Do read the fine print before you sign on the dotted line
There have been many cases where the project gets a kick start and invites bookings only on the paper. The property dealer with their minor gains/commission advices the gullible buyers to put their money in the projects. The prospective buyer must take the help of a local advocate and request him to prepare a search report. The advocate should also be instructed to verify and advise the title position on the basis of the records available at the office of the sub-registrar of assurances, along with a non-encumbrance certificate issued by a competent authority. The chain of title should be clear and the purchaser should avoid of property if there is any missing link in the flow of the title.
In metros like, Delhi, Mumbai, Bangalore, Chennai, Kolkata, buying of property becomes difficult, as it is done in innovative ways to avoid stamp duty. If the property or a flat in a society is bought from its original member, then the purchaser should receive no objection certificate from the society. Also the share standing in the name of the original member should be transferred in favour of the purchaser. If the previous owner owes any money to the society, the society naturally refuses to give no objection certificate.
Similarly, if one is purchasing property from a private builder, it is the advised to see that the builder has purchased property, which is free and marketable, and that he has the authority to sell. The builder has to possess the right to transfer the property. The purchaser should also go as per sanctioned plans. There should be no extra construction where an unauthorised construction was made. Another area in which the purchaser has to do little homework pertains to the area of the house he is going to purchase. Ensure that the property is not already mortgaged. If it is, confirm that the sale is taking place with the concurrence of the bank or the party with which it is mortgaged. When you buy a property from a builder, you will have to sign on the dotted lines, its pays to get a copy in advance and go through the fine print. You never know, after reading it, you may decide not to deal with the builder because it is one-sided agreement. Generally property is purchased on the basis of amount per square feet.
Track2Realty Bureau
