Purchasing real estate property can be difficult, but with the help checklist for buying the home makes it easier with the necessary documents. Assuming one possesses the funds to finance a property deal or is capable of raising the funds, the next significant challenge is determining the credentials of the property in question.

Home buying checklists

. Assuming one possesses the funds to finance a property deal or is capable of raising the funds, the next significant challenge is determining the credentials of the property in question. Are the documents in question legitimate? Is there no room for debate regarding who the rightful owner of the land that the building sits on is? It is important to exercise caution and conduct a comprehensive investigation into the claims made by the person selling the property, regardless of whether they are a builder or a reseller.

Before engaging in any transaction of this kind, please take a moment to consider the following advice:

1. Title Deed

This is the first step you will take toward purchasing the house of your dreams. Check the title deed before you commit to buying the piece of land in question. Verify that the seller's name appears on the property deed and that he possesses all necessary permissions to sell the property in question. In addition to this, it is recommended that the original copy be reviewed by an attorney. In the event that the property is owned by more than one person in joint tenancy, it is imperative that you obtain release certificates from all of the other parties involved.

2. Sale Deed or Conveyance Deed

A purchase and sale agreement is a legal document that is used to transfer ownership of a piece of property from the seller to the buyer. In this situation, the act of transferring ownership of the property from a seller to a buyer is referred to as conveyance. It is possible to determine, with the assistance of this document, whether the property in question is owned by a society, a builder, or the development authority of the area in which the property is situated.

3. Property Tax Receipts and Bills

The payment of these taxes is required by the government and constitutes the initial lien placed on a piece of property. Therefore, make sure that all of these taxes have been paid, and request the original receipts for payment of the same taxes. You can also check with the government agency that is responsible for the area to see if all of the property's taxes have been paid up to this point in time.

If everything is not in order, you absolutely need to perform this check because it could result in future legal complications and additional costs. Be sure to check the house tax receipts in addition to the property tax receipts if the sale of the property includes a house.

4. Encumbrance Certificate

Verify that the land or house you intend to buy does not have any outstanding financial obligations to the government before moving forward. To verify this, you should get an Encumbrance Certificate from the office of the sub registrar located in the same building where the deed was registered. The certificate needs to include a statement to the effect that the property in question is free and clear of any legal obligations or complaints.

5. Land that Was Promised

When people go to the bank for a loan, they frequently do so by putting up their property as collateral. In the event that this is the situation with the home you intend to purchase, check to see that the total amount of the loan has been repaid. Please ensure that you check the release certificate for confirmation.

6. Measurements of the Land

It is highly recommended that you take measurements of the land before registering the property. You have the option of enlisting the assistance of a qualified surveyor if you want to make certain that the measurements of the land and the boundaries are precise.

7. Purchasing Land From an NRI

If the property is owned by a non-resident Indian (NRI), and the transaction is being handled by a third party who is in possession of a Power of Attorney, then you need to make sure that the aforementioned document of authorization is witnessed and duly signed by an officer in the Indian embassy in the province that the NRI calls home.

8. Agreement

After everything, whether financial or not, has been resolved, you should make sure to have a written agreement that can be used in court. This will ensure that the owner does not go back on his word regarding the price or any other agreed upon amenities, as well as prevent him from trying to sell it to someone who is willing to offer him a higher price. 

* The contract ought to be written on paper with a stamp that has a value of at least fifty rupees. Information such as the real cost of the sale, any advance amounts paid, the time period designated for the original sale to take place, and how any penalty from either party should be dealt with in order to cover the loss should be included in the agreement statements. An attorney may draught the agreement, which must then be signed by all parties involved as well as by two independent witnesses.  If, after signing the contract, one of the parties does not uphold their end of the agreement, the other party ought to have the right to pursue legal action.

9. Stamp Duty

Similar to other types of taxes, this one must be paid in full at the time of registration in order to avoid any penalties. A document that has had its stamp duty paid is regarded as a legal document and may be presented in court as evidence for the purpose of resolving any disputes. Stamp duty may be different from one state to the next. When an agreement is being submitted for stamping, it needs to be blank on the date and unsigned. After the Stamp Office has affixed their seal to the agreement, only then will the agreement be able to be put into effect.

10. Registration

The act of recording a copy of a document and transferring ownership of property is referred to as Registration. This process is also known as the transfer of property rights. It is a formal process that is carried out in the presence of a Registrar. Before writing the final statements of the document on official stamp paper, it is necessary to first prepare a draught of the document.

Following the completion of both parties' signatures on the agreement, registration can then take place. Do take the time to read the registration document in its entirety and check that all of the information has been listed correctly.