Checklist for Buying Property in India

7. Amenities Offered:

Every residential property today comes with various amenities to choose from. Optimizing the living experience of residents is what real estate developers today are focused on. A clubhouse, parking, lift, power backup, swimming pool, and gym are some of the commonly offered amenities. Even if you are a simple person or a person who doesn’t need these amenities, ensuring all these amenities are available will impact the resale potential of the property. Anyways, amenities are something that everyone from the family or people close to you might need, or even the future buyer of your property for that matter.

8. Quality of Construction:

While visiting any property for sale, one must ascertain the quality of the construction used. Checking walls, overall look and feel, quality of finish, quality of paints used, wiring, fittings, tiles and quality, etc. If it’s an under-construction property you can ascertain all these facts only by checking the credibility of the property developer.

9. Urban development in the locality:

Some properties are exceptionally developed and have wonderful amenities but the road leading it is either too narrow or in ruins. If this approach road is not the main road, then the scope for development on this road can be less. Daily, this might be tolerable to you but in the long run, it can be quite frustrating. This is the reason it is advised to glance at the overall condition of the roads within 500 meters of your property.

10. Standards of living in the locality:

Lastly, understanding the locality is an important task. Knowing what sort of people live in the locality, whether they are all from good family backgrounds is essential to the safety & wellbeing of your family members. Different families have different lifestyles and standards of living. They come from different backgrounds and have different styles of thought. People living in the locality make the locality what it is.

Document checklist for buying a property

In order to buy a property, it is crucial to assess the legal status of the property that you are going to purchase. Below are some of the major legal documents that you have to take a look at before moving on with the buying of the properties:

Title Deed:

One of the major documents of a property, the title deed records the transfer of ownership of the particular properties. It is very important to ascertain the legal status of the land before buying the property. It is better to get hold of the original documents and check whether it is the name of the seller, as the seller can only sell the property if the title deed shows the owner as the seller's name.

Kind of Property:

Freehold properties are what we call properties that are built on the land that is owned by the owner of the property. When considering buying a property, it is better to choose freehold properties rather than leasehold properties.

Land Measurement:

The land measurement is yet another crucial legal documentation that you should consider before buying a property. It is better to conform to the measurement in the document and whether the property is the same or not, before planning on purchasing it.

Tax receipt and Bill:

For a property owner, a property tax is the annual charge applied on the land by the government to the land owner. The tax receipt is also one of the crucial pieces of documentation that you should consider before purchasing the property.

Encumbrance Certificate:

The certificate that shows whether the property is mortgaged or not. Before buying a property it is best to check out the encumbrance certificate. The properties that are found to be mortgaged are those properties that the owner is liable to clear before commencing the sale.

No-Objecvtion Certificate(NOC):

NOC is one of the most important legal documents that is required if you are selling or buying a property. NOC or No-Objection Certificate, is issued to certify if a property has violated any building laws during the time of construction.

Building Approval Plan:

The construction approval plan serves as a blueprint for the property, assuring structural safety and adherence to rules. It is especially important for residential complexes. This document confirms if the construction followed sanctioned designs, ensuring the use of allowed materials and respect to safety requirements. Reviewing the plan helps uncover potential difficulties, such as unapproved alterations or departures from the original design, giving you confidence in the property's structural integrity and long-term safety.

Khata Certificate:

The Khata Certificate, issued by your local municipal body, is an important document for property ownership in India. It functions as a property identification card, containing information such as the property type (residential/commercial), the built-up area, and, most important of all, ownership information. This certificate is essential for property tax assessment and ensures that you pay your fair share of municipal taxes. The Khata also serves as an official record of ownership, making it easier to apply for utility connections and future property sales.

Sale Agreement:

A Sale Agreement is a legally binding document between the buyer and seller that outlines the major parameters of the property sale. This document is essential for safeguarding both parties' interests. It clearly states the agreed-upon sale price, payment plan defining how and when the buyer will pay, and possession date, which specifies when the buyer can take ownership of the property. Furthermore, the agreement may include contingencies, which are provisions describing requirements that must be met (such as loan approval) before the sale is completed. A well-drafted Sale Agreement ensures a smooth transaction while protecting the rights of both the buyer and seller.

Completion Certificate (CC) (if applicable):

In the context of purchasing an under-construction property, obtaining a Completion Certificate (CC) from the developer is essential. This official document attests to the project's completion in conformity with the approved building plans. The issuance of the CC indicates that the property is compatible with regulatory standards and ready for occupancy, providing the buyer peace of mind.

Identity and Address Proof:

Both buyer and seller need to furnish identity and address proof for official record-keeping and verification purposes during a property purchase in India. This ensures transparency and protects all parties involved. Identity proofs like Aadhaar card or PAN card are essential to verify the individuals involved in the transaction and prevent fraud. Address proofs like utility bills or ration card help establish residency of the buyer and seller, which might be required for certain legal purposes or background checks.

Homes247.in Expert’s View:

For any home buyer, it is tough to determine all these factors in one go. But it is always advised that they must check all of this.

In today’s times when people are extremely busy with their daily lives, going on-site and simultaneously checking all these things can be pretty meticulous.

Homes247.in, the leading real estate portal in Bangalore optimizes all of this for you in a time-efficient and cost-effective manner to make your home search easy and successful.

We do an intensive screening process that checks all of this for you. Having on-site support we have regular updates on each and every property we feature and any other developments in the Real Estate Market in India on the Home Guide Section of our website.

When you get in touch with us, we already have the background checks on all the properties that you might be interested in. So, don’t worry. We’ve got your backs always!

FAQs:

Q. How can I verify the legal status of a property?

A. Verifying a property's legal status is essential. Examine the title deed to validate ownership and property information. An encumbrance certificate indicates any existing legal or financial claims against the property. Additionally, building approval plans verify that the property's construction corresponds to legal norms. Consider hiring a legal expert to do extensive due diligence for a more comprehensive assessment.

Q. What is the role of RERA in property buying?

A. RERA, or Real Estate Regulatory Authority, is an important safety for property buyers. It promotes transparency by requiring project registration, timely disclosure, and escrow account management. RERA also includes an effective dispute resolution procedure, which protects buyers from delays, quality difficulties, and financial hazards. By verifying RERA compliance, buyers can make informed decisions and mitigate potential problems.

Q. How important is location when buying a property?

A. When it comes to buying a home, location is important. It has a huge impact on the property's worth, your quality of life, and the potential for appreciation. Prime locations near schools, hospitals, transportation hubs, and employment centers have higher prices but provide convenience and accessibility. In contrast, isolated places may be less expensive but lack vital amenities, affecting daily living and resale value.

Q. Is it necessary to hire a lawyer for property buying?

A. While not mandatory, employing a lawyer to protect your legal interests is highly advised. They can assist you in verifying paperwork, negotiating conditions, and ensuring a smooth transaction.

Q. What is the process of property registration?

A. Property registration involves submitting necessary documents to the sub-registrar's office and paying stamp duty and registration charges. The property is then registered in the buyer's name.