Buying a home is a significant financial commitment, and ensuring that all legal aspects are in place can save you from future disputes and unexpected complications. Sovereign Assets is dedicated to guiding home buyers through a smooth and secure purchasing process. Here’s a comprehensive legal checklist to verify before you buy your dream home.
1. Title and Ownership Verification
Before purchasing a property, confirm the title’s authenticity and ensure the seller has clear ownership. This can be done by:
- Reviewing the original title deed
- Verifying the title with the local land registry
- Ensuring there are no encumbrances, such as loans or legal disputes, attached to the property
2. Sale Agreement and Title Deed
Carefully review the sale agreement, which outlines the terms and conditions of the transaction. Ensure:
- The property details, including size and boundaries, are correctly mentioned
- The agreed price, payment terms, and possession date are explicitly stated
- The title deed is in the seller’s name and free from legal complications
3. Encumbrance Certificate
An encumbrance certificate confirms that the property is free from any monetary or legal liabilities. Obtain this document from the local land registry office to ensure there are no existing mortgages or disputes.
4. Property Tax Receipts and Bills
Ensure that all property tax payments are up to date by checking:
- The latest property tax receipts
- Utility bill clearances, including electricity and water bills
- Any pending dues with the municipal corporation
5. Building Plan Approval
Verify that the property has the necessary approvals from local authorities. Check for:
- The sanctioned building plan issued by the municipal corporation
- Compliance with zoning regulations
- Whether the construction is in accordance with approved plans
6. No Objection Certificates (NOCs)
If purchasing a property in a housing society or under a builder’s project, obtain:
- NOC from the society or builder
- NOC from the bank (if the property has an existing mortgage)
- Environmental and fire safety clearances
7. RERA Registration
Under the Real Estate (Regulation and Development) Act, 2016, all new projects must be registered with the Real Estate Regulatory Authority (RERA). Verify:
- The property is RERA-registered
- The builder’s track record and compliance with RERA guidelines
8. Loan Clearance and Mortgage Check
If the seller has taken a loan against the property, ensure it has been fully repaid. Ask for:
- A loan clearance certificate from the bank
- A release deed if the property was mortgaged
9. Legal Heir and Power of Attorney Verification
If the property is inherited or being sold under a power of attorney, confirm:
- The legitimacy of the legal heirs
- The authenticity of the power of attorney
- No ongoing disputes among family members regarding ownership
10. Possession and Occupancy Certificate
For newly constructed properties, check for:
- A possession certificate issued by the builder
- An occupancy certificate from the local municipality to confirm legal occupation
Final Words
Buying a home is an exciting milestone, but overlooking legal aspects can lead to significant problems. At Sovereign Assets, we help you navigate these legal checks to ensure a hassle-free purchase. Always consult a legal expert before finalizing your transaction to safeguard your investment.
For expert guidance and seamless property transactions, contact Sovereign Assets today!
