Verifying Real Estate Documents : Purchasing real estate is one of the most important and difficult decisions you will make in your life. The entire process of finding that dream home, arranging the finances, completing the legal verification, taking possession, and hosting the grand housewarming party is both exhausting and exciting. You are finally moving into your own home, free of the hassles of renting and moving frequently.

Once you’ve decided on the ideal location for your new home, the next most important step is to complete the legal verification of documents. If the property records are questionable or fudged, your dream home can become a nightmare. You must ensure that the records are clean and straight, no matter how nice and charming the new house is.

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The Advantages of Property Document Verification:

• A large sum of money is frequently involved in a real estate transaction. Legal verification ensures that there will be no litigation and that your investment will be safe.
• You can only get a home loan from a bank or an NBFC if your records are in order.
• You guarantee that the seller has complete authority to transfer the property to your name.
• No one else can make claims to your property rights.
• You will not face any difficulties if you decide to sell the property later.

Although it is acceptable to seek professional assistance, it is strongly advised that you take the initiative to study and verify the documents on your own. No lawyer can be as invested in your home as you are! This article discusses the important factors to consider when deciding to help yourself.

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Know the Seller:

Before you verify the papers, you should get to know the person you’re dealing with. Determine that person’s identity clearly using a PAN, Aadhaar card, etc. You can go to the neighbourhood and talk to the people who live there. Examine the developer’s track record if he is a developer. Look for press and social media reviews. Get feedback from previous customers as well.

Title Deeds to Real Estate:

This is the primary document that must be verified and confirmed. You must ensure that the seller has full authority to sell the property and that he or she is the true owner. Examine previous transactions to see how many times the property has changed hands. You can verify the legitimacy with the local municipal office. In order to confirm that the property is free of any mortgage, loan, or debt, request an encumbrance certificate (EC). You can obtain the EC by submitting an application to the Sub-office. registrar’s

Receipts for Property Taxes:

Every property owner is require by law to pay tax on his or her land and house every year. You can confirm ownership and ensure that no statutory dues are owed on the property by checking the property tax details. Tax payments should be made on a regular and timely basis.

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Verifying Real Estate Documents- Layout & Building Approvals:

If you are purchasing a plot of land, make sure that the layout has been approve by the appropriate authorities. Check that there are no major deviations from the approved plans for apartments and built properties. Only after the land has been converted for residential use should construction begin. Another important document for flats and apartments is an occupancy certificate (OC). It certifies that the aforementioned structure is fit and suitable for occupation. After verifying several documents from the developer, the local municipal corporation issues OC to the building. In addition, the builder should obtain all necessary NOCs from government agencies.

Sale Deed:

The sale deed effectively transfers ownership from the seller to the buyer. A well-drafted sale deed avoids confusion and protects both parties’ interests. It must include the personal information of both the seller and the buyer. Exact property information, such as location, land survey number, property dimension, amount involved, and so on, must be provided. The agreement’s terms and the transaction’s date are specified. A clause in the agreement also promises to compensate the buyer in the event of a future dispute over the title to the property.

Verifying Real Estate Documents – Possession Certificate:

This is a document issue by the developer that details the payment and the date on which the buyer will receive possession of the property.

Note: In 2011, the Supreme Court of India ruled that the sale of property through a general power of attorney (GPA) is not legal. For legal validity, the transfer of property should be done through a registere sale deed.

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Document Verification Procedure:

It can be difficult for laypeople to understand and analyse property documents with all of their legal jargon. You would most likely be hearing some jargon for the first time. However, patience is essential here, especially if you do not wish to consult a professional. Examine all of the relevant resources available online. Much of the content has been greatly simplified for the benefit of the general public. A list of documents and their formats is only half the job. If you are having trouble, you can contact any of the popular law portals and inquire about their services.

Some of them may even provide the initial consultation and basic services for free. Additional services may be charge a small fee. In any case, you end up saving a lot more than if you went to a lawyer’s office.

Verifying Real Estate Documents Conclusion:

Before you begin the verification process, make sure you have all of the necessary documents. A personal inspection of the property allows you to gather information firsthand. You can also verify the builder’s credentials by visiting the Real Estate Regulation and Development Act (RERA) website. Follow the adage that it is better to be safe than sorry. Make no assumptions if you don’t understand something. A house is a significant financial investment as well as a significant emotional investment.

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