Buying a property in India is not an easy task. The process requires thorough research, patience, and most importantly a lot of time. Property transactions in India can be complicated, especially if you’re buying a property on your own. You might not know what to expect or where to begin.
There are many reasons why it’s difficult to buy a home in India: the lack of transparency in the market, lack of standardization, and uniformity across states and municipalities.
While it is important to check all aspects of the property before making the final decision, it’s equally important to verify them physically before buying. Here are some simple tips that will help you avoid future hassles:
Research the Legal History of the Property
When you are buying a property, it is important to check the legal history of the property before signing any documents. You should also ensure that there are no pending court cases against the seller or any disputes between them and you.
To find out whether there are any such problems, consult an attorney who can help you to identify the details. It is also important to get an expert opinion on whether your proposed purchase makes financial sense or not as well as whether there’s enough money left over after paying off all expenses like stamp duty etc.,
Make sure you understand what is Exactly being Sold to you
When you’re looking at a residential or commercial property, it’s important to know what exactly is being sold. This can be tricky if the listing doesn’t say much about the building itself or its size and layout. That said, some things should always be considered when buying in India:
- The number of rooms—this will tell you how many bedrooms, kitchen, and bathrooms exist in your new home.
- Verify the Vastu of the home before purchase.
- Check the number of parking spaces.
- The number of balconies/windows—this will help determine whether or not there’s enough light coming inside the room.
- Safe and secure locality.
- Facilities around the property such as schools, hospitals, shopping malls, etc.
Contact a Registered Lawyer
Lawyers are trained to verify all legal documents. They can help you avoid fraud, as well as speed up the process of buying property in India. Lawyers also provide legal advice and represent clients at various stages of a transaction such as:
- Getting title to the property (the transfer of ownership).
- Getting all necessary approvals from authorities before selling it to another buyer.
- Getting the property surveyed and valued.
- Getting the property registered in your name or the name of a company.
When you hire an attorney always remember the following pointers:
- Make sure you have a reliable lawyer, who has experience in dealing with different types of real estate properties.
- Make sure the lawyer is registered with the Bar Council of India (BCI). This will ensure that they are competent, ethical, and knowledgeable about property rights in India.
- The lawyer should be able to verify all documents related to your investment such as title deeds, ownership documents, etc., as well as their authenticity.
Consult with other Professionals for their Opinion on the Property
When you are ready to start looking for properties, it is important to consult with other professionals for their opinion on the property. An architect or engineer can check the structural integrity of the building and make sure that there are no major defects in it.
A tax expert will help you understand how much tax needs to be paid by the tenant on rent so that you can get an accurate estimate of total expenses before buying a residential apartment or plot in India.
Clarify all the Terms and Conditions before Purchasing
Once you’ve decided to purchase or invest in the property business, there are a few things that need to be understood and verified. These include:
- The terms and conditions of the agreement.
- The title deed and lease agreement of your property.
- A copy of the sales contract (if applicable).
- The amount of the down payment and any other fees (if applicable).
The terms and conditions of the agreement should be carefully reviewed. As the document contains all the details of the sale, including Price Payment method, Interest rates, and Security deposit Term.
We hope this article has helped you understand the process of verifying real estate property before buying in India. Property transactions are not always as simple as they seem, especially in India. You will need to make sure that your lawyer is well-versed in all local laws, and also make sure that he or she is familiar with the market value of the property so you can avoid any potential problems down the line.