PROPERTY VERIFICATION BEFORE PURCHASING IT
In India Property rates are increasing day by day and disputes in Property in not a new thing Especially if you are purchasing property in Punjab and Haryana, where property records are still not completed and multiple government authorities play significant role in registration of property. Like for example if you are purchasing some land in zirakpur, Punjab there are many chances that despite doing all due diligence you may purchase a property which is either in some dispute or having some bank loan on it. Advocate Vikram Singh and associate have years of experience in title verification and title searches of the property and through there legal, documentation and physical verification of property they make sure that there is no scope of fraudulent oh suspicious activity by other party. Buying a house is a Big financial decesion and it brings stability, sense of achievement in life.
All that is gone in a quick second if you make a wrong decision and did not get conducted legal title search and verification by some expert. In that case not only you will lose your money but also the property you had purchased will be entangled in very long and lengthy legal cases, which would eventually bring great stress in your life. A due diligence legal title search and verification conducted by Advocate Vikram Singh and Associate could save you from all this harassment.
HOW IT WORK AND WHY IT IS IMPORTENT
Legal searches and title verification for real estate transactions are essential processes that depend significantly on the type of property being purchased. Properties can broadly be classified into three categories, with residential properties being the most common. Residential properties include houses, flats, plots, and villas, which can be acquired from either the primary or secondary market. The primary market refers to buying directly from the builder or developer, while the secondary market involves transactions with the original allottee or a subsequent owner. Each scenario requires different legal due diligence and verification processes.
For instance, when purchasing a flat from a builder, it is crucial to ensure that there are no encumbrances, such as outstanding loans, on the entire project. You must also verify that the specific unit has not been sold to another buyer who may have defaulted on payments, leading to repossession by the builder. Such situations can result in significant legal complications. Additionally, issues may arise if a buyer pays a substantial amount to the builder, but the builder fails to fulfil their contractual obligations, delaying the construction and delivery of the unit.
On the other hand, when buying a residential property from the secondary market, it is essential to exercise greater caution before entering into any agreement or making any payment to the seller. Important factors to check include the number of legal owners listed on the property title and whether all parties are consenting to the sale. You should also investigate any ongoing civil litigation or disputes related to the property. Furthermore, it’s vital to confirm the absence of undisclosed loans or liens against the property, as jurisdictions like Punjab and Haryana may not accurately record loan details in property documents.
To safeguard your investment, thorough legal due diligence is critical, regardless of whether you are buying from the primary or secondary market. These checks are necessary to avoid future disputes, ensure clear title ownership, and provide peace of mind that your real estate investment is secure and compliant with Indian laws.
Advocate Vikram Singh and Associates can play a crucial role in this process by offering expert legal guidance and support. With a deep understanding of property laws and extensive experience in conducting thorough title verifications and legal searches, our team ensures that every aspect of your property purchase is meticulously examined. We help you navigate complex documentation, assess potential risks, and ensure that your investment is protected. By choosing Advocate Vikram Singh and Associates, you can proceed with confidence, knowing that your real estate transaction is in capable hands.
HOW IT IS DONE
Steps in the Property Document Verification Process
CHECK THE OWNERSHIP AND CLEAR TITLE – it is very clear that the first step in title verification of property would be complete examination of the property title from seller then Government offcie, the revenue office to ensure that it is clear and valid and there is no Bank loan on Property. This review confirms that the seller has the rightful ownership and authority to sell the property.
CHECK PRIOR CLAIM IN PROPERTY An, Thorough check regarding encumbrance on property is conducted to identify any previous claims Bank Loans, or any Government Tax Liabiluty etc against the property. This step is essential to ensure that the property is free from legal or financial encumbrances that could affect ownership.
When verifying property in Haryana or Punjab, it’s Importent to gather and review several key documents to ensure clear title and legal compliance. Here’s a list of the essential documents required for property verification:
1. Title Deed
This is the primary document that establishes the ownership of the property. It includes details of the previous owners and the method of transfer.
2. Sale Deed
A sale deed is necessary if the property was purchased recently. It provides details of the transaction, including the sale price and the parties involved.
3. Encumbrance Certificate
This document certifies that the property is free from any legal liabilities or mortgages. It is crucial for confirming that no loans or claims exist against the property.
4. Land Use Certificate
This certificate verifies that the property is being used according to the zoning regulations set by local authorities. It is important for compliance with land use laws.
5. Occupancy Certificate (OC)
An occupancy certificate is issued by the local authority, confirming that the property is fit for occupation and has been constructed in accordance with the approved plans.
6. Building Plan Approval
This document shows that the property has been constructed according to the approved building plan from the local development authority.
7. Property Tax Receipts
Current property tax receipts are necessary to verify that the property taxes have been paid and there are no outstanding dues.
8. Previous Sale Deeds
Copies of previous sale deeds may be required to trace the ownership history and ensure the seller has the right to sell the property.
9. Possession Certificate
This document is issued by the local authority and indicates that the owner has legal possession of the property.
10. NOC from Society (if applicable)
If the property is part of a housing society, a No Objection Certificate (NOC) from the society is often required to confirm that the sale is permitted.
11. Power of Attorney (if applicable)
If the seller is acting on behalf of the actual owner, a valid power of attorney document is necessary to establish their authority to sell the property.
12. Aadhar Card or Identity Proof
Verification of the identities of the seller and buyer is essential, and government-issued identity proofs are required.