We all aspire to buy our Dream Home at some point of time in our lives but one must ensure to weed out the Legal and other irregularities before zooming in on a particular House Property. The following checks will be more than helpful:-
1. Title Search Report with Non- Encumbrance Certificate: To verify the flow of ownership of the said property from Jurisdictional Registry Offices with proper certificate to avoid Title Defect as per Transfer of Property Act.
2. Money Suit Report : To Ensure the property has no financial suits in Jurisdictional court or courts.
3. Criminal Report: To Ensure that the existing owner or owners has no criminal records in Jurisdictional court or courts related to the said property or others.
4. Property Based Report: To ensure that the said property is not mortgaged/charged with any Financial Institute.
5. Owner Based Search Report: One should additionally conduct owner based Search too, to look into any lien/ mortgage which relates to the designated property.
6. Authenticity of Sanctioned Plan: Ensure the Authenticity of the Building Plan (Kolkata)
7. E-Assessment: Ensure the Stamp Valuation of the said property so that Over Valuation may be avoided.
8. Caveat Emptor: To mitigate the risks of Multiple Buyer Agreements fraudulently conducted by the owner/owners.
9. Agreement Verification: To read through the Fineprints of Clauses involved in the Agreement for Sale by Legal professional.
10. Payment of TDS: To avoid Litigation related Income Tax Act. towards payment of TDS where the property value is more than 50 Lakhs only.
11. ROC Search: This is essential in case of direct purchase from a Developer Firm.
The above is not a comprehensive but an indicative list of advice which will be insightful for you in your decision making process towards achieving a lifetime goal of buying your Dream Home.
Disclaimer :- (You are advised to consult your Legal Counsel before taking any decisions. This is issued only for the purpose of public awareness and information. The Contributor or any of his employees/associates will not take any responsibility for any actions of the reader based directly or indirectly on the basis of the above Article.)
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