One of the biggest purchases that a person makes is buying a home. It is also a complicated process. Considering this aspect, it is essential to be aware of the legal issues concerning buying flats in Thane West or around. You do not sign an agreement with real estate developers in Thane without understanding the legalities.
You must have spent considerable time searching for the perfect apartment that meets your needs. Now it is time to know the legal details that surround it. Before making your first home purchase, get to know the following legal factors and documents better:
Title deed: When you make a home purchase with a real estate in Thane West, you have to check the title deed. You should know that if the title is not perfect and free from hindrances, then they cannot transfer the property. Also, an individual who claims the property to be under their name, cannot sell the property. You can find all the data regarding the title deed from the Sub-Registrar’s office. As a buyer, you have the authority to get all the property title documents. Ensure there is no disagreement over the property’s ownership. While monitoring the papers, check if the seller has property ownership or only development rights.
Master plan: When you make a purchase with real estate developers in Thane, you will notice them claiming of infrastructural development on the property location. It includes the construction of schools, hospitals, transport improvement, shopping malls, and so on. These factors are just ways to lure potential customers. Precisely why buyers should inspect the master plan and ensure the claims made are true.
Land use certificate: You should be aware that the construction of residential property over commercial property is illegal. If you want to verify the same, apply to the development authorities to ensure the property is in a residential zone entirely. It should not be a commercial, agricultural, or industrial properties. If the property is not within the residential area, they will get demolished in the future.
Property tax receipts: Whether you are buying a flat in Neelkanth Woods Olivia or around, ensure to check the tax receipts. This is to make sure the seller has paid all the taxes related to the property in the past three years or so.
Encumbrance certificate: This is another important legal document that you have to keep in mind while purchasing a flat. It is wise to know that the property you are investing in is free from any legal dues. You can search for an encumbrance certificate at the Sub-Registrar’s office. The certificate mentions details such as a mortgage, lien, third-party claim, and so on. The encumbrance certificate should also specify all the transactions related to the property. This helps you in making an informed decision.
