For countless individuals, the aspiration of owning a piece of land is a cherished dream. It grants the freedom and flexibility to construct and design their dream homes, making land ownership a coveted asset. In contemporary times, it has evolved into a source of pride and a tangible investment for future generations, offering substantial value.
However, when venturing into property investments, it's crucial to exercise due diligence to safeguard your interests.
Title Deed Verification:
Verify that the seller's name is on the property's title deed and that they possess the legal authority to sell it without any encumbrances. Ensure that the original deeds are legally validated by legal professionals. Request access to previous land deeds for thorough verification. Before proceeding with registration, secure a release certificate.
Sales Deed:
Obtaining a sales deed from the seller is imperative. This document confirms that the property you're acquiring is not subject to any claims by builders, development authorities, or societies.
Tax Records and Bills:
Prior to finalizing the transaction, ascertain that the previous owner has settled all outstanding dues such as electricity bills, water charges, property taxes, and any other pending payments. Verify this with government and municipal authorities to ensure all bills and receipts are cleared.
Pledged Land:
If the land was used as collateral for a loan, obtain a release certificate from the respective bank to clear any outstanding debts linked to the property.
Land Measurement:
Consider engaging authorized experts to accurately measure the land. A land sketch can provide further accuracy and can be obtained from the survey department.
Agreement:
Sign a comprehensive agreement after addressing all legal and financial matters. This safeguards against unauthorized sale or changes in property pricing. Ensure the presence of two witnesses from both parties to avert potential future disputes.
Registration:
Registration of the land should occur at least four months before the agreement. Ensure you have all the necessary records and witnesses during this process, as registration serves as official proof of the transaction.
Basic Amenities:
Assess the availability of essential amenities in the vicinity of the property. Access to power, water supply, well-maintained roads, and connectivity to the city are pivotal factors in making a wise property investment.
Purchasing land can be a complex endeavor, but with this checklist, your concerns are addressed.
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