutions and in case of any charge, ensure that NOC from the Bank is obtained prior to entering into an agreement.

Richa, Delhi

8th January 2015

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Hi Sufia,
Be sure that you have a Title Certificate in favor of the developer is obtained (not in favor of the land owners in case of development agreement) clearly entitling his right in the property & IOD and CC (Completion Certificate) and approval for plans for the particular unit are in place.

Ayesha, Delhi-NCR

8th January 2015

Hi Sufia,

Before you invest your hard earned money into a property or a scheme that looks attractive, it is wise to know how to be sure about the legal status of your property. if the legal formalities in property buying are not well taken care of, the biggest decision of your life can turn into a nightmare.

James, Delhi

8th January 2015

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