Investing in the real estate market is not a child’s play. People put their hard-earned money in this as a most beneficial way of an investment plan. If you are someone who doesn’t know the basics of investing in the real estate market, it is essential that you must first understand the legal aspects involved in the smooth buying of property.
- Authenticate the title deed
If you don’t know about the title deed, it is an essential document that legitimizes the possession of the property. No one can sell their property until and unless the title deed is clear. The title deed doesn’t have any kind of dispute and the builder owns the property.
- Encumbrance certificate
It is obvious that the property you are going to buy must be free from any kind of legal dispute. The Encumbrance certificate we are talking about here is a document usually issued by Sub-Registrar. On request, one can get the encumbrance certificate that will have all details related to registered legal dues.
- Conversion certificate
A conversion certificate or No Objection Certificate is obligatory if a building is constructed on agricultural land. Both buyer and seller should be confirmed that the property is not constructed on such kind of land.
- Property tax receipts
In every financial year, the builders have to pay land tax depending on the nature, extent, and title of the property. Before buying property, you must ensure that there is no liability and all the property taxes are paid.
- Authorized building plan
It has been reported that there are builders who provide fake information to the buyers by convincing them. Hence, you must check that the building or property you are seeking must have sanctioned building plan. For your knowledge, this plan is issued by the authorities only after receiving the correct documents.
Both Forest and Environmental department of Central Government issue clearance certificate if the construction site is more than 20000 sq.mts.
- RERA registration
This is the most important aspect to be taken care of because the real estate agents have to register their all projects under the RERA Act. It is needed to check that the projects are going as per the regulations.
You must be now well-versed with the legal documents needed to be taken care of. If you are planning to buy homes for sale near me, then don’t overrule them so that there will be completely legal transparency.