Are you in to close the deal of your first home? So, stop and remember that anything done in hurry and haphazard way may bring you unfortunate surprises. No need to mention that it took long for you to zero-in with a property that goes well with your requirements and budget. Then why so much hurry when you are already at the threshold of the deal?
Here are the points that you must check before signing on the documents that will make you own the property for ever:
Are the property documents original?
The first thing that comes into the scene when you are up to closing the deal is property documents. Just any papers would not do the job. You should check and verify that documents given to you are original and not just photocopies. The closing actually starts when you have originals in your hands.
Demand for xerox copies of every document
Beside the original documents you should also have xerox copy of every document of the sale deed. If you do not have much idea about the kind of paperwork done for the sale of property hire an advocate who can help you to understand the intricacies of the process and every detail of the sale deed document.
Check for the unpaid loans on the property
It has been noticed many times that the seller sells the property but the buyer is not aware about the mortgage and loan the previous owner of the house had taken for buying the same property. Since now he is the owner of the property the onus lies on him to pay the trailing debts and pending liabilities. So do check that all the loan and debt liabilities have been cleared before you sign the buying document.
Verify every detail of the property on papers
To avoid the unfortunate surprise it is in your interest that you verify the property details such as carpet area, layout plan, building number, number of balconies, area of balconies etc with the details given to you in form of document. You should check that the layout or the space for building the house was approved by the authority and had no glitches in any way.
Verify previous ownership with the authority
If it is a resale property, it must has been registered at the registrar office. Do check the credentials of the person selling you the property and confirm the details of the owner at the registrar office and the registration certificate. If you are buying a property at co-operative society you should demand to see the original share certificate and have a copy of the same.
Do not just rely on the information provided by the seller, verify the details of the developer as well and check that if he mortgaged the property or land to the bank.
Once you are done with the deal, get the property registered in your name immediately or as soon as possible.
It is advisable to hire an advocate or property expert always while making a capital transaction. It will not just help you understand the sale deed clauses and every formality made at the time of closing the deal but will also eliminate end moment unfortunate surprises and help you sail through the process smoothly.