Legal Aspects To Follow While Buying A Property
Buying and selling of property is not an easy deal. There are so many intricacies including legal challenges. If you wish to buy a property in the New Town area in Kolkata you can contact real estate agents in new town Kolkata. However, it is also important to be well aware of the legal checklist you should ensure before buying a property. Here are the things you must keep in mind:
Legal Aspects To Check While Property Purchase-
- Title and Ownership verification of Seller: This is the most vital aspects and the seller should be able to furnish the following documents and information:
- Title document of property
- Nature of ownership (freehold/lease/development right)
- Development agreement and power of attorney, where applicable
- Information and papers related to present or past litigation related to the property
Always see to it that the documents have the stamp and registered at the office of the jurisdictional sub-registrar of assurances.
- Identity verification of seller: Remember, the seller is as important as his documents so that you are sure that you are buying the property from a genuine seller. So, you can ask for documents like his ID proof of nationality and residence. In case of a joint property see to it that the identity proof of all the owners is available. In case it is the property of a minor or person of unsound mind, make sure that a legal guardian or representative is doing the sale of a property with permission from the court.
- Permission on land use and land conversion: These documents are becoming very vital these days. They ensure that no agricultural land is sold or purchased for construction purposes. Hence make it sure that you have such right documents for land use.
- Approval for construction and other related aspects: In case you are buying a constructed property like apartment or land with building, look for the construction approval papers. The seller should be able to furnish you that along with the building plan by the local municipality. Also, they should have approval for facilities like water, electricity, sewage, environmental clearance, etc.
- Tax receipts: Every property needs to pay taxes and it is important to see that all the taxes are up to date. So along with tax papers, the tax receipts are also important.
- Occupancy Certificate: The seller has to also furnish with occupancy certificate before he hands his property to you.
- Checking the validity of the developer: See that the property has been registered under RERA (Real Estate (Regulation and Development) Act, 2016.
However, if you can get a good organisation like Property360 then the company can handle all these aspects.