Buying a property is a milestone move; it is a dream come true and one of the most major investments one ever makes. Before purchasing a property, it is essential to verify all of the necessary documents online or offline to ensure that the property is legitimate and free from any financial or legal obligations. By following these steps, you can make an informed decision and avoid any potential fraud or mistakes in the property purchasing process.
Documents that are key to property verification
Verify Title Documents
The title documents are the official papers that transfer property ownership from one person to another. Start by requesting the seller to provide you with the title documents and arrange for property verification. You also have the right to request any records of prior transactions from the seller and to substantiate the documents at the registrar's sub-office. By advertising your intention to buy the property in a local newspaper, you can confirm that the property's title is valid and that there are no objections to the transaction.
Check for Bank Approvals
If you plan to apply for a loan to buy the property, the bank will do half the work for you. Banks conduct inspections and check the property's records to ensure that it is legitimate and has all necessary permits before approving loan applications.
Obtain an Encumbrance Certificate
An Encumbrance Certificate (EC) is a document that confirms that the property is free from any financial or legal obligations, such as a mortgage or outstanding loan. Before purchasing the property, it is essential to confirm that the property has a clear title and that no debts or legal obligations are associated with it. You can obtain an EC to determine whether any existing owners have a valid and legitimate claim to the property.
Check the Property Site
A site plan, also popularly referred to as a plot plan, is a diagram that outlines the geographical characteristics of a specific parcel of land. It is an important document that provides information on the property's location, the suggested upgrades to the land, and any illegal encroachments. If you are purchasing a property for an apartment project, ask the builder for a copy of the approved map approved by the local authorities.
Review Property Tax Receipts
When purchasing a resale home, it is essential to ask the former owner for the property tax papers. This will provide information about whether the colony or society in which the property is located has been legalised and give you an idea if the property has been properly registered and if there are any outstanding debts to the municipal government.
Examine the Sale Deed
The sale deed is the chief document that records the ownership transfer of the property from the seller to the buyer. It should include information about the parties involved, such as their names, ages, addresses, and details about the property. It is essential to carefully examine and verify this document.
Verify the Power of Attorney
A Power of Attorney (POA) of Property is a legal document that grants the attorney or agent access to and management of the principal's property in the event that the principal is unable to do so on their own. Before purchasing a property, it is important to verify that the POA is legitimate and that the property is being sold by an authorised person on behalf of the property owner.
Check for a Registered Society
A registered society is a group of people who have come together with mutual consent to work towards a common goal. When purchasing a property in an apartment project, it is essential to check whether the project is affiliated with a recognised society or resident welfare association. This will provide information about the project's legitimacy and ensure that the property you purchase is legitimate.
Other Important Documents
In addition to the documents mentioned above, there are several other important papers that you should be aware of, such as the lease agreement, the NOC (No Objection Certificate) from the builder, and the approved building plan. The lease agreement is the contract between the landlord and the tenant and outlines the terms and conditions of the rental agreement. The NOC is a document that verifies that the builder has all necessary permits and approvals to construct the property. The approved building plan is a document that outlines the details of the property, such as the number of floors, the number of rooms, and the layout of the building.
How to verify the property documents online?
Once you get a hold of the above documents, you can start the process of online verification. This saves you the need to get a lawyer on board. This can be accomplished through two methods: reading about the process on trusted websites or using an online service.
To learn about the process through online research, one can read up on how to verify property documents on various websites. This will provide a good understanding of the procedure and allow for self-verification.
An alternative method is to use a website that offers property document verification services. This eliminates the need for a personal visit to a lawyer and can save time and money. The process of using an online service is as follows:
- Log on to a reputable website that provides this service.
- Fill in an application form with basic information.
- Confirm the list of required documents that the website requires to ensure your necessary paperwork is in place
- The representatives may need some additional information from you when scrutinising the property documents. It is important to promptly respond to any queries to ensure a seamless verification process.
To conclude, the property verification process is an essential step for anyone who is looking to purchase a property. The process provides confirmation of the property's legitimacy, making it easier for you to obtain loans against the property. Moreover, the process helps buyers avoid any attempts by the seller to defraud them by selling the same property more than once.
In light of the benefits of the property verification process, Blox.xyz provides a secure and user-friendly platform for conducting property transactions. With Blox, you can simplify property verification and eliminate the stress and uncertainty of purchasing a property. The platform uses advanced technology to verify the necessary documents and ensure that all transactions are legitimate and secure. By choosing Blox, you can rest assured knowing that you are making a wise and informed decision when purchasing a property.
