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Check before Investing Money Does Not Come Easily
Are you planning to buy a flat in Hyderabad? It means as a buyer, you are going to make one of the biggest investments of your life so far.
Are you planning to buy a flat in Hyderabad? It means as a buyer, you are going to make one of the biggest investments of your life so far. Hence, it’s always better to be extra cautious before investing your hard-earned money in any property.
To protect yourself from problems, as a buyer it is your right to demand and check all the legal documents before purchasing the flat.
Some of those most important documents include a title deed and property tax receipts and bills, conveyance/sale deeds and 7/12 extract documents. You should also check the approved building plan, commencement and occupancy certifications, etc.
Apart from these, you should ask for IOD and Encumbrance Certificate to check whether the developed property’s status is legal or not. It is necessary to check NOCs from various local authorities and Municipal Corporation. They can keep you safe from fraudulent purchases.
Title Deed is the most important legal document which one should check. Generally, these documents are used to check the property’s ownership history. The property you have chosen should be in the name of present seller only. Only a title deed can prove the seller’s absolute ownership over that property. If the buyer fails to obtain title deeds or it’s not made in the name of the seller, then it might lead you to legal troubles and litigation.
A sale deed is another one of the most important legal documents in Hyderabad. A typical sale deed usually includes all the basic details of the buyer as well as the seller such as registration date, property area, payment details etc.
Tax Receipts and Bills
Every state government levies tax charges on all residential and commercial properties. Such taxes are mandatory to pay and can be verified while buying a land property in Hyderabad. Moreover, it’s essential for the seller to clear all the taxes and ensure that the local municipal corporation hasn’t issued any such penalties.
When purchasing any land in Hyderabad, the 7/12 extract document is one of the most important documents. This document involves information such as survey numbers and the current owner’s name registration date. It also included land ownership history.
Building Plan Approval:
A building plan approval is one of the most important legal document. As per the RERA act, every property developer must obtain a building plan approval. You can get it from the local municipal corporation or town planning authorities
The commencement certificate and occupancy certificate are other important documents to check. Similarly, seller or the developer must obtain the Urban Land Ceiling NOC and NOCs from local Water Authority, Electricity Authority, etc. Make sure that the property’s developer/seller has all the approvals from Municipal Corporation, Electricity Board, Water Supply, Sewage Boards, etc.