At a One Group we believe in transparency in our dealings and as a part of our customer education program, we thought of mentioning 7 things a buyer must check before buying property. For many of us buying a property is once in a lifetime experience and even a small loophole can affect our entire buying experience. Therefore it is very important to take care of a certain things as we are all set to buy a property.
Lets explore the most important 7 things a buyer must check before buying property:
- Approvals and Licences
- RERA Registration: if a project falls under RERA compliances, obtaining a RERA registration from the regulatory authority is compulsory for the builder/promoter.
- Title Deed: Check whether the builder has a right over the property. While buying a plot, see the title deed of the land to confirm if the builder has the full right to it. You can also take help from a lawyer to get the deed examined.
- Approvals by Local Body: Make sure that the entire layout has been approved by the development corporation and the local body of the city and follows town planning rules.
- Release Certificate: If you are buying a property in resale, remember that it may have been pledged to get a bank loan. In such a case, you will have to get a release certificate from the bank, which will prove that the loan on the land has been repaid.
- Check Encumbrance Certificate: It is also important to verify that the land is free from all legal dues.
- Property Tax Receipts: If you are buying a property in resale, ask for previous property tax receipts from the seller along with other bills. This way you can ensure there are no pending bills.
- List of Banks Financing the Project: here are many builders which do not get bank loans at all. So, once you finalise the property and confirm that all approvals are in place, find out banks which are ready to fund the project and go with the one offering you loan at the lowest rate.
- Check the Infrastructure Plans: Metro connectivity or any other big infrastructure development in future linked to the location of the property you intend to purchase can boost the return on investment tremendously. Also, ensure that the property is not close to any polluting industry.
- Visit the Site: The layout in the brochure could be different from the reality. So, do a thorough site visit before booking the property. Interact with people in the neighbourhood as they may know about any illegal occupation or other legal disputes related to the property.
- Verify the Builder: The piece of land in question may be under litigation. Hence, it is recommended that you do an extensive verification of the builder. You could verify its past or current projects or even post queries on the various online real estate forums.
- Make sure you know exactly what is included in the house before you buy: If you don’t want to move into a house and find that the lovely kitchen units you were dreaming about have all been ripped out. Be clear what is or isn’t included in the house ensures you don’t have to incur any extra cost.
- Register your Property: After selecting the property, you have to register it with the authority concerned for you to become its lawful owner.
Hope the information about 7 things a buyer must check before buying property, helps you in choosing the right home / office / showroom for you.