Buying property is a big investment on the part of any individual. Whether you are buying a residential or commercial plot or a house or flat, you have to remain alert and cautious all through the deal to safeguard your financial interests. Before you buy property in India, you need to understand the rules and regulations there so that you are not duped by the seller. Property rights are crucial, and you have to be very sure about the title deed so as to stay clear from legal tangles after buying the property. The best way to buy property in India is to hire the services of a property dealer or estate agent as he takes care of all the formalities. You have to pay his fees in addition to all the stamp and registration duties.
Buying Property in India’s Best Location
The first step towards buying property in India involves searching for the plot, house, or flat in the right location. Locality is of utmost importance whether you are going to conduct a business or planning to live along with your family. Once you have decided on the locality that is nice and decent for your living, you can conduct your search for the plot or a house in this locality. You can take help of the classifieds, internet property sites or property dealers in your area. Of course, the price of a property in a good locality is much higher than in undeveloped or poor locality.
Decide on the Size of the Property
Price of land is touching the skies these days. Before moving ahead, it is better to take a look at your requirements making adjustments for future. If you can live comfortably in 1000sq ft house, there is no need to buy a sprawling 2500 sq feet bungalow. You can also opt for a flat in an apartment building if you are very concerned about the safety and security of your family. An apartment is also good from the point of view of parking your car safely.
Choose the Property Dealer Wisely
This is a very crucial step while buying a property in India. Finalize a property dealer after verifying his credentials and experience. He should be trustworthy to carry out all legal formalities in accordance with the rules and regulations of the government. You should feel confident and friendly while talking to him. You should discuss his fees in advance and get it in writing to avoid later disputes.
Title Deed is very important
Title deed clearly mentions the legal rights of an individual to the property. Get the title deed of the property you are interested in and get it studied and verified by an advocate . This is necessary to make sure that everything is in order and there is no doubt or suspicion. Ask for the original deed document and do not settle for a Xerox copy. Make sure there is no claim over the property by any other person and also that there is no loan over the property. Title deeds for the last 12 years are important from a legal point of view if the property has been bought and sold several times.
Draft Agreement and the Actual Registration Process
Give an advance and sign an agreement with the seller. Clearly mention the total cost of the property and the advance made by you in this document. This document also mentions the time span in which you are required to pay the balance amount to the seller. This document also mentions the particulars of the property including its dimensions and location. The final step towards buying a property is getting it registered in a court of law in your name. You have to arrange a lawyer to carry out all legal formalities and pay stamp fees, registration fees, etc. Once all formalities have been completed, you become the owner of the property.