Investments in real estate are a complex process. Several factors need to be considered when making this major investment. Legal verification of property documents is one of the crucial steps in the process. In order to purchase a legitimate property, you must follow this process carefully, as even a small mistake can result in dire consequences. Often, people hire a professional to assist them with document verification. This article provides information on how Property documents Verification done online. Lawyers usually charge a substantial fee. If you want to avoid this additional expense, then the information shared here may be useful.
Verification of documents
Firstly, let us take a quick look at what property verification is and why it is necessary before we discuss the verification procedure and policies for land documents. To make sure that the deal is authentic, a buyer needs to get the property verified when he purchases, leases, or takes out a mortgage against a property. As a result, all the documents related to the property are valid, and it ensures that it is legal. To avoid any kind of legal problems later on, a thorough legal verification of property documents before finalizing the deal is necessary. Several documents are scrutinized one by one during this process.
Legal documentation required for property verification
The following are the documents that lawyers consider essential to the property verification process.
Get to know your customers
It doesn’t matter how good the construction is and how well it fits your budget, if the seller isn’t cooperative or trustworthy, the deal won’t work out for you. In order to lock in a fair deal, you need to get information about the seller at the same time as you look at the details of the property. Request their ID, address, and perhaps even their PAN card to begin with. These documents would not be a problem for a genuine seller.
A big builder’s credibility can be assessed online if you are dealing with him.
Make sure the title documents are shared with you and get them verified at the subregistrar’s office. The title must be clearly stated. You are entitled to get any previous transaction papers from the seller and ask for document verification. In order to establish the rightful owner of the property, you can even run an ad in a local newspaper stating that you plan to purchase it.
Certificate of Encumbrance
In a mortgage or debt-free property, an encumbrance certificate confirms the property has no mortgages or debts. This document shows if the seller or any previous owner took a loan and defaulted on it or is still in the process of clearing it. The sub-registrar’s office can provide you with the encumbrance certificate.
Taxes on property
Check whether there are any taxes due on the property before finalizing the deal. For this purpose, you must request the seller to provide you with property tax receipts and related documents. You will be able to determine not only whether the tax is being paid regularly but also whether the construction is legal or illegal.
A sale deed
It is necessary to create a sales deed for the transfer of ownership. The deed contains information about the buyer as well as the seller. In addition to construction details, the address of the property, the sale amount, and various other details, it must be scrutinized and verified. Before preparing the sales deed, it may even be a good idea to verify the sales agreement that was created and signed.
Authorization for power of attorney
Identifying whether an authorized person is selling the property on behalf of the owner is made easier with the help of this land document verification.
The plan has been approved
A document verification helps avoid being questioned/fined by the municipal corporation later if the construction does not meet the approved plan.
Documents of other types
Relinquishment deeds, partition deeds, wills (if applicable), freeholds, and mutation details are also required for property Document verification.