You need to admit it. Buying property is not all that supremely easy. You need to think about the appreciation value, the investment benefits, the legal hassles, the builder repute , home loan approvals and all that jazz. So here is a check list for you that will come in handy while you buy that dream property.
Basic things to be checked while buying property:
- Name & title of Land should be very clear in the name of seller
- Check whether the seller obtained Loan for that property, accordingly a paragraph in sale deed to be added saying that the seller is responsible to clear all the dues
- Ask for Moola pathram/Parental Documents
- All major children ie., major children of Sons & Daughter’s should sign in the bond/agreement
- Municipal tax dues/Water tax dues/Land Revenue dues & any other dues to be paid fully before the transaction
- Villangam & Viharam nothing has to assured. In case, of above and any hindrance to property the seller will clear the issue and dues on his own accordingly a paragraph to be included in sale deed
- Obtain No Encumbrance certificate from concerned authorities.
- Mention the Flat No & Plot No in South/East/West/North/Complete Land area Length/Breadth and Diagonals also in the Sale deed.
- Check on TNEB charges and dues
- Check whether the property is in seller name or is it with Joint venture development
- Seller’s any of the blood relation should not claim in future & if any claim arises then it will be sole responsibility of the seller to get involved and clear all such disputes.
- Get the identity and address proof of the seller
- Obtain all payment receipts, Patta , Chitta ,Adangal extracts ,Up to date tax payments receipts of Water/TNEB/Property/Corporation/Municipality/Revenue & other taxes etc.
- Confirm the originality of stamp papers and only purchase stamp papers from Govt services ie., Registration of Assurance offices only
- Date of purchase of stamp papers must match with the date of the documents – Most important
- Obtain Genealogical tables (family tree) of the seller, will, certificate of husband/wife and other inter connected all documents although the above many not be required for registration
- Crystal clearly shows door no/flat no/plot no and other descriptions of the property
- Check if any third party interests, suppression of previous transaction, prior agreements if any, litigation and other pending matters, which are brought to light during various stages of purchase /negotiation.