Advocate for property transfer
DUE DILIGENCE TO BE DONE WHILE PURCHASING A PROPERTY
- First comes in the checklist is the Zone.Check it whether the property comes into the “R” OR “NON-AGRICULTURE” zone because if the the property is in non residential or non agriculture zone like green zone etc.you may not get approvals from authorities like MC for commencement of construction or if you get permission for construction in other zone, than R zone, the F.S.I granted for other zones is comparatively less.
- The second must thing to do is “TITLE SEARCH”.
- Title search is must to do, but not enough, to ensure the property is without encumbrances,then what?
- Then the most important thing to be done after the title search is PUBLIC NOTICE.Public notice is meant for inviting any objections or claims regarding the property,this will make you aware if the land owner is playing double and has sold the same plot to somebody else also and if within the desired period no objections/claims are raised, you can move on.
- Next if the Landowner is handing over immediate possession go for a registered sale deed.
- If the Landowner has promised, future possession, its better to go with agreement to sale and the consideration to be paid in part and the payment should be done through the negotiable instrument like Cheque/D.D or bank transfer NEFT/RTGS .In no case you should go for Cash transaction, There are likely chances of deciet or fraud in Cash transaction.
- After a registered sale deed get the mutation entry done.see that your name has been arrived on the property card.
- Above are the general precautions to be taken.
FOR MORE DETAILS DO CONNECT WITH VEDLEGAL
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