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Legalities & Documentations to Consider When Planning on Real Estate Investment:

Investing in real estate and your dream house is quite a massive decision. In order to make sure that your hard-earned money is invested in the correct project with the appropriate investor, here are a few legalities and documentation you should consider before making an investment in real estate/ property.

1. Assess the title deed:

By checking the title deed, you can have the confirmation of the ownership of the property, the title deed is never issued if the property has any faults or discrepancies on it.
Also, you should go through the encumbrance certificate. It shows all the transactions that have taken place over the property since the EC was registered. It also shows if the property has any disputes or debts on the property.

2. Go through property tax receipts:

Verification and Validity: Verify the authenticity and validity of the property tax receipts provided by the seller. Ensure that all taxes have been paid up to date and there are no pending dues.
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Arrears and Penalties: Check for any outstanding tax arrears or penalties associated with the property. These financial obligations need to be settled before acquiring the property to avoid future legal complications.
Check the tax payment history of the property to ensure all property taxes, water charges, and other dues are cleared by the seller.

3. Check the Occupancy certificate:

While investing in property, always check for the Occupancy certificate (OC) of the building. OC is a legal document that certifies the completion of the project and abidance by the plan and legal regulations.
An occupancy certificate is a must for a possession to be considered legal.

4. Scrutinize NOCs (No Objection Certificate)

Obtaining No Objection Certificates (NOCs) from relevant authorities ensures that the property adheres to zoning and development regulations. These certificates confirm that the construction and design of the property meet the required standards.
· If the property is located in an environmentally sensitive area, ensure that the necessary environmental clearances and NOCs have been obtained. This guarantees that the property’s construction does not violate any ecological regulations.

5. Study the building plan:

While investing in an under-construction project always ask for the approved blueprint of the projects. These plans contain the size and layout of the building. Also, while making an investment, buyers are entitled to ask for a sanctioned building plan. This would help the buyer to get an idea of the property and know the credibility of the developer.

6. Check for RERA Registration:

Check if the property is registered under the RERA Act, to avoid any misleading information and fraud. RERA registration ensures the protection of investors’ interests, timely completion of projects, standardized carpet area, reduced disputes, and regulation of developers.
Investing in property requires concise attention to the legalities associated with the purchase. By assessing the above factors, you can ensure a secure and legally sound investment. Engaging professional assistance and conducting thorough due diligence will provide you with the confidence to make informed decisions and safeguard your interests in the world of real estate.