Anonymous, in Home Buying13 contributions
General Precautions Before Buying Home
Title: General Precautions Before Buying Home
Generally buying a house for the first time means investing your earrings for a better future, you may find easy to find apartment through online research or from the agents but the tedious process starts after selecting the property which you like, be careful while buying any property fraudsters may pose as builders look out for such people.
Below are few precautions which you have to keep in mind especially first home buyers before committing to any property.
Clear documentation is the first and foremost factor to verify before buying any property, Check for the ownership transfer documents if there is any. Go through the original documents, the sale document should be stamped and registered to the buyer form seller, check for approvals of different authorities and also verify through papers to confirm that the land is properly allotted. It is also necessary to see whether the allotted land is for residential or commercial purpose
Sanctioned plan and other documents from concerned authorities should be verified especially if the building is under construction, also for the completed property documents should be verified if the construction is not according plan then sanction certificate will not be provided
Power Of Attorney
In times property might be sold in the name of person holding power of attorney instead of owner, ensure that the property transaction is done in a legal way. In many case POA is executed to a close relative.
Certification is nothing but the NOC i.e. No Objection Certificate. With this certificate we can concluded that the owner has got all the required documents.
And also check for any dues which are pending such as income tax, service tax, VAT etc
Also there are certificates such as completion certificate only if the construction is done according to the sanctioned palns, this certificate is vital while purchasing
After the completion of building inspection is done to check over all property status according to the plan, so once occupancy certificate is obtained you can be sure that the property is legitimate and is ready to occupy
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