How To Know The Genuinity Of The Property You Are Buying?
Nowadays, a lot of people are getting properties and real estate. So, even though checking out the property, make sure you have the funds, and such things are very important, it is even more important to be safe from being the victim of a fraud. You should always check for the genuinity of the property before you go for buying it.
However, most people do not understand how exactly they can know about the originality of the property. So, today, in this article, we will help you with some ways that you can apply in your life while buying a property to check if the property is not a fraud or something.
List of Documents that You Should Check Before Buying New Property
The most vital part of buying a property is to check if the documents are all present and genuine or not. So, here we are helping you to know which documents you should ask or expect from the seller while buying a new property.
- Sale Deed: The proof of the last sale deed is the main legal document while buying a house. This will be the proof of sale as well as the transfer of ownership from your buyer to you. You should compulsorily check the sale deed. While checking the sale deed, you should also execute the sales agreement. You must check if the property under the deal has a clear title or not.
- Mother Deed: This is the parent document, as this document will help you to find the transactions regarding the property right from the start. You can trace the antecedent ownership of the property from the start. This document is important for you because you will need this for further transactions with the property. In case you don’t have any mother deal available, you should make sure to get certified copies of it from the registered authorities. This is very important when you are buying a property with a home loan.
- Approval plan of your building: A building owner must have a plan approval for the building. They will get them either from the jurisdictional commissioner or from someone who holds the authorization by the commissioner. You should submit a document to get a building approval plan.
Documents will include:
- 1. Title Deed
- 2. Property PID number
- 3. Property assessment extract
- 4. Up-to-date tax receipt
- 5. City/Panchayat survey sketch
- 6. Earlier sanction plans
- 7. Demand drafts
- 8. Foundation certificate
- 9. Land use certificate
- Power of Attorney: Power of Attorney is another legal document you should check while buying a new property. Power of Attorney is a procedure where the owner on his or her behalf gives the authority to another person. The PoA holder can sell the property, mortgage, or let out the property on your behalf. So be very careful with the power of attorney papers.
- Tax receipts: This document will ensure that the owners have already cleared the taxes until the date of the sale. You should ask your seller for the latest and original receipt to check if the owner’s name and the tax payer’s name and the date of payment. If your seller doesn’t have the tax receipts, you should contact a municipality body to confirm the ownership with the survey number of the property. Water and electricity bills are other bills that are needed to be checked.
So, these are the most important documents you should check before you are opting for the house. You should also check the electricity bills, completion certificate, occupancy certificate, encumbrance certificate, and such things if you want to be surer. Check out these documents to be on a safe side. You can also hire a property consultant in Chennai to be even safer.