[vc_row][vc_column width=”2/3″][vc_column_text]With the increasing facilities, amenities and the preference for a calm and secure place, the demand to buy a gated community flats has increased significantly. If you are venturing out to own a house here are a few things to know that can help you in choosing a property free of any legal liabilities.
Sale deed
A sale deed is a legal document which contains all the details regarding a property which includes but not limited to, details regarding the legal owner, the date from which the property has been owned, details of transfers from one owner to the other if multiple transactions were done.
This should be the priority to check before purchasing a property. Once the property is purchased from the seller, the new owner’s name will be added to the document and a new deed will be created which also acts as the ‘Title Deed’ stating the legal ownership over the property.
Land use certificate
The land-use certificate states the purpose for which the land has been legally approved for. For example commercial activities cannot be conducted in a land which has been approved for agricultural purposes. Make Sure the certificate states that the land has been legally approved for residential purposes.
Sanctioned building/layout plan
This document outlines the blueprint of the whole project. Once the seller submits the necessary documents they are inspected by the local governing authority and the plan is given approval once the criteria are met. An unapproved layout plan could mean that the construction might be illegal so it is pertinent to check this document before proceeding to purchase.
Encumbrance certificate (EC)
This certificate essentially assures the buyer that the property is free from any kind of financial or non-financial liability and no other third party has a claim on the property. This is available at the sub-registrar office.[/vc_column_text][vc_column_text]
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Completion or occupancy certificate
This certificate states that the property has been built in accordance with the approved laws and it is suitable for habitation. It is issued by the local governing authorities once the project is completed according to the stipulated laws and it is mandatory to produce while approaching for loans from financial institutions and also while applying for sanitation, electricity, and water connections.
Tax receipts
The buyer has to ensure that the seller has not defaulted, and tax payments against the property, once the property is transferred, the buyer is solely responsible for any legalities or dues.
Conversion certificate
This is issued by the competent local governing authority when a request has been made to convert the purpose of the land, for example a request can be made to use the agricultural land for commercial purpose and it has to be approved by the authorities. These details can be found in the land use certificate.
Real Estate Regulation Act (RERA)
It’s a government act which safeguards the home buyers’ interest against any exploits from the seller. For a project to be ‘RERA registered’ the builder has to submit a wide array of documents and procure many no-objection certificates that will be issued only when the documents are submitted by the builder to match the stipulated standards and guidelines set by the governing authority.
RERA Telangana is applicable to all Municipal Corporations, Nagar Panchayats, Urban Development Authorities, and Municipalities in Telangana.
Greater Hyderabad municipal corporation permit
GHMC is a local civic authority which issues permissions required to start the construction of any project. This is issued to the builder only after the submission of an exhaustive list of documents which include building plans, tax receipts, encumbrance certificate, rainwater harvesting plans, sewage water treatment plans among other things required to satisfy the regulations setup by the GHMC.
The RERA AND GHMC permit assures the buyer that the property has been built in accordance with rules stipulated by the local governing authorities and is free from any legal liabilities with respect to the governing body.[/vc_column_text][vc_column_text]
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Release certificate
If the property being purchased is a resale, a release certificate has to be obtained from the bank as it legally states that the property is free from any dues and all the loans have been repaid.
Physical survey of the property
It is advisable for the buyer to go and inspect the land physically and verify if it’s located as per its documents. Checkout the surrounding area to know the kind of facilities available near the projects which can include infrastructure, transport. Also enquire with any owners in the same area to find out if there are any disputes regarding the property.
The built up area details provided to you can be more than the carpet area of the house, so make sure to physically visit to verify the actual size of the house.
In conclusion, make sure that the property you are looking to purchase is free of any legal liabilities and has been constructed in accordance with the guidelines issued by the local governing authorities while making sure your preferred amenities and facilities are available in the community.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_column_text el_class=”post-contact-form”][fc id=’2′ align=’center’][/fc][/vc_column_text][/vc_column][/vc_row]