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November 4, 2019

Checklist to make sure your property is legally transparent

Everyone desires to own a piece of property in a prime location that carries all the amenities that they require. Flats and apartments in Kochi are springing up like mushrooms and you have to be a godsend to find a builder or a property that is legally clean and transparent. Or you can follow this checklist to do so. You don’t want to be shocked to find out that you have to leave your property because it is not legally clear. In order to be sure that you are investing in an unchallenged property, check all possible sources, documents and ‘stories’ on the property. Check for the following:

  • Bank Approval: Banks only give loan for a property that is legally clear. Check for the banks that have tied-up with the developers and make sure they have approved the project. Half the job’s done! Always avail for a home loan for at least a small portion of the overall expense to ensure the banks have assessed the worth and legality of the property.
  • Approvals and licenses: Licenses and approvals from the governing body are very important and you have to ensure that before you start living as in most of the cases you get the notice for any breaches only after you have started. Consequentially you will be sued for violations. Most important is the environmental clearance. Tax receipts, encumbrance certificate etc. are also significant. You also have to check for the purpose allowed and the layout of the property.
  • Be on the site: Do not depend on the updates sent by the builder unless they are well reputed and experienced in timely delivery. Most of the people abroad tend to buy properties without much verification or even without a single visit to the site. Make regular visits and find out the progress in person. Property consultants or realty brokers, in most cases misinform you.
  • Check for the original papers: Check the legal documents of the property before you make the payment. With the help of a property lawyer, check the title on the rights of the seller on the property. Always demand original papers for verification. Also check the encumbrance certificate issued from the local authority, layout plan approval, and get the release or no dues certificate, in case of a resale.
  • Hire a property lawyer: An experienced lawyer can help you verify the authenticity of the property papers, negotiate the terms and conditions, and to come out of trouble in case there is any legal dispute.

In addition, make sure you have all the details regarding personal dossier of the builder, property location, land number etc. You should also check on the payment schedule, amenities and penalty clause. Remember, an illegal construction can let you lose a lot of money and time. Do not let that happen.

Classic Homes is committed to ensuring legal and transparent construction culture. We run through all tests and procedures to be your trusted builder in Kochi. Our villas and flats for sale in Kochi are legally, environmentally and economically on good terms.

There are a lot of important things to do before buying a property. Do take serious care while investing your lifetime savings. After all, peace of mind and happiness is what you demand from your home.