A list of legal suggested reading for home buying

Property investment comes with challenges and complicated procedures and not to forget, it is a huge monetary intensive process. If the buyer isn’t careful enough, even a small error can cause a great deal of inconvenience. So it is very critical to review every bit of the process carefully especially when evaluating any property documents. For every home buyer, especially a first-time buyer, it is advisable to take any and all professional help to ensure that the investment will allow having a sense of peace and security.

Practising legal due diligence is important as it will help reduce the risks associated with a real estate transaction where all your hard-earned money is at stake. Ignoring even the slightest error can lead you into nonessential disputes or even cost your homeownership. So what checks are included in the legal due diligence of a property?

Verifying the title of the seller: The title is a legal document by the seller stating the buyer as the rightful owner of the property on sale. The buyer must run a check on the title deed to discover its nature and its existence with the seller.

Verifying the identity of the seller: The identity of the seller is just as important as the title. A buyer should be certain of the seller’s identity under all circumstances. A buyer should know the identity, his residence status, the nationality of the seller and his ability to pitch in the property. Knowing the identities of the owners in case the property is held jointly. Also, know if the seller is an organization, firm, or society and check the documents related to the authorization for the execution of a sale.

Land use permissions and approvals: A buyer must be certain of the master plan of the property whether under-construction or ready to move before making a bid. The project must satisfy all the necessary authorizations from the Town Planning Authority which has to be in accordance with the zoning plans. In any situation where the development is different from the notified zoning norms, obtaining orders from the local municipal authority is mandatory. The property should satisfy the standards and the regulations for infrastructure facilities laid down by the government bodies.

Occupancy Certificate: An essential step of buying a home is that the property should comply with the policies by the local authorities. The clearance to the property comes in the form of Occupancy Certificate. Failing to obtain OC can lead the buyer to penalties or maybe even worse, demolition of the property.

RERA Compliance: The government has made it mandatory for the developers to register their projects with the authority appointed under the act. The buyer purchasing the property should check if the property is registered with the RERA authority. Check the online portals of RERA to know about the insights of the project and the developer to make an informed decision.

Inspection of the property: A property inspection is an important step but is skipped most times. While the buyers can examine the property with extreme care, it is always advisable to seek professional help by hiring a home inspection service.