Property investments are extremely capital intensive. If any mistake is made during the process of buying a plot, it can cause an excessive deal of trouble for the buyer. This makes it imperious for a buyer to exercise due caution while investigative the property documents.
Your land is your big dream, an investment made by saving little by little over some time. Before deciding to buy a piece of land or property, there are several things you need to analyse. Don’t worry!
So it is significant that you check all the required documents at the time of buying your land to ensure that you buy your land with all the necessary approvals in place, with no trial or legal dispute related to it.Here’s a checklist of the necessary documents-
First and foremost, whenever you are buying a property, it is main that you run a background check on the builder like the type of real estate projects the developer has been into for the past years, earlier projects of the builder, and if the builder has ever been involved in any legal litigations, etc. Ask and check the paperwork of the builder that ranging from land rights to environment certificates, and more. Also, check if the property you are buying is registered under RERA or not.
- Ensure That the Seller Truly Owns the Land
Even if it is love at
Even if it is love at first sight with the sought afterward piece of land, it’s better to confirm if the seller/ builder owns it before taking any hasty decision. There have been numerous cases of fraud and you need to be careful when it comes to these intricate details. Check if the seller has legal rights of selling it. Ask them to show you the papers, never believe just their words! Don’t know much about this? Better get legal help.
- Area of the property
It often happens that the builder hides the actual figures in terms of property size. Especially, if you are buying an open housing plot, you must be extra cautious. It is, therefore, the greatest solution to measure the land before registering the property in your name. You can also become a surveyor to measure it and confirm rather than getting duped.
- Check the Floor Space Index of Your Plot
Before initiating the construction of your house, you need to have a strong idea about how much land can you construct there. To get that idea, you essential to enquire about the Floor Space Index (FSI) of the plot. It mostly depends on the location of the plot. For instance, even if you buy a large plot of land and the FSI is less for that location, then you won’t get to construct much and will end up wasting a lot of your expensive plot space.
- Check the Sales Deed
Make sure that the person selling the property is the rightful owner and has the correct to sell the property without the agreement of anyone else. It is sensible to get the original deed checked by a lawyer for legal confirmation.
- List of banks financing the property
The real estate market is extremely competitive and builders often resort to taking loans from banks to finish their projects. You can make a list of the available banks for the project and the methodology of those banks. Check for the final rate of interest and you can apply for finance purposes.
- Ask For the Non-Agricultural (NA) Order
Did you know that all land in India is agricultural land by default unless the government has registered it for some other purpose? See! That’s why you need us! While buying a plot of land, it’s therefore absolutely critical to enquire if the plot you’re planning to buy is non-agricultural. Wait! That’s not it. Non-agricultural land has several types for commercial use, resorts, IT parks, warehouses, and residential purposes. It’s noticeable that you need to see if it’s okay for residential purposes. You don’t want to illegally inhabit a piece of land and break the law, do you?
- Calculate the Plot Annual Maintenance Charges
Your work doesn’t end with buying the plot and getting the sale deed you also need to pay for the conservation of the plot/building. Why? For the upkeep of several facilities like gardens, water, security, and more. Now that you know of these, it’s well that you calculate them beforehand.
Check conversion and Land-user permissions – Due to increasing urbanization, several times agricultural properties are acquired for non-agricultural causes. Check the Master Plan and confirm that the property has been advanced according to the zoning plan
- Tax Receipt and Bills
In case the land had previous owners make sure that the previous owners have vacant all dues like property tax, electricity bills, water bills, etc., and there is no outstanding payment. You can get the details from the government and municipal to settle all the tax receipts and bills are duly paid
- Check the Building approval plan
For purchase of apartment or land with constructed building, check the building plan, layout plan sanctioned by the local municipal authorities. Also the approvals for providing infrastructure facilities, sewage, water, electricity, environmental clearance, fire safety approval, etc.
- Acquire Release certificate
In the case of resale of land, it is potential that the owner has mortgaged the plot for a loan. So it is essential to make sure that the bank has given a release certificate. This specifies that loans on the property have been paid.
- Verify the Land dimensions
It is important to measure the land. Get the sketch of the land from the survey department and with the help of authorized surveyors measure the land accurately to settle that the dimensions are as per the records.
- Check for All the Basic Amenities
Before signing the sale deed, you should check if all the basic amenities are available or not. These include electricity, water, the roads around, security, and fencing of the plot. You want your future house to have a consistent power supply and good connectivity to the city.
This checklist is a must before any investment and a thorough check necessity be done of the basic amenities of the area, such as uninterrupted water and electric supply in the area. The plan is to capitalize on a plot. Also, if a situation of scarcity arrives then the back-ups accessible or not should be checked. Apart from this, the condition of roads and safety measurements such as the law and order of the area is a significant consideration.
- Check conversion and Land-user permissions
Due to increasing urbanization, many times agricultural properties are developed for non-agricultural causes. Check the Master Plan and confirm that the property has been advanced according to the zoning plan
- Check the Building approval plan
For purchase of apartment or land with constructed building, check the building plan or layout plan sanctioned by the local municipal authorities. Also the approvals for providing infrastructure facilities, electricity, water, sewage, environmental clearance, fire safety approval, etc.
- Check for road Gift Deed
Verify the gift deed for the roads and a park area of the place. They have to be handed over to the local governing authority through a gift deed, which will then be in charge of their maintenance. Still, you want more doubts and confusion to buy a plot from a Top construction consultant in Florida, here is a perfect place, AM CONSTRUCTION. Feel free to contact us at any time call @ (561) 360-4024 or send an email @ email@example.com . Our experts always provide the best services for you.