The Importance Of Legal Documents
Rules For Buying A Property
- The sale of immovable property of more than Rs.100, all the transactions should be mandatorily registered according to section 17 of Registration Act, 1908
- The process of buying a property always involves a lot of paperwork, and all of them are legally required.
- So, the buyer must always be very clear about the Legal documents to seek and examine before signing a deal.
- With proper legal advice, scrutiny of documents and verification of relevant information pertaining to the property is very important.
- The property should be free from legal issues.
- With proper legal advice, scrutiny of documents and verification of relevant information pertaining to the property must be done.
- One should approach a lawyer to check the authenticity of the property title.
- The process must be done perfectly, to make sure that the buyer has a fair right over the property and It should bring peace of mind and a sense of security to the buyer’s purchase price.
The Legal Documents To Be Checked Before On Property Transaction
Legal Scrutiny Report
- It is a legal opinion in one’s individual capacity to ensure that the property is free from legal liabilities.
- The buyer should get this legal report from an advocate specializing in the real estate sector.
Agreement Of Sale
- The agreement of sale states the terms and conditions between the buyer and seller.
- It also provides the details of the date of possession, arbitration clause, jurisdiction, and force majeure.
- The property transaction is done at the sub-registrar’s office with proper legal documents.
- The parent deed document is also referred to as ‘thai pathram’ in Tamil and includes the unbroken flow of the title up to the present owner.
- A parent deed is a statement that has the details of the rightful owner over a particular piece of property.
- This legal document records the change of possession of title, rights, and ownership of the property to the buyer from a seller.
- When the two parties in a property transaction agree, the title of the property is transferred through a sale deed.
- This Sale deed is a legal document that records the change of possession of title, rights, and ownership of the property to the buyer from a seller.
- This is an essential document, both the buyer and the seller are required to be present at the time of the deed.
- The name and details of both parties must be mentioned in the deed. It is done at the sub-registrar’s office.
Encumbrance Certificate (EC)
- The Encumbrance certificate clearly shows whether the property is free from monetary and legal liabilities.
- It is one of the most important documents for seeking a loan against property from banks.
- It clearly shows all the details about transactions relating to the property.
- It will help to achieve proper entitlement on property.
- It holds the name of all owners from the past 12 to 30 years.
- It also includes the ownership title transfer, mortgages, etc., It also states that the property is free from all encumbrance.
- Most banks demand this document before approving the home loan.
- The Encumbrance Certificate should be bought by the buyer.
- The computerized copy of EC can be accessed for free in any Registration Office by entering the document number and year of registration.
- It is issued by the sub-registrar’s office, and can also be applied for offline via Form 22.
- The Patta is an important record to claim ownership of land to occupy a property.
- The Patta is a legal document obtained from the Tahsildar’s office in the name of the actual owner of the land.
- To proceed with any transactions involving the land in question requires the patta document. And there are certain things to check before buying a plot.
The Following Details Are Listed In A Patta :
- Name of the District, Taluk, and Village Patta Number
- Name of the owner
- Survey number and subdivision Area of the land and tax details.
- Is it a Wetland or a Dryland
- Once the registration of the property is done, the patta will automatically be transferred to the new owner.
- Patta can be checked online.
Land Tax Paid Receipts
These documents are required to locate the property in the government records.
There are two types of taxes
Revenue tax for lands and house tax.
Property tax for houses and apartments.
- The revenue tax is paid to the Revenue department and the house tax & property tax is paid to the Greater Chennai Corporation (GCC).
- The buyer should scrutinize if the tax is paid regularly by checking the receipts for the above.
- It becomes easy to get the mutation of the property done in favor of the buyer.
- Obtaining all the bills will let the buyer know if all the dues have been paid or not.
The Need And Importance Of Personal Scrutiny
- The layouts & plots should be mandatorily approved by the CMDA or DTCP and not the panchayat.
- It is essential to make a personal visit to the property, after checking the parent deed, encumbrance certificate, and tax-paid receipts.
- It is advisable for the buyer to measure the plot as discrepancies around the total size of the plot are common.
- People who buy corner plots are often unaware of the fact that a portion of their plot would be taken for laying a road which would not be explicitly conveyed by the seller.
- When plots are not inspected properly, it further leads to a dispute between neighbors in the future.
Legal Procedure To Trace The Lost Document
- Sometimes the documents getting lost could happen.
- The buyers can trace the title from the earliest document that the seller has. With the help of a lawyer, the buyer can verify if the titles are clear and uninterrupted.
- The earliest document should be authorized by a court or government or authorizing agency, explicitly transferring the rights to the property to its first owner.
- Then, documents identify the subsequent owners of the property through an unbroken sequence of legal acts up to the present owner.
- The seller should be traced. While buying a property, it is essential to trace at least 30 years of history.
- In cases where the documents dating back to 30 years are found to be missing, the buyer should immediately register an FIR.
- An advertisement should be published in newspapers about the lost documents and a time frame provided within which if no one claims ownership, the property may be considered legal,”
- Nowadays the paperwork in the land sector is more transparent with stricter laws.
- Before buying any plots, it is mandatory to deal with the best builders in chennai.
- Property investments are highly capital intensive on plots.
- Buying a property involves a lot of paperwork, and all of them are legally required.
- The process must be done perfectly, to make sure that the buyer has a fair right over the property.
- One should approach a lawyer to check the authenticity of the property title.
- The buyer must ensure that the investment brings peace of mind and a sense of security.
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