Owing a house is a dream of every person and is very important in one's life. However, you need to be careful while buying any kind of property, so that you may not fell into any legal trouble. Before purchasing land, you need to verify that whether the land has a marketable title or not. The legal status of the land you are planning to buy is the foremost thing that you should consider before taking any further step. Here are some things, which you should keep in mind while investing money in buying land and avoiding legal hassle.
- Make sure that the land is in the name of the person selling you that property and he also possess the right of selling that property without the consent of any other person.
- Get the original deed checked by the lawyer for legal confirmation
- You can also ask for the previous deeds of the land for your verification
- Before registering ensure that you get release certificate from all the other persons owning that land in partnership
Do not forget to take a sales deed from the seller for conveying the property to the purchaser. With this document you can ascertain that the property you are buying doesn't belong to any society, builder, development authority etc.
Tax Receipt and Bills
Before making final payment make sure that the previous owner has cleared all dues like property tax, electricity bills, water bills etc. and there is no outstanding payment. Make enquiry in government and municipal offices for assuring that all the tax receipts and bills are duly paid.
There are chances that the land you are buying is mortgaged to the bank in lieu of any loan. Ensure that the seller has paid back all his loans and also ask for releasing certificate from that bank, which is required for releasing the land against all the debts.
Measure the land
We advise you to measure the land before making registry in your name. You can also take the help of reliable and authorized surveyor for measuring the land accurately. Survey sketch of the land can also be taken from the survey department for comparing its accuracy.
Once you settle down all the financial and legal matters with the other party, then it's the right time to give an advance payment or write an agreement. With this you ensure that the owner does not change his previous commitment regarding the cost of the property and also doesn't sell that property to someone else for more money. Write the agreement on Rs.50 stamp paper that should state the actual amount, advance given, time span within which the actual sale will take place and also how to proceed in situation of any default from both the parties. It's better to take the services of lawyer and both the parties should sign the agreement with two witnesses. In case of any default made by any of the parties, the legal action can be taken.
Registration is the proof of the transaction that has taken place between the two parties. Register the agreement with the Sub-Registrar of Assurance under the provisions of the Indian Registration Act, 1908 within four months from the date of execution of the d ocument. Ensure that the details mentioned by you in the agreement are true. All the previous deeds, house tax receipts, original title deeds, etc. along with two witnesses are required at the time of registration.
( Also Read:- Legal Problems of Real Estate and How to Solve Them )
Make sure that you register the deed within the time frame mentioned in the agreement. Make sure that you address these obligations before making any confirmation about the property. Following these steps will not only assure that the land you are investing in is in good shape as well as officially yours but also restricts the chances of any kind of legal chaos in future.