Which are the documents one needs to check while purchasing a property in South Bangalore?
Finding a dream home these days is tricky which requires countless
site visits and weeks of research. But, if you have finally found your perfect
home and eager to sign the contract, you still need to make sure that you have
checked out all the necessary and important documents before finalizing your
property.
We bring you a helpful guide which includes the list of documents
you need to check while purchasing a property in South Bangalore or elsewhere which help you prevent any unforeseen
issues from cropping up in the future.
Final
Price of the Property
Don’t get fooled with the price advertised by the builder in their
websites. The fact is that the cost of the real
estate in Banglore as specified by
the builder doesn’t always include additional charges such as service tax,
clubhouse membership fees, maintenance charges, parking fees, etc. If you are
willing to buy luxury villas in
Bangalore with a special view, some builders might even charge you extra
for that. It is advisable to discuss all the charges that builders are going to
incur so that you can find out all the extra costs and able to invest your
hard-earned money on it.
Title
Deed
One of the most important document is the Title deed which
establishes ownership over the land and thereby the flat which helps to trace
the past ownership of the land. It is your responsibility to check the title
deed and ensure that there are no legal disputes associated with the property.
Also, you must check for general power of attorney where the right
to sell the land to others or construct an apartment is granted to the
developer by the owner of the land.
Buyer-Builder
Agreement
You will have to sign a three-way contract between yourself, the
builder and the bank you are receiving a home loan to pay the remaining amount
of the property value. You are required to pay a certain amount as token money
to finalize the agreement at the time of booking house. Be more careful and
read the fine print of the contract as many buyer-builder agreements have terms
and conditions which specify that the builder can raise prices of the house
before handing over if the market fluctuates in that period.
Approvals
and Licenses
Here are some of the approvals and licenses you should check
before purchasing real estate investment
in Bangalore which prevents you from getting involved in any legal hassles.
• Sale Deed
• NOC by relevant local
bodies
• Environmental clearance
(if applicable)
• Encumbrance certificate
• RERA certificate
When it comes to choosing residential property, consider Sobha
Limited which provides a perfect home for your family. Sobha Limited has a good
record with regard to timely delivery of the apartment with all the formalities
as well as the quality of high standards with their successful luxury projects in Bangalore.
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