With proper legal advice, reviewing documents and verifying relevant information about the property, the buyer can ensure that the investment brings peace of mind and a sense of security. – The elongated part of the survey depicted on the survey document. Real estate, that is, land or anything associated with land that is immovable, such as a building, a stream or a road, is essentially the same as real estate. Before planning the purchase of an empty apartment/villa/land, you should check the building / development plan approved by the local authority / DTCP as well as the permits of the legal and regulatory authorities for the granting of basic equipment such as water, sewage, electricity, etc. Without the building permit plan, the construction is considered illegal. Any unauthorized or additional construction may be demolished at a later date or not inhabited. It is an established legal principle that a person cannot pass on a better title than the one he possesses himself. As a first step, the buyer should exercise due diligence to establish the existence of ownership with the seller, the nature of the property and its market value, and the seller`s ability to convey clear and negotiable ownership free of encumbrances. The documents, for a period of 30 years, if not longer (and if the documents are not available, for a period of at least 12 years), must be verified and the seller may be asked to provide the following documents/information: Does this mean that all surveys are legal documents? Surveying is generally legally binding and includes legal descriptions that can help landowners better understand their boundaries. The legal description of a survey must be clearly defined and all property boundaries must be merged into a closed property. There are three main types of legal descriptions used in surveys: lots and blocks, metres and boundaries, and split descriptions. In addition to the above documents, you may need to review documents specific to the state you live in. An easy way to confirm that the property has a clear record is to see if it has loan approvals from the bank.
However, since banks have strict lending rules and do due diligence before releasing loans, this is not always error-free. There are many cases where the builder received bank support, but the project encountered legal difficulties. It is therefore best to seek professional help. If necessary, obtain a paid opinion from a lawyer, appraiser, and document writer specializing in real estate transactions and have all documents reviewed. If you are careful when reviewing and keeping records, owning a property will be an enjoyable experience. Descriptions of land laws and block laws are often used to survey subdivided properties. Surveyors create maps for a piece of land before developers divide it into partial parcels. 1. REGISTERED SURVEY PLAN: A survey plan is a document that measures the boundaries of a parcel of land to give an accurate measurement and description of that land.
The people who deal with surveying matters are surveyors and are regulated by the Office of the Surveyor General of the state where the land you wish to purchase is located, with respect to surveying matters in that state. What documents do buyers of goods need to check? Buyers of real estate should thoroughly check all documents proving the identity of the seller and the verification of the property in question. What documents confirm the identity of the seller? Documents proving the identity of the seller include their passport, Aadhaar card, PAN card, etc. Is it necessary to hire a lawyer to inspect the property? While buyers can check real estate documents for their profit carefully, it would be ideal to seek legal assistance to make the transaction error-free. What document proves ownership of the property? The title deed, proof of payment of property tax/payment of utility bills, deed of gift (in case of gift), deed of partition (with estate) in case of inheritance, deed of division as well as court order (in the case of ancestral property) deed of sublease (if the land is given to a permanent rental contractor from whom the house is purchased) are some required documents, to prove ownership of a house. What happens if an apartment is not registered? One is required to register the property once the transaction is completed and other fees have been paid to the builder. Without the basic registration, you have no legal rights to the property, even if all fees are paid to the builder. There can only be one person or group of persons entitled to a Certificate of Use (C of O) on this land who is the first person to enter a country.
A transfer of ownership of land with a certificate of exploitation therefore requires the consent of the governor, because the land is under the confidence of the state government. In other words, a certificate of O is not reproduced to another owner once ownership of the land has been sold or transferred to another person. As urbanization increases, much agricultural land is being converted to non-agricultural purposes, merging with urban conglomerates. The buyer must review the master plan and ensure that the property is developed in accordance with the development plan. Assuming that the actual use differs from the specified zoning, it is mandatory to obtain orders from the IICP to approve a land use change. Interestingly, land may be a physical asset, but who owns it cannot simply be proven by a title claim – the same must be validated by several documents proving the ownership status of the property. This is an important legal document that follows the previous owners of the property from the beginning and determines the new owner upon subsequent sale. The parent document includes the change of ownership of the property by purchase, division, donation or inheritance. The parent document must save references to the previous property in an order that is current to the current owner. If the order is missing, refer to the records of the registrars. 2. CIRCUMCISION: When land is pruned, it simply means that the government receives part of a piece of land from a large parcel of land or landmass.
The country that has been carved up is recorded and documented in the official gazette of that state. The Land Use Order of March 1978 transferred all land from each state to the federation under the control of state governors. This land use law, in conjunction with other laws, made it easy for the governor to acquire more land for his own public use. No excision means that land can be confiscated by the government at any time without compensation, even if you bought it from the good Indians/Oba/Baale of that city. Home » Must Knows » Legal Notice » Important Legal Checklist for Buying Property Two of the most common legal documents for real estate are a limited liability company or a corporation and trust. When buying a new property, a survey can minimize risk in the real estate transaction process. The survey legally describes the extent of your property and defines your exact boundaries. You can consult the legal document at any time, for example when adding new structures to your property or selling your property. A certificate of charge is essential to know that a property is legally free of mortgages or outstanding loans. It also provides details of the property`s transactions during the period for which the EC is acquired. It is simply a certificate that is requested for a certain period of time and that proves the purchase/sale of real estate, the transport of a transaction or a mortgage.
If you are buying a property in Tamil Nadu, you can consult the EC online here. This document is an affidavit from a person containing important legal information. You can also request the transfer of the loan from the seller to your name in case you plan to take out a loan to buy the property. The bank is responsible for KYC, verifies your eligibility, and verifies the seller`s record before transferring the loan to your name. You must request a copy of the title deeds and statements relating to the outstanding loan from the bank to ensure full disclosure. Patta`s issuance implies that you have rightful ownership of the property. It is issued in the name of the sole owner or co-owner. In the event of a dispute with the government or a third party regarding the land, we may use Patta to establish ownership in court. If we have Patta, we can easily claim compensation even if the government wants to acquire land. The Patta transfer must only take place after a transfer or transaction has taken place in relation to the property. Check the Patta/TSLR in TN here.
This document is used when a company or limited liability company wants to buy or sell real estate or obtain a loan. It shall indicate in writing the name of the person authorized to sign documents for the company or limited liability company. It amazes me when I see properties demolished or collected because they don`t have the right documents. If you have enough knowledge and information about land titles, you will save yourself trouble because it will lead you to buy the right land with a good legal document. Many believe that checking a country with C of O is the only acceptable title, while there are other documents to monitor. As a certified real estate professional, it is my duty and obligation to take you on this journey to educate you, save you unnecessary stress and help you make a better decision today.