The following documents are required to be carefully seen
(in case of bank loans, the bank will also demand these) –
1. Blue print of the plan from the builder (In case of flat / constructed property)[not relevant for land]
2. Commencement certificate[not relevant for land]
3. Completion certificate [not relevant for land]
4. Permission for Non agriculture use of land If land is originally agricultural, permission from revenue authority is needed.
5. 7/12 extract in case of land property [specific to Maharashtra or some equivalent in other states]
6. Previous sale deeds in case of resale
7. Builder’s No objection certificate [not relevant for land]
From where these documents need to be obtained ? :
These documents can be obtained from the vendor /Builder.
What are the legal authorities need to be involved ? :
Sub registrar’s office for registration.
While buying an immovable property – (Like Flat or Land) – :
Giving a public notice in the newspaper is a must. It doesn’t matter which one. It need not be English. Any state language too will do. And any newspaper with some circulation will do. This Public notice is what protects your interest in the court of law if you face any litigation regarding your purchased property.
Secondly, a legal search of the property (not to be confused with physical search) has to be conducted by engaging a lawyer following which he gives a title note. If you approach nationalised banks for loan to buy property, their lawyers conduct a search and give title note. But if not, you have to do it yourself.
Lawyers conduct search by visiting sub registrar’s office and checking the record of title documents.
Example – You bought a flat without public notice and legal search, and turns out the owner did not have a clear title. Now you along with the owner are being sued for cancellation of your purchase.
In such a case, the law / court is bound to protect the interest of a bonafide purchaser if he had given a public notice and had conducted search. If not, then the law is not going to protect your interest.
What role does a lawyer play :
A Lawyer comes into the picture while drafting your sale agreement.
Consult the specialists when dealing with contracts, get them drafted by experts.
Property Knowledge By Autoscale