Buying a plot of land has
become a very tricky affair, especially when considering the blatant corruption
surrounding the deals including creating fake documents, demand for half payment
in cash and also issues of disputed land sales. So, if you are ready to buy a
piece of land to build your first home, it is advisable to be very cautious and
thorough.
Also,
the steps and procedures are quite different from purchasing a flat and hence
require a careful analysis before setting out on the path.
Buying Land
Plots are scarce in
big cities, though you can still get a good piece of land in smaller towns or
even the peripheries of the cities. If you are planning a loan, then a land
loan can be availed that are offered by banks for the purchase of residential
plots. Some banks have a clause that requires the buyer to start construction
within six months of land purchase. So, it would be advisable to plan your
future course beforehand. You may procure a personal loan, but that might be a
little more expensive.
Watch Out For
In India, the real
estate sector often pilfers with the law governing it. Therefore, it is
advisable for land buyers to check for the following factors thoroughly and
even get them examined by a legal expert before making the actual purchase:
The Deed Title: Check if the deed title is in
the name of the seller and he has the full right to sell it. Insist upon
looking at the original and not just a photocopy.
Encumbrance
Certificate: This document can be procured from the sub-registrar's office where
the deed is registered. It declares that the land is free of any legal hassle
and unpaid dues.
Property Tax
Receipts and Bills: Ask for the originals again and ensure all the payments have been
made as this could lead to legal complications and more expenditure in the
future.
Apart from these,
you must also check that the loans on the land are repaid with a release
certificate issued by the bank and get the property valued for the exact land
measure.
Documentation
To purchase a piece
of land, the following documents are required from the seller's end:
- Original
Land Deed of the current owner, known as the 7/12 document and also the
previous owners with the proper names on the title.
- An
Encumbrance Certificate from the Sub-registrar's office for the last 30
years at least.
- Release
Certificate from the bank, stating that the loan on the land has been
completely repaid.
- Original
property tax receipt and other bills relating to the plot
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