Everyone has the dream of buying a house or piece of land. However, it could be a tricky affair if you do not know the processes and procedures. It
Everyone has the dream of buying a house or piece of land. However, it could be a tricky affair if you do not know the processes and procedures.
It requires careful analysis before you start looking open plots for sale.
Plots are limited. Especially in big cities. If you want to purchase a plot of a reasonable size, then it is mandatory to go to the remote areas.
In smaller towns, it is easier to get a good piece of land at reasonable rates in the hotspots as well.
If you do not have sufficient money in hand, then procure a land loan. It extends the process a little bit.
Laws of the land play a significant role when you enter into some property dealing. The laws and regulations are somewhat complex. Hence, it is better to seek a lawyer before finalizing the deal.
What things you should be watchful for before buying a land? Well, this blog gives a comprehensive idea about the things to be noted.
Check these things before signing the document.
The dead title :
Is the land in the name of the seller? Does he have the rights to sell the land? Do you get the original papers to verify?
If there is a slightest doubt about any of these things, then you should not get into the deal.
You do not want to get into any tax liabilities after buying the land, do you? Hence, make sure that all dues are paid by the existing owner.
You should ask for the original receipts or online ledger. Keep it with you as proof. If you fail in doing this and encounter any liabilities later, then it would be complicated and time-consuming to get rid of it.
No Objection Certificate
It is also called EC or Encumbrance Certificate. It is prepared by the office of the sub-registrar where the deed title is signed.
By obtaining EC, you ensure that the property is free of any unpaid dues.
If the land had a loan earlier, which has been paid fully, then you should ask for the release certificate issued by the bank.
Also, make sure that the valuation has been done as per the exact measurement. It is essential to get the release certificate for open plots for sale.
What are the necessary documents?
As mentioned earlier, the task of purchasing land involves several formalities and steps. One of the steps is to check the documentation thoroughly. Even a single document is missed, the whole process gets stagnant.
Here is the list of the important documents:
- An original land deed or 7/12 document in the popular term. It contains the list of previous owners as well.
- The Encumbrance certificate should be for the last 30 years.
- Release certificate in original if the land was under the loan.
Documents for the buyer
For the buyer, these documents are mandatory:
- Title dead, which will have the name of the buyer once the land gets transferred. This document is prepared by the document writer in the office of the registrar.
- Receipt of payment of stamp duty charges.
Another important document is the housing plan. However, it is required if you are buying a piece of land to construct a building. If you are purchasing the land only, then it is not needed. Thankfully, the process has been made automated. You can assign the task to the architect. He might be knowing various people in the office.
Buying open plots for sale involves more care and precautions as the chances of frauds are more. You have to be extra cautious. Stop the proceedings immediately if you smell a rat.
It is better to be safe than sorry.