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2/28/2020

7 Tips To Self-Verify Property Documents

Buying a new home or a property is one of the biggest financial decisions of your life. And before you take the plunge of buying property, it is important to check your property documents that will prevent you from investing in a fraudulent deal. To examine the authenticity of the property documents, most people take the help of a lawyer. But what if you don’t have sufficient money to bear this extra charge? No worries, you can examine the authenticity of the property documents on your own. In this article, we have shared some tips on how to verify your property papers without taking any professional help. 

Look for KYC details of the seller

Whether you are looking to buy ready-to-move flats or under construction flats, the first and foremost important thing that you should check the identity of the seller or builder. Ensure the authenticity of the information given by the seller and always collect a copy of the identity, address, and PAN copy of the individual. In case you are purchasing the property from a housing society or cooperative, look for reviews and read other articles in the press through which you can check its reliability. The purchase agreement should cover the vital details of the property’s location and municipal or collector’s land record number. Apart from this, the agreement must be witnessed by two people, each from the seller’s side and the buyer’s side.

Check for title documents 

Title documents form the base of a real estate transaction. Being a prospective buyer, it is fair for you to demand the earlier transaction papers from the seller to prove that he/she has ownership over a particular property. In short, the ownership transfer in the agreement should be done in a completely legal manner. It is recommended to verify that all pending dues have been cleared by the seller and the property is clear from any possible disputes or conflicts. Moreover, to find more information, you can give an ad in the local newspaper regarding your intention to purchase the said property.

Get encumbrance documents from the sub-registrar’s office 

Checking the property Encumbrance Certificate is more important when you are buying a second-hand flat. It is a proof that the property in question does not have any financial or legal liabilities. It can be easily obtained from the sub-registrar's office where the property has been registered. The encumbrance document is essential not just while buying property, but is also important for those looking to apply for a home loan or go in for a home loan against the property. In case the seller had taken a loan for the property that was not repaid, it will be mentioned in the encumbrance certificate. 

Check property tax details

Property tax details are also important thing which you need to check to verify the authenticity of the property. Ask for previous property tax receipts from the seller. This way you will get an insight if the property is regularised or illegal. It will also help in ensuring that there are no tax dues on the property. 

Check payment schedule

Often ignored, this is important to check that the agreement paper has mentioned the payment schedule. The agreement should clearly mention the total amount to be paid to the seller and the and the amount remaining. This helps in preventing any future ambiguity or misunderstandings on the payment schedule. This protects both the buyer and seller from any financial disputes in the future regarding the property.

Compare the property with the approved plan

Tally the approved plan and the actual property to know if there have been variations from the plan. If you find variations, ask the authorities to regularise them. It is also important to ensure the exact measurement of the building matches with the actual plan.

Check all building approvals 

Each building needs approval for construction and occupancy. These construction permissions provide guidelines for construction, and the occupancy permit ensures that the building was constructed without breaking any rules and building codes and fit for human occupancy. Many times, builders allow possession of the flat without giving occupancy certificate and later residents had to bear the brunt for the violations by the builders. Thus, it is good to ensure that all permissions are in place before you invest in a property.

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