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Need of Legal Advice When Buying Property in India

2 Comments   |   April 6, 2007    04:55pm   |Contributed by Indian Realty News

Having a legal opinion at hand at the time of buying property always serves as a helpful tool in the due diligence exercise. Never believe any amateur when it is regarding your property investments. An expert will always provide you with the best knowledge on the tangles involved in property acquisitions which is no doubt the most critical procedure. There are several laws, rules, and regulations covering property investments in India. Approaching an advocate is the most credible route as he is a property matters specialist.

When should you think about taking the legal help to buy property in India?

Go to the legal desk incase:

  • You want to purchase an old property i.e. the property from an existing owner rather than a property developer.
  • The property is held jointly, or the seller may not contain proper title or authority to sell the property.
  • The property may have already been sold by the seller or it may be encumbered.

However, it seems a little difficult for any individual to check out all the areas at the same time. For that reason, it is always a better option to avail the services of an expert in the matter. Although, a purchaser can do an initial review of the documents, it is good to have the legal documents verified by the expert.

Scanning through property documents is no easy task. Land records are generally written in local language. The property buyer requires scouting through several legal documents to trace the ownership of the property. You may also ask your legal advisor to prepare a search report for yourself.

The search report marks out:

  • History of the property
  • Details of the original property owner
  • How the property has been transferred over time before reaching the present seller?
  • Any charges or encumbrances created on the property
  • The present status of the property (whether the payment has been made and the property released or are there any pending charges etc.)

A search report containing details about your property can be obtained from an advocate who will carry out a survey of the title of the property by paying a visit to the registrar’s office. A seller must have a copy of this report to the ‘agreement for sale’ with the actually property buyer.

News Published Under:   Real Estate India | 2 Comments »



2 Responses to “Need of Legal Advice When Buying Property in India”

Xavier Chowdhury Says:  |  August 22nd, 2007 at 2:39 am  

I Xavier Chowdhury National of Bangladesh and at present hold permanent resident visa in Japan. Planning to buy some Land and House in India. Is it possible to buy a house and land being a Bangladeshi National.

Kuldeep Kataria Says:  |  January 13th, 2012 at 7:19 pm  

Dear Sir

I am buying an under construction property ( Advance given to builder) at 7th floor( total 8 floor ),
while finalising the deal builder updated me the status that he has got CC ( Commencement certificate upto 4th floor and filing TDR for remaining one(Once get the CC based on TDR filed) he will complete the construction.
My question is : new DC Rules from BMC has come which says all existing IOD/TDR and free FSI will be scrapped.- what about the CC which builder has already got or pending ..
Should i make the payment and complete the registration ..
In nut Shell – Are these new DC Rules will impact my fate of property .

Please ref. URL for New DC rules

Regards
Kuldeep Kataria
9619996747

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