Buying Property in India: Some Tips

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Buying a property is a wise investment. In fact, it is known to be the biggest investment made by an individual in his lifetime. Hence, it is important to take extra precaution when purchasing a house. In case, you don’t focus on maintaining precautions while inventing in property, you may have to suffer huge loss. Understand that you are investing your hard earned money. Be wise and gentle with it. Most people think that finalizing on a property is the only think they require doing when investing in a property. However, this is not true. There are many other things you need to focus on.
Here are some tips on buying property in India:
Tip 1: Title Deed
The Title Card can be referred to as a type of deep study into the land title. This is done for over a time span of thirty years. The title states whether or not the property is tangential and holds a crystal clear and saleable title. An experienced lawyer must prepare a detailed report for the seller. The report should be strictly assessed by the lawyer of the buyer. In case, the title is not clear or saleable, reputed financial institutions and banks will not finance the property. It is prudent to reach a popular financial institution or bank to see whether or not they are ready to finance the property.
Tip 2: Under Construction
In case, you are interested in a property under construction, it is imperative to demand a valid allotment letter. Make sure you also look for a development agreement. The letter of allotment consists of important details about the following:
• Price agreement
• Schedule for construction
• Date of payment
• Construction schedule
• Plans for the house
• Exact date of delivery
• Liability of the builder
The allotment letter is issued to the buyer immediately after he makes payment for 15 percent of the entire property value. The agreement for development is made between the property owner and builder. It consists of details related to the exact terms and conditions the owner of the land agreed for the property development.
Tip 3: Readymade Property
If you have decided to purchase a constructed property, it is very important t make sure that the seller of the property holds the legal possession and title. He should also hold the right to property transfer. You must also check whether or not the construction adheres to appropriate law requirements for municipal and planning authority. The building should not have any tenants. You should focus on getting a declaration that the entire property was bought from the funds of seller. There should be no mortgage on the property. All kinds of dues such as property tax, water bills, electricity bills, certificate of completion, society bills etc should have been cleared. These bills should have been cleared by the original builder.
Tip 4: Transaction Deed and Stamp Duty
The stamp duty can be referred to as the transaction percentage value imposed by the government of the state on each registered sale.