In India there are a considerable amount of people who want to own a property. The property owned by elite connote it as a sense of power and prestige. For a majority of middle-class, it’s a dream and for the less privileged another luxury which is beyond their reach.
Most countries have sought out the process of buying a property. However, in India, there are many regulatory hurdles and the process is too complex. This makes it tough to complete all the procedures which encourages most people rely on the brokers for the process. However it is important for the buyer to be cautious and buy a property.
Checklist to refer while buying a property:
1. Verifying the title and ownership of the seller:
Before buying the property from the seller, we should make sure that the property is in his possession to sell. Further, through documentation the verification about his title and the nature of the title and agreement is done.
2. Verifying the identity of seller:
As the title and ownership of the seller is important we need to verify the identity of the seller. Along with the conditions governing the ability of seller to convey the property such as the residence status. Consequently, verify if the owner is a minor who would require a legal guardian to deal on his behalf.
3. Converting and using the land permissions:
There is a restriction on converting a non-agricultural land into for other purposes. Since there are several laws restricting purchase of agricultural land. We should also verify if the property is well-developed in accordance with the zoning plans. If there are any changes to be done to the property then a permission from town planning authority is needed to bring any changes.
Along with the construction of the building, the buyer should also look at the plan from the municipal authorities. The building should have all the amenities like water, sewage, electricity and safety approvals etc.
The buyer should also obtain the occupancy certificate from the authorities. Subsequently, it would lead to a penalty of not having it and occupying the property.
6. Status of Tax payments:
Non-payment of property taxes is punishable. Hence buyer should verify with the authorities if the seller has not defaulted on any of the payments.
7. RERA (Real estate regulation and development) Act, 2016:
Under RERA act, it is mandatory that the builder should register himself with the RERA. Therefore, the buyer should check on it and would get all the information about the builder on any cases or a complaint which is a good indicator of his credibility.