October 22, 2014

Steps in Buying Property

For those planning on purchasing a plot/property I am posting a short extract from a very excellent narrative which appears on the Indian Real Estate Forum. To read the full narrative go to this link here. The article is lengthy and in-depth and in particular applies to Real Estate in Chennai, however most of is applicable in relation to the by-laws and regulations at Tiruvannamalai. 

This narrative is one of the most comprehensive and best I have come across. Do read. A short extract from the narrative follows: 

Guidelines Before Buying A Plot or Property 

"Check the original documents from the mother document to the current document, never be satisfied with the Xerox copies, apply a copy of document at register office and compare with the original, insure that the document belongs to the property and they are not fabricated (how to find out a fabricated document explained below). 

Be sure that the seller is the absolute and only owner of the property, in case of Power of Attorney is obtained check that the power is live (explained in detail below). Check that the property is purchased from a third party or a ancestors property, check the legal heirs of the owner, if the owner has legal heirs then you need a NOC from the legal heirs whether they are minor/major, married/unmarried that doesn’t matter. If it is a ancestor’s property check how the settlement deed was made, check the legal heirs of the ancestor’s family, death certificate if necessary. In the case of ancestor’s property you need to make a deep investigation (according to Indian property law) “grandfathers asserts belongs to grandson” and there is a lot of problem in ancestor’s property . . .

To read the narrative in full go to this link here

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