Legal Requirements to Know About Before You Invest in Property
People who want to buy a house often rush to make a decision because they believe that buying it all at once will save them money. Most people don’t realise that buying a house comes with a number of legal responsibilities. South Kolkata property purchasers, in particular, should keep this in mind.
Even though it’s made of bricks and cement, a house must meet a number of distinct regulatory requirements before it can be considered complete. Even though going through all of the paperwork and making sure everything is in order can be tiring, it is the most important consideration to make before connecting with real estate companies in Kolkata for your dream home. As a result, we advise buyers to be aware of the paperwork involved in the purchase of a home.
When you buy a new flat in Kolkata, here are certain legal documents you should constantly review.
The Sale Deed
Apartment buyers need a sale deed. This documentation proves the sale and transfer of property from builders or sellers to the buyer. Esteemed real estate companies in Kolkata may help you to register the sale deed. Both parties should understand the deal before signing the deed. Check the deal’s terms and conditions. Buyers should check for encumbrances before signing the sale deed. The title deed confirms a change in property ownership and is needed if you ever want to resell your South Kolkata flat.
Construction Plan
An additional document that should be double-checked prior to making a purchase is the building plan. When a building plan is submitted to a local municipality, it is typically accepted. This document, which is also known as a site plan, will include a project blueprint, equipment layout, and utility information. Buyers need to verify that the building or project’s layout from real estate companies in Kolkata has been approved by the local authorities before making a purchase decision. The additional or illegal building could lead to demolition or denial of occupancy in the future.
Encumbrance certificate
The buyer must also check the encumbrance certificate to ensure that the property does not have any outstanding debts. An encumbrance certificate is proof that the property in question is free and clear of financial or legal obligations. At the sub-office, the registrar’s where the property was registered, you can acquire the certificate.
Purchase Agreement
Among the information in the contract are specifics about the construction project, such as its scope and budget as well as the conditions and deadlines for payments and the completion of any outstanding work. Also, the agreement should include a provision transferring ownership of all shared areas to the community. Thus, the plot will stay in the hands of its original owners and the developer will be unable to carry out any further development on it. Consult real estate development company in Kolkata for more information.
If you are on the verge of getting a new property, make sure you learn about the legal documents you need and consult professionals of real estate companies in Kolkata to get everything streamlined and compliant.
