Things You Should Verify Before Investing In Any India Property
Many assume that buying properties in India is simple. All you need to do is take a look at the property, determine its market value, negotiate the price with the land owner and register the documents. However that is not all. The most vital phase that many fail to check is the documentation process and the history of the property. Investing in real estate can be like skating on a thin layer of ice, you never know when the ice may break and you may fall inside. Like any other industry, there are many loopholes in real estate as well. The best way to avoid confusion and prevent future distress is by verifying the documents.
It is important to check the title deed of the India property that you buy. Any asset you invest in should be in the name of the seller. The right to sell the property should be reserved with the owner alone. It is also essential to verify if the seller has provided entry access to others through the land. The seller should be free to disclose all the information about the property. This includes the development agreements, sale deed, legal transfers or inheritance certificate of the property and other related documents. Lack of transparency in communication by the seller should not be encouraged.
The India property that you decide to invest in should be legally approved by the government. There have been cases in the past where buildings have been constructed without proper approval from the government authorities. These structures were then demolished and the owners were seized the ownership over these properties. The building's layout should be approved, any deviation in the layout will create future issues. The land or house you choose shouldn't be mortgaged for loan. If it has been mortgaged before, then ensure that all the dues are cleared and collect the documents for the same.
Get the encumbrance certificate issued from the sub-registrar office to ensure that the property that you buy is free from legal bonds. The property should also be free from debt and liabilities. Request the seller to produce documents on the history of the property. Holding documents that prove the property is debt free will serve as defense. Almost everyone is interested in investing in a commercial property in Mumbai. Thanks to its increasing demand and the great revenue returns that has encouraged many to invest their hard earned money on real estate. Though investments on real estate are always profitable, it is important to verify the documents and the credibility of the builder. And the best way to get this done is by hiring the service of a legal expert.
Umov Mehta is a renowned real estate expert at one of the largest websites for property in India. His work is appreciated by top professionals in the industry.
