Buying your own villa can be a dream come true, especially in a metro like Bengaluru! If you have reached a stage in your career where you can afford to buy a new property, here is an article aimed at guiding you about the precautions to be taken before considering a new project in Bangalore.
Things you should know before buying a house and legal documents that need to be checked:
The Khata should always be in the land owner’s name. You must make sure that it is in the name of the developer or the builder or the current property owner. Only then it can be transferred to your name.
The Sale Deeds
Always check the sale deed as it contains the name of the current owner of the property and the means through which the property was acquired. It also contains the series of transactions that the property has undergone.
Check this document to make sure the builder or the property owner has paid all the required taxes.
Loans from bank
Most builders take loans from banks or other financial institution before starting any project. You should always check if there are any obligations pending to the bank. Before you buy the property, all the obligations should be released from the bank and a NOC must be obtained from the bank too.
Sanctioned building plan
The villa should have a sanctioned plan and it should have been built in accordance with the plan. Another document that you must verify along with the sanctioned plan is called the commencement certificate which must be cleared before the construction starts.
You should always insist on getting an electricity and water receipt to make sure the connections are genuine.
Make sure your developer has taken NOCs under the provision of Urban Land Ceiling and Regulation Act.
If the documents that you need to check are too technical for you to understand or if you do not have the time to go through these hassles, it is advisable to avail the services of a lawyer who is familiar with real estate procedures.
In either case, make sure you check all the documents and do not rush into buying the villa.
It is also very important to scrutinize the documents in the initial stages and if possible, with the help of a good lawyer. Always insist on checking the original documents and not photo copies. Make sure you do this before paying the advance. Also, pay the next chunk of huge advance only if you are entirely satisfied with the genuineness of the documents.
While it may be possible to cancel the agreement later on if you find something unsatisfactory, the developer may return your money in instalments. That way, your money will only be stuck and your plans of even buying another property may not materialise in time.
Hurrying up through the process can cause you to regret later. So, be diligent and make the right decision. The team at Saiven Developers believe that it is important to make the home buyers aware of the nitty gritties of buying a property as it helps them understand home buyers better and build a valuable relationship with them. They help customers understand the advantages and disadvantages of buying a particular property while taking into consideration various factors. Contact Saiven now to know more about their properties.