Does anyone want to invest on property which causes problem or risk in future? We believe “No”. To buy a property is not only to buy a dream property but also your investment in life. We suggest the below for you to adhere before you buy any property.
Consult a Good Lawyer
Consult a good lawyer with your intensions to buy a particular property and with complete property details and get his opinion on the property. You can also get opinions from good property agents / consultants. Never forget, you should be the ultimate decision maker. Never fall for anybody’s sweet words.
Never buy a property if the title of property is not clear. If the title is not clear it will definitely create issues in the future. Financial institutions/ banks will also refuse to provide you with any loans if required. You should be discussing this with your lawyer in the first instance itself. Your property title confers the owner of the property.
Before you take any discussion with the property owner, ask him for the copies of documents and tell him it will be checked with your lawyer.
Ensure the property is free from any debt and liabilities
Ensure you are buying a property which is free from debts and all taxes are paid in time. If seller of property has taken any loan or advance on the property, ensure they are paid off and ask them for documents or copies to show that property is free of any debts. Also please clarify with your lawyer.
If you are buying the property in a big project, get a copy of approval of the layout for the building from your builder or seller of property. Ensure that building plan and construction is approved by the authorities and property is listed in government register. Consult the same with your lawyer.
Water, drainage and power supply
By checking with the concerned authorities, you can be sure if the property is genuine and be assured that the bills for the above facilities are paid regularly to the government. Ensure that property you are buying has adequate water supply and there is no problem of power such as voltage fluctuation, power shortage etc. Voltage fluctuation can damage your home appliances. Ensure the availability of water and power supply.
When buying a property ensure that there is no claim on the property by authorities or government and check whether land is designated for the residential purpose. Make good market research and seek expert’s advice for making your decision.
Consider Total Property Cost
Consider complete expense you will be incurring to purchase the property. Cost of the property is not only the rate of property, but also it includes other costs viz: fee to the lawyer, registration and notary cost, agent commission if any etc.