The title of the land is very significant in India. While it contains a sense of power and prestige for the rich, it is a precious dream for the vast majority of the middle-class population. Luxurious amenities are beyond reach for those who are less privileged. While some countries have streamlined the method of property acquisition, including government verification of ownership papers, in the Indian context, there are numerous threats, both legal and regulatory, related to the property buying process.
Experts warn future buyers that before finalizing their property buying decisions, they need to be mindful of certain processes and requirements. In order to ensure the clear title of ownership and government approvals, not only shall the buyer provide the authorities and the bank with information and documents, but also, when a house loan is used, certain documents must be checked. Here in this article, we are going to discuss a list of documents that you need to check before buying apartments at the Residential Projects in Ghaziabad.
- Verify seller identity
The buyer should also determine the seller's identification and any specific conditions affecting the seller's ability to transfer the land. Before buying the property, knowing the seller’s identity is important because the number of real estate-related fraud cases have increased in India. In case of an individual and the permission of governmental authorities for selling, test the residence status and nationality of the seller. Verify whether the seller is selling the property legally or not.
- Loan clearance
There are a lot of property developers in India, who develop apartments after borrowing money from the banks. Most of them are unable to get the loan clearance from the bank and sell the property to the buyers. Later, the residents have to deal with the banks and loan departments. Most of the times, loan lenders seize the property and the residents can’t do anything. You have to check the encumbrance certificate before buying any residential property in India. A certificate of encumbrance indicates that there are no and legal liabilities on the land.
- Construction approvals
The buyer shall also review the construction design/development plan approved by local authorities before buying an apartment in residential buildings. Check whether the permissions are given by the government for utility services, electricity, sanitation, power, environmental clearance, fire protection, etc. Checking constructions approvals are extremely important before buying a residential property.
- Occupancy certificate
Prior to conveying the residential property, the seller is obliged to receive the certificate of occupancy from the competent authority of the area. Before securing possession, use of the property without obtaining occupancy certificate subjects the consumer to pay a fine under applicable building bylaws.
These are the important legal things you must check when you buy a residential property in India. If you want to buy residential Flats in Vaishali without facing any fraud, then choose Shri Laxmi Celebration Residency, which is a leading residential building in Ghaziabad. Here you’ll have a chance to enjoy all the luxurious amenities within your budget.