5 Legal Documents to Ensure your Property is Clear
Investing in real estate is considered one of the biggest investments of a middle-class income group. They put forth almost all of their savings in acquiring a property in their name. Having a home in their name, especially in Chennai is still a dream for many people. Complications involved throughout this whole process are still a fear factor for many of the customers for investing in real estate. This is due to the huge capital involved and possibilities of problems by small-scale local builders. There have been many cases reported on these fraudulent builders who had even forged legal documents of the property and sold one single property to multiple customers. To avoid all these issues, make sure to have a tab on the authenticity of the legal documents associated with the property. Have a check on the following legal documents to ensure the authenticity of a property before finalizing to buy.
1. Acquisition of title deed:
This is one of the chief legal documents that a prospective home buyer should look out for. The title deed contains information of the ownership of property. That is, this legal documents will ensure that a property is under the seller’s name and is not under any claims. Usually, this document is considered as a proof for the authenticity of other legal documents associated with the project. Having a title deed will ensure a smooth transaction. Hence for every ready to occupy flats in Chennai, possession of title deed is essential to initiate a smooth transaction.
2. Acquisition of No Objection Certificate (NOC):
As the name suggests, this document from a builder will ensure smooth buying process. This certificate is a written document issued by the local legal bodies to the builders, approving their construction. The authorities will verify any violations of ethics, rules, and regulations. If at all there is any violation of rules, issue of this certificate will be delayed. Property without this certificate is sure to have defects in their construction and it is safe to always avoid those builders without NOC certificate.
3. Payment of property tax by the builders:
Property tax is the annual payment of certain capital to the government by the builders. While planning for apartments in Chennai, make sure that the builders have consistently paid the property taxes. This will ensure the authenticity and reputation of the builders. Eventually, the legal documents from them would be correct without any malpractices.
4. Approval of loan:
A property is free of any risks once a bank is ready to fund the project. Bank officials would extensively search about the accountability of the legal documents once a customer has applied for a loan. This will ensure that the documents associated with that of the property are clear from any risk.
5. Approval of RERA regulations:
Last but not least, this bill passed by the government has changed the face of real estate industry. With this bill into effect, any customer has the power to question the builder about each expense made by the builder. This bill will ensure the transparency of the whole transaction process and any deviation from the promise made by builders can cause cancellation of the booking. Get to know that your property is approved of this RERA bill and choose the property. Ensuring a property is clear of any discrepancies is essential to avoid future ramifications. It is advisable to have a check on the authenticity of the legal documents associated and your property is clear.