ALERT TO NORTH EAST PEOPLE BEFORE BUYING PROPERTY AT CITIES... ARE YOU PLANNING TO BUY A HOUSE ? Make sure there are no pervious loans to be cleared LEGAL SYSTEM What are different steps to be followed prior to purchasing a residential property ? 1. Ask for photocopies of all deeds of title related to the property to be purchased. 2. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. 3. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. 4. Previous encumbrances and loans, if any, on the property must be cleared before completion of purchase of the property. 5. The title of the vendor of the property must be clear and marketable. *Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property. *Ascertain outgoings to be paid for the property tax, water and electricity charges, society charges, maintenance charges etc. *Request vendor to obtain, if applicable, consent, permission, sanction, no-objection certificate of various authorities such as the (a) society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Ceiling and Regulation Act (e) any other authority. What are the permission and papers that one should check with the builder when buying a flat in a building which is under construction ? When you are buying a flat from a builder in a building under construction, check the following: *Approved plan of the building along with the number of floors. Whether the floor that you are buying is approved. *Whether the land on which the builder building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate. *The building byelaws as applicable in that area and ensure that the builder is constructing with out any violation of front setback, side setbacks, height, etc. *Check if the specifications given in the agreement to sell of the sale brochure match. *Whether urban land ceiling NOC (if applicable) had been obtained or not. *NOC from water, electricity and lift authorities has been obtained.
Posted on: Sun, 14 Dec 2014 13:48:42 +0000
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