Once you decide to buy a property, there are many documents you need to look into thoroughly before closing the deal. If you ignore this, you may be in for eternal trouble.
People in the real estate business narrate many problematic stories from their vast experience. However, they also add that after the technological improvements brought in the registration process, such experiences are on the ebb.
The advice from experts is to verify or scrutinize documents in the initial stages itself. Preferably by a good lawyer. It is always advisable that property buyers must insist on seeing the original documents of the plot/house before making the advance payment. It is prudent on your part to make a huge advance payment only when you are satisfied with the authenticity of the documents.
Eventually, the developer or the selling party will return your money. There are instances where in the seller returns the money in installments. Inturn your plans of buying another property will go awry. Hence, one must ensure that all the documents are in order.
To sum it up
- Verify/scrutinize documents in the initial stages itself
- Pay an advance only after seeing the original documents
- Have them scrutinized by an advocate.
- Always ensure that you are dealing with the right owner or seller or developer
To prevent yourself from getting duped, you can always take help from a professionally qualified solicitor to get all your legal paperwork verified. Below are few guidelines for you to follow while buying a property in Bangalore. Do not forget that the original documents of title like sale deed, partition deed, gift deed and will etc., are to be verified on a mandatory basis.
Purchase of agricultural land in Bangalore
If you intend to purchase any agricultural land in Bangalore for non agricultural purpose, then, you must have approvals as per the provisions and rules under Karnataka Land Reforms Act (1961) and the Karnataka Land Revenue Act of 1964. The regulating authority for approving any layouts on the outskirts of Bangalore rests with the Bangalore Metropolitan Regional development Authority or BMRDA.
While investing in any agricultural land you must adhere to the below:
- Mother deed/ Sale deed: This is the most important document for tracing the ownership of the land. It provides details of the property as to how it was acquired at the initial stage and the subsequent series of transactions it has undergone
- Search Report: It provides details of the original property holder, property history, charges on the property, current property status (all dues paid or still pending) and the number of times the property has changed hands before being owned by the present seller
- Agreement: Once the property is decided, make an advance payment and get a written agreement on a stamp paper duly signed by both the owner and the buyer in the presence of two witnesses. An agreement must state the advance paid, actual price, duration of actual sale, and legal actions to be taken in case of a default from either party
- Stamp Duty: This should be paid in full and on a timely basis. To get an agreement stamped it should be without any signature or date and the agreement can be implemented only when the Stamp Office fixes stamps on it
- Registration: Get the deed registration done in a Sub Registrar’s office within the timeframe mentioned in the agreement. For registering a property you need: house tax/property tax receipts, original title deed, and previous deeds etc. along with two witnesses
In addition to the above, the buyer should also get hold of an Akarbandi, an Encumberance certificate, Saguvali chit, Conversion order, Payment Challan, Up-to-date Tax-paid receipts, Land Acquisition Status, Mutation Extracts, NIL Tenancy Certificate/ Form No. 7 Endorsement, Podi Extracts, RTC (Record of Rights)/ Phani, Section 79A & B endorsement U/KLR Act, 1961, Patta Book, and Tippani.
Purchasing Revenue Land in Bangalore
Purchase of Converted Revenue Lands requires the following documents- Conversion Order from the Deputy Commissioner, receipt for the paid conversion amount, RTCs for last 30 years issued by the village accountant, documents of ownership, Mutation Register Extracts, Akarbandi/Tippani/Podi Extracts, Tax paid receipts, boundary map, village map, Nil tenancy certificate, approved layout plan, Khata certificate issued by Revenue authority, Encumbrance certificate, Zonal regulation map, power of attorney (if any) and an evidence from the respective authority that no acquisition proceedings exist
Purchasing BDA (Bangalore Development Authority) Sites
The various documents necessary for purchasing a BDA property are- allotment letter, receipts of payment for the site, possession certificate, absolute sale deed, khata certificate from BDA, khata certificate (to be obtained from Bangalore Mahanagar Palika if the property falls under the corporation revenue jurisdiction), up-to-date income tax paid receipts, tax paid receipts from Bangalore Mahanagar Palika, Encumbrance certificate (from allotment till possession date) and a re-allotment letter or re-conveyance deed in case the property is re-conveyed by the BDA.
It is also suggested that acquiring a property through Power of Attorney should be avoided to prevent any litigation in the future. Documentation is the major step in the acquisition of an immovable property of any kind so utmost care should be taken while carrying out all the paperwork. All the agreements should be stamped according to Karnataka Stamp Act, 1957 following all the rules therein.
Always Be Diligent Before Becoming Litigant.
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