How To Check If Your Property Is Legally Verified?

Buying a property free from all legal sorts of disputes is an achievement in itself. The real estate sector has shown a considerable growth but with that we cannot ignore the disputes over lands and property has also taken an upswing. Major reason of fights over land ownership is due to project delays and inappropriate quality construction.  Before making an investment make sure that you are investing in the right project in the right place at the right price.

In this blog we will help you in checking property’s any legal issues that you must check and here is a do-it-yourself checklist.

 Check For The Ownership Papers:

Title or ownership of the land/property either residential or commercial should be checked and it must have a clear title without the involvement of any issue. New property should have title with the construction company. The property which is on resale, the papers are to be studied properly or get it checked by the property lawyer to get the confirmation over authenticity of papers.

·        Verify the Actual and Approved plan

Every property that undergoes construction needs to have an approval which is passed by the local authority. Make sure you look for the copy of the approved map because that will give you a fair and true idea about the area. 

·        Bank Approvals

In today’s time buying a property without any bank loan is not possible. So, if you are getting your home/property financed from any bank then your verification process is half way through. Your loan does not get approved so easily and the property is evaluated. Some of the residential projects have several banks offer on-site that makes sure that the property is verified and have all approvals. But, do check all the clauses before you sign any legal paper for property.

·        Encumbrance Certificate

Encumbrance Certificate is a document verifying the property that it free from all types of legalities, pending loans and mortgages. Also, mentioning the names of the previous owners. It acts as an important legal document to get the complete knowledge of all owners and their dues. 

·        Check if property tax has been paid regularly

Property Tax is implied by the government and is an annual payment. Check the property tax slips as it makes sure that the property is legalized and the papers relating to the property are in order and valid.

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