Tips and guidelines for Smooth real estate transactions

Tips and guidelines for Smooth real estate transactions

( Flat and immovable property purchase )

FLAT PURCHASE

1. Ask for certified copies of the original title deed and three prior title deeds from the owner of the land.
2.Ask for an authenticated sketch of the land having clear demarcation of boundaries.
3. Ask for non-encumbrance certificate of the land for the past 31 years (This is so, as the limitation period for the recovery of any
debt due to the Government as land revenue is 30 years).
4. Ask for certified copy of the agreement between the owner of the land and the builder/developer.
5. Ask for certified copy of the building permission from the competent authority along with approved sketch and plan of the building.
6. Ask for the land revenue tax receipts.
7. Ask for completion and fitness certificate issued by competent engineer/authority.
7. Ask for the copy of the agreement the vendor wants you to execute and read the terms and conditions carefully.
8. Verify the descriptions such as the "plinth area"/"carpet area" of the built up space and the common area earmarked for all occupants and compare them with your particular requirements/necessity. Verify whether you have to pay additional sum for car/scooter parking
facilities.
9. Verify whether the very same land/property is already under a mortgage to any financial institution/bank or offered as a security for any financial arrangement by owner/builder.
10. Verify the construction of the building has been done in compliance with all regulatory specifications and safety standards.
11. Make sure that the agreement contains that not only the building portion but also the undivided share of interest in the property is
also conveyed to the buyer.

IMMOVABLE PROPERTY PURCHASE

Obtain and verify the following documents:

1. Three prior title deeds (including jenmom purchase deed)
2. Title deed.
3. Authenticated sketch having clear boundary demarcations.
4. Non-encumbrance certificate. (For 31 years preferably)
5. Latest land revenue tax receipts.
6. If there is a building on the land, all the relevant documents (such as building permit, building tax receipt, sketch/plan, etc.
along with the latest building tax receipts).

Examine whether

1. The buyer has road/pathway access for ingress and egress.
2. If there is a pathway, whether it can be used by the buyer as his/her own private right or easement right along with others.
3. If the pathway is to buy separately from a third party, what is the amount that has to be paid and whether the third party is willing
to transfer the property.
4. If the property is belonging to a particular person's share in the joint family property, whether all other co-sharers are willing to
execute the sale deed transferring the piece of land to the buyer.
5. It is important to verify that the property does not belong to ecologically fragile area and the person who offers to sell the property is not barred by any law from transferring the property.
6. How much amount has to be paid as stamp duty and registration charges by the buyer.