Amazing Home Loan Schemes: Take a Loan and Pay Only Interest for 3 Years!

Must check 5 legal documents before buying property, will not cheat


new Delhi. Investment made in property is not only considered the safest, but it also gives the highest return. If you are also planning to buy property for investment or own use then it is very important to check legal documents.

Whether you want to buy a flat or land, it is very important to collect information related to its owner and property. If that property is in dispute then your entire money can be lost. Therefore, it is very important to do a thorough investigation before investing money in such a thing. You can make your investment safe only by looking at the top 5 things.

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1. Property Ownership Check
Title deed is one of the most important documents that should be verified before buying a house or land. This shows that there is no problem with respect to transfer of ownership, partition, conversion, mutation etc. of the property concerned. Also, the land on which the house or flat is built has been bought legally. If you want, you can verify this document with a lawyer.

2. Scrutiny of loan documents
Before buying a property, make sure that there is no bank loan outstanding on it. Along with this, the tax liability of the Municipal Corporation should also be investigated. You can get such information related to the property from the sub-registrar’s office. This will give you a 30-year history of the property.

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3. Commendation Certificate
It is also known as construction clearance certificate. This document is mandatory when you are buying an under construction property from a developer. It can be a builder’s flat, land or house. This certificate contains the proof of commencement of construction only after getting necessary approvals, licenses and permissions from the local authorities.

4. Layout or building plan
The layout plans are passed by the appropriate planning officers. Homebuyers should be careful with the layout, as developers tend to build a different construction from the passed out layout by adding additional floors or reducing open areas. This can lead to a dispute over property or a government screw-up later.

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5. Occupancy or OC Certificate
This certificate is issued by the local authorities only after the construction of the project is completed. This proves that the property constructed does not violate any kind of legal rule. It also contains information related to water, sewage and electricity connections.

Tags: Buying a home, Property


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