Buying Property in India

Posted on 18 July, 2017 by Administrator

The property laws in India is governed by the transfer of property act, 1882. As, we can see it is a law which was passed in the year 1882 and as such, is a very old law.

Transfer of property means an act, by which a person conveys [ transfers ] property to some other person.

Generally, in case of transfer of a property, an agreement to sell is executed first, which contains the terms and conditions as to how and when the sale is to be made.

Whenever you are buying a property, you must get the due diligence/property search by local lawyer. For due diligence, one needs to check the title of the property at the local sub-registerar’s office. Then you must also see mortgage, lien or claim from third party.

It must also be seen that the property tax is been paid by the owner and that there is no pending litigation as the court cases can take several years to get resolve.

In case, you are buying a property from a developer/builder, you will need to see whether the building plans are approved along with the number of floors. It is also necessary to see that the land is allowed to be used for residencial purposes. One also needs to see whether the building bylaws have not been violated and also whether the specification given in the agreement to sell or the sole broacher correspond with the plan of construction.

Thereby whenever you are buying a property from a developer, you must check the title, convergent certificate, completion certificate.

However with the coming of a [ RERA ] things have been simplified and you can check all those documents at the RERA website, to submit all those documents at the time of registration of the project.