Key Legal Checklist for Buying a Property

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Tittle Key Legal Checklist for Buying a Property

• Investments of property are extremely capital
  intensive, and any errors made during the
  transaction will cause the buyer a great deal of
  trouble. If you are looking to buying a
  property, be prepared to do all the crucial
  paperwork because the procedure includes
  presenting, submitting documentation, and
  checking multiple records necessary to complete
  the property registration.
• This makes it essential that a buyer exercise due
  diligence when reviewing the details of the
  house. Not being cautious enough can lead to
  penalties later on. SBP Group cares for you
  that is why we will help you in understanding the
  procedure making a legal checklist for buying
  a property in zirakpur.
• Authentication of The Sellers Title and
  Ownership In order to determine the validity of
  the title with the seller, the quality of the
  title and its marketability, and the ability of
  the seller to communicate a simple and marketable
  title free of pressure, the buyer should perform
  background checks. The seller may also be
  requested to provide the following
  documentation/information
• Property Documents Government grant order,
  transfer certificate, sale deed, gift deed,
  etc., showing the transfer of ownership over the
  years, ending in the sellers vesting of goods.
• Title Nature the right of leasehold, freehold,
  or development.
• In the case of the dealer claiming the propertys
  development rights, the development contract,
  and power of attorney are exercised by the owners
  in favor of the seller.
• Every title document shall be properly stamped
  and registered at the Office with
• the Sub-Registrar of assurances
• Account registered in the name of the seller.
• Pending or past litigation details.
• Availability of original documents with the
  seller.

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• Permissions For Conversion And Land-Use The
  acquisition of non- agricultural land assumes
  vital importance with growing urbanization and
  convergence of lands with urban conglomerates,
  as some state laws prohibit the acquisition by
  non- agriculturists of agricultural property.
  Second, the buyer must review the Master Plan to
  ensure that the estate, such as residential,
  commercial, retail, public/semi-public, parks
  and open spaces, etc., is created in compliance
  with the zoning plan.
• Verify the sellers identity The buyer should
  also determine the identity of the seller and
  any clear provisions governing the right of the
  seller to move the property.
• State of residency and nationality of the dealer,
  in the case of a person, and if the sale
  requires the approval of government authorities.
• Identification of all the members, in the case of
  collectively owned properties.
• Where a company, trust, partnership business,
  society, etc. is the seller. In addition to
  ensuring that the person administering and
  recording the selling deed is properly approved,
  the statutory records of the company are required
  to prove its right to own and transfer the
  house.
• Orders from the appellate tribunal to allow the
  property to be sold and to nominate a guardian
  if the property is owned by a minor or an
  individual of an unsound mind.
• Certificate of Occupancy It is mandatory for the
  vendor to obtain a certificate of occupancy from
  the competent authority prior to the transfer of
  the property. In addition to the possibility of
  demolition of the property, the use of the house,
  without securing occupancy, subjects the buyer
  to a fine under the relevant building by-laws.
• Approvals for Construction The buyer should also
  scrutinize the building plan/construction plan
  approved by local municipal authorities, along
  with approvals provided by the government,
  legislative and regulatory agencies, for the
  provision of sanitation services, water,
  drainage, electricity, environmental clearance,
  fire protection approval, etc., before the
  purchase of apartments.
• Taxpaying Status The non-payment of property
  taxes constitutes a fee that affects the
  commercial viability of the property. Thus,
  through the local authority, the buyer must
  check that the dealer has not defaulted on paying
  property taxes. Make sure the former owners have
  paid their property taxes and also get a copy of
  it for yourself property price in chandigarh.
• It is important to always ensure that with
  respect to land, there are no outstanding dues.
  Bear in mind that you will be responsible for
  paying all outstanding dues against the house,
  service or otherwise when the property is
  transferred to your name.
• Physical Survey of Property A physical
  assessment can be performed by the buyer and the
  extent and specification for buying a property
  may be verified. But as doing a property visit
  is very risky now due to the spread of COVID-19,
  hence please follow proper precautions when you
  are doing a site visit.

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A buyer should take care of all these legal
issues before buying a property in Mohali.
Besides that, one of the essential points is to
check compliance with RERA Real Estate
(Regulation and Development) Act 2016. The RERA
allows developers to register their projects with
the authority that is formed under the Act. A
customer planning to buy flat in Zirakpur is
recommended to check whether the property has
been registered with the authority. The
information available on the official RERA
website for each state also offers specifics of
any cases/grievances lodged against the developer
of the project which, offers invaluable insight
into the reputation of the developer and the
project and allows the buyer to make an informed
decision. If you taking the help of a real estate
agent, you should know that the law has mandated
all the brokers to be registered with RERA of the
state they operate in. You should only hire a
broker or brokerage firm if they provide you
their RERA registration. Never believe in any
broker or developer who promises that they will
register soon or give any other kind of
excuse. Having your own home is a precious dream
of everyone but it is also a very big decision,
that is why you should be very vigilant when
choosing the developer or owner of property
also while going through the legal checklist for
buying a property zirakpur property rates.
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