Complete Checklist Before Buying Your Dream Land Or Property In Bangalore

G&C Global Real Estate Consultant In Bangalore

Buying a house is the most important in one's life, However one needs to be very careful while buying a property to avoid falling into illegal seller. Before buying a property, a number of checks need to be done to confirm that the property has a clear and marketable value. The legal status of the land is the first issue that should be addressed before confirming a property.

The first steps is to see the title deed of the land, which your going to buy.

• Confirm weather the property is in the name of seller who have full rights to sell the property without any other person.
• It is better to get the original deed examined by the lawyer, this is to check details like weather the seller has permitted any entry access to others through this property and weather any other facts has been undisclosed by the owner of the property.
• Along with the title deed, you can also demand to see the previous deeds of the land available with the seller.
• In some case, more than one person may own the property. So before registering, check if there is more than one owner. Get release certificate from the other people involved.

Deed Or Sell Deed
Sale agreement is a document by which the title of property is conveyed by the seller to the buyer. Transferring the ownership of the property from seller to the buyer. This document will help you ascertain weather the property, which you are buying, is on land belonging to society/ builders/ developers authority in which the property is located.

Tax Receipts And Bills
Property tax, which are due to the government municipality, are the first charge on property. Enquirers must be made in government and municipality office to check weather all taxes have been paid up to dates.

•  Inspect weather the latest tax paid receipts have been paid.
• If your buying house along with your property, then house tax must also be checked.
• also ensure that the electricity and water bills are up-to dates and if there any is balance payment to be made, ensure that it is made by the seller.

Pledged Land
Some people may have taken loan from the bank by pledging their land

• Ensure that the seller had paid back all the amount due.
• Ask for the release certificate from the bank, which is necessary to release all the debts over the land legally.

Measuring The Property
It is advisable to measure the property before registering the land in your name. Take the help of recognized surveyor to ensure that the measurements of the property and its borders are accurate

Agreements
Once all the matters, financial/ otherwise are settled between two parties, it is better to give an advance or write an agreement. This ensure that the owner does not change is words regarding the cost has well as make sale to someone else who offers more money.

• The agreement should be written in Rs. 50 stamp paper.
• The agreement should state the actual cost, advance amount within which the actual sale should take place and how to proceed in case of any default from either parties. to cover the loss.
• The agreement can be prepared by the lawyer and should be signed by the both parties and two witness. 
• After signing the agreement if one of the parties make default, the other party can take legal action against them.

Stamp Duty
It is tax, similar to sales tax and income tax collected by the government, and must be paid full and on time.

• A stamp duty paid is considered a legal document.
• Stamp duty is a state subject and hence would vary from state to state.
• When an agreement is to be stamped, it needs to be unsigned and updates one may execute the agreement only after the stamp offices affixes stamps on the agreement. 

Registration

Registration is the process of recording a copy of document, transferring the title in immovable property to the office of the register.

• Drafts must be prepared before actually writing the document in the stamp paper. Registration is done after the two parties execute the document.
• The agreement should be registered with the sub-registrar of assurance under the provisions of the Indian Registration act, 1908 within four months from the date of execution of the document
• Make sure all the details mentioned are accurate.
• Make sure that the deed is registered within the time limit mentioned in the agreement.
• Stamp duty should be paid prior to the registration.

Changing the title in Village Office 

The whole legal procedure of buying the property will be completed only if the new owner name is added in the village office records. An application can be made along with the copy of the registration deed to the village office to get this done. Purchase of the property is a lifetime investment. A lot of care is needed from the beginning - right from the site seeing still the registration of the land. Ensure that the document of the title are marketability with due care by an experience Advocate.

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