Owning a piece of land and building a custom home is a dream for many. Buying a property is an expensive deal, and mistakes made during the process can cost you dearly.
Buying land can be tricky, and it is essential to exercise caution, especially when the considerations are just so many. This blog is intended to provide information on things you should take care of while choosing a plot to build your new home.
Let us get started.
1.Document verification: For the uninitiated, paperwork can sound like a nightmare. But it is incredibly crucial to have a verified title on paper. Below are the documents that you need to confirm before taking ownership of the land
1.1 Title Deed - Check if the land is in the owner’s name and if they have a full right to sell it. Also, ensure that they are the sole owner of that land parcel.
1.2 Encumbrance Certificate (EC): EC can be obtained from the sub registrar’s office and is needed to confirm that the land is free from legal disputes or unpaid dues. This certificate will also help you verify if the person selling the land is actually the owner or not.
1.3 Property tax receipts – You will need these to verify if all payments are paid in full so that there aren’t any legal complications
1.4 Release certificate – This certificate is issued by the bank and is needed to confirm that the loans on your land are being paid
1.5 Local Approvals: - You will have to ensure that the local authorities have given an all-clear on the land parcel you are looking to buy.
2. Verify the seller’s identity – Before buying the land parcel, you should verify the seller’s identity. Check for the following points: -
2.1 Nationality and residential proof of the seller
2.2 Nationality and residential proof of all the sellers, in case the plot is jointly owned
2.3 Get the power of attorney if the property is held by a minor