Tips to check before buying a flat without hiring a lawyer

Buying an own flat or an own property is a dream for any individual who is doing well and has made something sizeable out of his life. But, finding a property free from all sorts of legal tussles is not easy. You must have a clear idea about the content of the sales as property documents are a vital part of any property investment, be it an empty plot or a fully furnished apartment. Thus, to examine the authenticity of the agreement papers, most people generally take the help of a legal professional. But, if you do not have adequate money to bear this extra charge, you can do this on your own. Just have a look at these tips to check before buying a flat without hiring a lawyer for a sound awareness of your rights…

Tips To Verify Your Flat Purchase Documents without a Lawyer

Look for KYC details

If you are planning for a ready to move in flat or planning for an upcoming project – the first thing you need to assure is the identity of the seller or the builder. Thus, you need to ensure the authenticity of the information furnished by the seller and always insist on information such as PAN card, address, father’s name, land record number as maintained with local tehsil, etc. In case you are buying the property from a housing society or cooperative look for reviews and other articles in the press through which you can check its reliability. Apart from this, get this information witnessed by two people each from both the buyer and seller.

Check for date of possession

This date is very significant as it restricts the builder into a disciplined framework and ensures that the property is handed over to the buyer by the date decided. So, if there is any kind of hold from the date happening at the builder’s end, the buyer can charge the selling party based on agreement specifying this important information.

Sale Deed

A Sale Deed has to be mandatorily registered. It is a key legal document that acts as proof of sale and conduction of ownership of the property from the seller to the buyer. Also, it is important that before the sale deed is executed one should execute the sale agreement and should audit for compliance of various terms and conditions as agreed upon between the buyer and the seller.

Mother Deed

Mother Deed, also called as the parent document is a decisive legal document that traces the origin or antecedent ownership of the property from the start (if the property has had various owners). It is a document that helps in the further sale of the property, thereby constituting the new ownership. In case of the absence of the original Mother Deed, certified copies should be accomplished from the registering authorities.

Check for title documents

A title document is the most important paper for a real estate transaction. It is not an agreement, but a statement that talks about the rightful ownership of a person or group over a particular property. However, being a prospective buyer, it is your right to ask the seller for earlier transaction papers to prove that he/she has ownership over a particular property or asset.

Look for the termination clause

The flat purchase documents should contain a termination clause (paragraph), where both the parties should be entitled to ‘termination by convenience’ if the code of conduct is ignored by either of them.

Completion certificate

This document is essential at the time of purchasing a property and seeking a home loan. A completion certificate is provided by the municipal authorities denoting that the property is in docility with their rules in terms of distance from the road, height, and is constructed as per the permitted plans, etc.

Power of Attorney

A Power of Attorney is a legal procedure used to give authority to another person by the property owner on his or her behalf. One can either give a Special Power of Attorney or a General Power of Attorney to transfer one’s rights over one’s property.

Get encumbrance documents

Checking the encumbrance document is important when you are buying a second-hand flat. It shows that whether the property has any legal debt or dues. In case the seller had taken a loan for the property that was not repaid, the same should be mentioned in the encumbrance certificate. In such cases, the agreement paper must reflect the fact that all dues related to the property should be cleared until the date of property transfer.

Payment schedule

It is imperative for both parties to agree upon the payment schedule. Knowing whether the amount is required in lump sum or installments can help the buyer plan things better. Thus the payment schedule clause must be included in the stamped document to avoid any kind of financial disputes in the future.

Site and construction documents before purchasing a flat property

Approved building plan – Check whether the builders have got the necessary approvals accorded by the designated authorities before buying the property. You can go for the legal cover if all the permitted plans are in your hand before the transfer of property.

Construction plan – Ask for the construction plan before signing the deal as the builder/developer is bound to deliver whatever is promised in the construction plan. Equally, the sizes of rooms, the orientation of flat are some of the construction features that should be entailed in a legal document.

Conclusion

Buying a flat is a tricky process as one cannot simply rely upon the builder blindly. Thus, a little caution at the start can pave the way to a happier and peaceful ending…