It is a desire of every individual to own his dream home, but buying home is not all that easy task as it looks like. Since it involves bulk of your hard earned money, you should be very careful while buying the new property. There are few points to be taken care at the time of buying new home such as one has to be sure about the legality of the property whether it is approved by the local authorities or not and check all related documents of the property to avoid legal hassles at the later stage. It is essential to be alert right from beginning to the final stage of buying the home. There are following few important points to be kept in mind while buying the property.
1. Title Deed
Must check the title deeds, this will let you know whether the property is on the name of seller or not. While doing so always ask for original documents, in most of the cases copy states of documents is shown which is not correct. The legal status of the land must be ascertained before making any payment in the form of token to the seller. It is equally important to know the kind of property whether it is commercial, residential or mixed. Check whether the land on which the property is built up is free or lease hold; the lease hold means you can use it for a certain period only. If required do measure the land to ascertain the correctness of area at times people get duped by the seller showing exaggerated measurements.
2. Tax Receipts and Bills
There are property taxes levied by the government make sure that receipts of such property taxes are available with the seller and all dues are paid till the time of selling the property. In some of the cases these receipts may not be available with the seller in such cases buyer can approach the concerned office with the survey number of the property and verify the real owner of the property and check if all due taxes are paid or not. You must make sure that all due electricity and water bills are paid till the time of selling the property.
3. Pledged property
In some of the cases people do take loan from the banks or financial institutes by pledging the property. Make sure that all dues are paid by the seller and are in possession of no due certificate from the concerned financial institute before making any deal with the seller.
Read this to know about Indian Real Estate – www.cnbc.com
4. Encumbrance Certificate
Before buying the property ask for encumbrance certificate which will ensure that property is not mortgaged and if so see that all dues are cleared by the seller before making final deed.
5. Taking advice of the experts
For most of us buying house is one time investment of your hard money and if few bucks are spent to take the advice of experts like real state people to make sure that property is hassle free without any legal issues. Take help of engineers to make sure that the construction part of it is to the satisfaction of basic requirements. Last but not the least if you believe in Vastu take advice of such experts to make sure that you really land in your dream house and stay peacefully.