To avoid falling into legal hassles, utmost care to be taken before buying land / property. Here are the factors to be considered before buying land / property:-
- Check the legal Status of the Land and legal right of the owner of the property in Govt. records.
- Title Deed - Stress for original deed and get it examined by your lawyer.
- Tax Receipts / Bills - confirm whether taxes payable to Govt. are fully paid by the owner.
- Encumbrance Certificate, confirming the land does not have any legal dues and complaints for around 30 years.
- Release Certificate by the bank from whom the owner would have availed home loan and has duly paid all his dues to the bank.
- Release Certificate - Get release certificate by the co-owners, if land is owned by more than one person.
- Agreement. To be prepared by a lawyer and signed by both the parties, containing clauses relating to cost, advance already paid and amount payable in installments.
- If you buy Flat / Apartment, check reviews from the existing customers.
- Make sure that penality clause is included in the Agreement for delay in completion of the project by the Flat Promoters.