“Ultimately the greatest help is self-help” – Bruce Lee.
Buying property is one of the most significant and challenging activities in your life. The entire process of scouting for that dream abode, arranging the finances, completing the legal verification, taking possession, and conducting the grand housewarming ceremony is both exhausting & exciting. You are finally moving into your own home and getting freedom from all the hassles of renting & moving frequently.
Once you have zeroed in on the right place to call your home, the next most important thing to do is to complete the legal verification of documents. Your dream home can turn into a nightmare if the property records are dubious or fudged. No matter how great and charming the new house is, you have to ensure that the records are clean & straight.
Although it’s fine to seek professional support, it is recommended that you take the initiative to study & verify the documents on your own. No lawyer can be as deeply invested in your property as you are! This article describes the important factors that you need to examine when you decide to help yourself.
Note: The honorable Supreme Court of India ruled in 2011 that the sale of property through a general power of attorney (GPA) is not valid under the law. So the transfer of property should be executed under a registered sale deed for legal validity.
It can be quite challenging for laymen to comprehend and analyze property documents with all their legal technicalities. You would probably be hearing a few jargon for the first time. But patience is key here, especially if you do not want to consult a professional. Go through all the relevant resources that you can find online. Much of the content is greatly simplified for the benefit of common people. A checklist of documents and their formats is half the job done. If you face some difficulty, you can visit any of the popular law portals and enquire about their services. A few of them may even provide the first consultation and basic services free of cost. A nominal amount may be charged for additional services. In any case, you end up saving a lot more as compared to visiting a lawyer at his office.
Before you begin the verification exercise, ensure that you have all the necessary documents in place. A personal inspection of the property helps you to get first-hand information. You can also check the Real Estate Regulation & Development Act (RERA) website to verify the builder’s credentials.
Go by the maxim that it’s better safe than to be sorry. If you do not understand something, do not make assumptions. A house is a big financial asset and a deep emotional investment too. Proper scrutiny of property records is indispensable before you make that big move.
Among the most important aspects of real estate is Floor Space Index (FSI), sometimes known as the Floor Area Ratio (FAR). FSI refers to the maximum area of a piece of land that will be used...
"Ignorance of the law is no excuse in any country" - Thomas Jefferson. People can take months and even years to zero in on that perfect dream home in a beautiful neighborhood. But it's qu...