To safeguard one’s investment and ensure a good title to the land, what is the simple legal due diligence that a property buyer must do, purchasing a property?

Investments of property are extremely capital expensive, purchasing a property and any errors made during the transaction will cause the buyer a great deal of trouble. This makes it imperative for a buyer when reviewing the property records to show due diligence. The buyer will ensure that the purchase brings peace of mind and a sense of protection with proper legal counsel, an inspection of records, and a review of specific details relating to the house.

In this post, before he is able to sign a contract, we speak at length about the documents a buyer needs to seek and review.

Checklist Land Records

It is an existing legal theory that a person is unable to express a better title than what he has. In order to determine the presence of the title with the seller, the quality of the title and its marketability, and the ability of the seller to express a simple and marketable title free of burdens, the buyer should, as a first step, conduct due diligence. Documents may be checked for a term of 30 years, if not longer (and if documents are not available, for a minimum period of 12 years), and the provider must be invited to supply the following documents/information:

• Will, division deed, etc., showing the transfer of title over the years, ending with the seller’s vesting of land.
• Title nature: the right of leasehold, freehold, or creation.
• Land Title Documents: Government Order for Grant, Certificate of Succession, Sale Deed, Donation Deed,
• In the case of the purchaser challenging the property’s development rights, the development arrangement and attorney’s power are exercised by the owners in behalf of the seller.
• Both title papers shall be properly stamped and registered at the Office with the Sub-Registrar of Guarantees of Authority.
• On behalf of the vendor, Khata registered.
• Pending or past litigation details.
• Availability with the vendor with the original title papers.

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Verify the seller’s name

The buyer should also determine the identity of the seller and any clear provisions governing the right of the seller to move the property, equivalent to confirming the title to the property. For example, the following instances can be noted:

• State of residency and nationality of the vendor, in the case of a person, and if the sale requires the approval of government authorities.
• Identification of both shareholders, in the case of collectively owned properties.
• Where a corporation, trust, relationship company, community, etc. is the seller. In addition to ensuring that the person administering and recording the selling deed is properly approved, the constitutional records of the company are required to prove its right to own and transfer the land.
• Orders from the appropriate court to allow the property to be sold and to nominate a guardian if the property is owned by a minor or an individual of an unsound mind.

Permissions for conversion and land-use

The acquisition of non-agricultural land assumes vital importance with increasing urbanization and convergence of income lands with urban conglomerates, as some state laws prohibit the acquisition by non-agriculturists of agricultural property.

Second, the buyer must review the Master Plan to ensure that the land, such as residential, commercial, retail, public/semi-public, parks and open spaces, etc., is created in compliance with the zoning plan. Where real usage varies from the notified zoning, it is compulsory to seek directions from the Town Planning Authority approving a change of land use.

Approvals in construction

The buyer should also scrutinize the construction plan/layout plan approved by local municipal authorities, along with approvals provided by the government, legislative and regulatory authorities, for the provision of infrastructure services, water, drainage, electricity, environmental clearance, fire protection approval, etc., for the purchase of apartments or land with built buildings.

Certificate of Occupancy

It is necessary for the vendor to receive a certificate of occupancy from the competent authority prior to the transfer of the land. The use of the land without securing possession subjects the buyer, in addition to the possibility of demolition of the property, to liability under the applicable building by-laws.

Taxpaying status

The non-payment of property taxes constitutes a fee that affects the marketability of the property. Thus, through the local authority, the buyer must check that the purchaser has not defaulted on paying property taxes.

Do inquire for the receipts from the seller of all utility bills. Please note here that you will be responsible for paying all outstanding dues against the land, service or otherwise until the property is transferred on your behalf.

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Encumbrance

Searches at the sub-office registrar’s of authority or the official web site of the Ministry of Corporate Affairs (if the seller is a company) will report details on the property of any declared encumbrance. By way of warning, the buyer can also, before completing the deal, publish a public notice in newspapers asking for claims from interested third parties, if any.

Physical survey and entry to the estate

A physical assessment can be performed by the buyer and the extent and measurement of the property may be verified. It is advisable to define and demarcate the borders and access to the property in the case of land, and further to identify any other physical features that can obstruct the property’s enjoyment.

Compliance under the Act on Real Estate (Regulation and Development), 2016 (RERA)

The RERA allows developers to register their projects with the authority that is formed under the Act. A customer planning to purchase a property under the RERA for a project is recommended to check whether the property has been registered with the authority.

The information available on the official RERA website for each state also offers specifics of any cases/lawsuits lodged against the developer of the project which, if any, provides invaluable insight into the reputation of the developer and the project and allows the buyer to make an informed decision.

Buyers should take care of the fact that in order to work lawfully, the legislation allows all real estate brokers to already be registered with the RERA state. Employ a property broker, however, only after demanding his RERA registration.

Also, remember that agents must annually update their RERA registrations. Ensure that you work with the right person. One of the greatest advantages of having a governing authority is that it includes a standard operating procedure that is punishable for violators.

Caution Word

If you are completely confident of the seller’s qualifications and his possession of the asset is properly attested by documentary evidence, regardless of how lucrative it may appear, a buyer should avoid entering into a contract. Often, at cheap prices, persons want to sell contested land.

In the beginning, this opportunity may sound enticing, but would inevitably prove to be a big headache. Often, never engage with a vendor who needs you to make the deal using unaccounted cash in order to avoid taxes. This could lead to a lot of potential issues as well.

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