Real estate is undeniably one of the most recommended and safest investments. Due to the growing demand for properties, one can be assured of good returns over a period of time. Being the safest investment and not requiring many skills, real estate welcomes each and every common man to invest in it without much risk of financial loss. Though any skill is not required to buy a property, one needs to have an ability to check a few aspects – some general and some legal aspects. Not only this, one has to get the property registered with the relevant authorities to transfer the title to your name.
TABLE OF CONTENT
1.Legal Check
2.Get Assured
3.Property Registration
4.Polish Your Ability
1.Legal Check :
Legal aspects should be given priority before settling down on a decision. It is always advisable to check the legal issues like – any reservation on the land by the government or any developer or any other person who may own the land. The buyer should check the approvals. The documents should be stamped and registered. Check the given below documents before finalizing the deal.
a)Title Deed :
This document highlights the chain of ownership on a property and also declares that the seller has the right title and absolute power to sell it.
b)Land Use Verification :
Land is allotted for residential, commercial and industrial usage. This should be checked with the city’s Master plan to know that the proposed property is on the allotted sector. Any change in the land use should be supported with a certificate from the concerned authorities permitting the change is legal.
c)Encumbrance Certificate :
This certificate authenticates that the property is free from all legal disputes.
d)Release Certificate :
If the purchase is a resale property then one has to get a Release Certificate which signifies that the loan on that particular property is cleared.
e)Occupancy Certificate :
An Occupancy Certificate is a document that is issued by the planning authority upon the completion of a project. This certificate declares that the building is suitable for occupancy. The seller should acquire the occupancy certificate before selling the property. Without an occupancy certificate the buyer may have to face the penalty along with the risk of demolition of the property.
f)Property Tax Receipts :
These should be checked at least for the last 5 years. If the tax is not paid then the buyer will get the penalty to pay the dues.
g)RERA Registration :
If one is interested to buy a property in a project, then he has to check if that project is RERA registered because it is mandatory for every developer to register his project and upload the required documents on RERA portal before beginning the advertisement of his project.
2.Get Assured :
Let’s highlight a few common aspects that one need to check before buying a property. One should have the ability and keen observation before investing in a property.
a)Beware of Fraudulent :
Prior to investment one should have a thorough research about the rates of properties and analyze the market condition in the desired location. Without much knowledge of the market, one is sure to fall prey to fraudulent agents or brokers.
b)Infrastructure :
Check basic and social infrastructure of the desired location. The neighbourhood of the area, road connectivity, nearby facilities, civic amenities and transport facilities should be accounted for; otherwise your investment may not fetch you rewards as expected.
c)Choose Right :
If you have decided to trust your ability and buy a property in real estate , then you will also have to decide the right type of property. You can buy a residential property, a commercial space, an industrial property or a plot. Choosing a right property will protect you from the risk of financial loss. Either buy a property in prime locations where there is great demand or in places with high potential where one can get handsome returns over a period of time.
d)Mobile network / Connectivity :
In the present era, mobiles have become the most important factor of life. One may skip off the meals but cannot survive without a mobile. Most often it is noticed that some areas do not have proper mobile networks and the connectivity is very poor. So, now in this techno savvy life, it is very important to check the mobile network and the connectivity, otherwise you have to keep switching to different networks to keep yourself connected to the world. This is one more way to show your ability.
e)Resale / Rental Capability :
Keep in mind about the resale potential of a property. Over the time if you want to sell off that property for any reason, then you should be able to get good returns. So potential for resale should be strong in the chosen property.
Another aspect which one has to keep in mind is the capacity of the property to rent out. The property should be attractive from a rental point of view, meaning the infrastructure should be the criteria of selection. If one has to rent it out at some point of time, then he should be able to rent it out without any hassle.
f)Identity of the Seller :
The verification of the seller also demands equal status as the verification of the property. Identification of all owners in case the property is jointly held is imperative. Documents declaring his identity should be verified to save ourselves from any deceit.
3.Property Registration :
In Telangana, the government has introduced online registration where a part of the process is online. Before going to the Sub Registrar’s Office, one has to complete a part of the process online. He has to login on the portal and create a login ID. Then upload the required documents using the Public Data Entry System. Next the applicant can make payment through an online portal and book a slot at the Registrar Office to complete the remaining formalities. Finally on the appointed date and time as per the slot, the applicant must reach the concerned office for the rest of the registration procedure.
At the Sub-Registrar’s Office, the concerned officer will create a check slip based on the details provided through the portal. After the verification of identities, the officer will complete the rest of the procedure by providing a document number and taking the thumb impressions of the parties. Then the endorsed document will be registered and uploaded on the portal. The applicant can download the same from the portal. In this way the property is registered at the Sub-Registrar’s Office.
4.Polish Your Ability :
Property investment is capital demanding and any mistake during this process will give a heavy financial blow. Any shilly-shallying from the seller should be undoubtedly taken as a sign of risk. So it is necessary to exercise caution before settling down on any decision. The above mentioned precautions have to be taken to have peace of mind in future. Once all the preliminary verifications are completed, the deal can be negotiated, finalized and then registered. Polish your ability before you buy a property because it is a matter of creating clear title assets.
Written by Nikhil Gattu
