Property has been one of the most popular and safest choices when it comes to investing, whether it’s to have something of your own, giving it to a loved one, or even as a new means of income. As the demand for real estate has grown world over with increasing population, even the builders and developers have been coming up with planned and affordable housing and commercial spaces.
Whenever we are looking for Home in Kanpur, we mainly consider amenities provided like theatres, malls, parking space, hospitals. But for a first-time buyer, the legal requirements often seem difficult and confusing. So here’s a look at the main things to check before investing in a home
- Title Deed – The main document needed to establish your ownership over the property is the Title or Sale deed. The seller cannot sell the property if the deed does not have their name on it. Ensure there are no ownership disputes and the person selling is the sole owner of the property to avoid issues in the future.
- Master Plan – Usually when advertising a property, builders or sellers will include any and all amenities that are nearby (stations, parks, highways). Check the Master plan of the property to be clear and verify the actuality of mentioned places.
- House plan Approval – Check that the building plans have been submitted and approved by the authorities after meeting all compliances. You can also double-check the same from the authority that issued it.
- Encumbrance certificate – This can be checked from a sub-registrar office for a charge by providing a duplicate of the sale deed. It will verify that the property you’re purchasing does not have any existing legal issues like pending payments, mortgages, or loans.
- Land use certificate – Residential property can only be built on land specifically allocated to it. In case it’s built on commercial, industrial or agricultural land, then then it’ll be deemed illegal.
- Agriculture to Non-agriculture NOC – Whenever a builder needs to develop a property, they will have to purchase the agricultural land and request the town planning authority to issue a No Objection Certificate or NOC to officially convert it to Non-agricultural land.
- Occupancy Certificate – The Occupancy certificate is a requirement if you apply for a housing loan. This can be requested by the developer from the authorities who issue it after checking all the laws and building safety rules are followed. It verifies the place is ready for occupancy.
- Property tax receipts – Ensure the seller has been paying the property taxes for the place. This tax is charged on the land and the building; the seller should have paid off all existing dues. Once you become the owner, unpaid dues would become your responsibility.
- Khata Certificate – A Khata or Mutation Certification can be issued by the municipal corporation in the name of the current owner. It will have all the property details like location, size, owner as well as past owners.