Buying a property for any person is one of the most critical decisions in life. You decide to buy the property from all the deposited capital, large loans and with lots of aspiration, so it is necessary to take such precautions so that no one can interfere with your hard earnings. Your negligence in checking property papers can waste your whole life savings in just one minute.
In the Wallingford, the average person buys a property with a large loan. Only after carefully checking every paper should proceed on the deal. When you purchase a property, then you should take proper concern of a real estate attorney Monroe NC regarding that seller documents and contract. There is a list of documents that Real Estate Lawyer advised you to check before buying a property from a Real Estate Agent.
Following are the documents which Real Estate Lawyer advised you to check before buying a property to avoids the frauds –
- Sale Deed
- Approved building plan
- Power of attorney
- Completion certificate
- Occupancy certificate
- Encumbrance certificate
- Receipt of taxes or bills paid
- Conversion certificate
It is a legal document that confirms the property’s proprietary rights. Or that is also evidence that the property has been transferred from the old owner to the existing vendor. With the title deed of the property cleared, it is also vital that Sell deed is registered in the local registrar’s office. First of all, check the title deed of the property you are purchasing is clear. This means that there is no dispute on that property.
It is a legitimate document which confirms the property’s proprietary rights. You should also ensure that the person who is selling the property to you, the title deed is named after him. The best way is to justify property deed with an attorney; this will help ensure that the paper is correct and there is no shortage of them.
Building Plan Approval
If you are buying a flat in a building, then make sure the builder has approved the building plan related to the Authority. It should be approved by the Commissioner of the concerned authority or any officer appointed by him. This will help you decide whether the builder has made the house legally or not.
- This certificate ensures that there is no loan or other liability on the property concerned. This means that at the time you are buying a property, it is free from all types of debt or debt.
- The certificate issued by the sub-registrar office indicates what kind of transaction is related to property and what its actual condition is at this time. In other words, this certificate is proof of any mortgage, title transfer or legally registered transaction, so that there is no question on the property.
The local body issues this ensures that the construction of the property concerned has been done according to its guidelines. It is a significant certificate according to basic needs like water, electricity, and sewer. If it were not found, then it would be difficult to mobilize the primary facility in the property. ‘
After issuing the Completion Certificate, the local body (municipal or authority) issues the occupancy certificates. This certificate ensures that the relevant property is available to remain and it has been constructed following all the rules and regulations. This indicates that the property is legally valid and is suitable for living. This is the most crucial document according to the purchase of a property.
Power of Attorney
This is a legal document with the help of which a person authorizes someone to take care of, rent or sell the property to another person. Even though, this document is required to be registered.
Taxes and bill papers
The person who bought the property should be paid all the dues and should see the necessary receipt or bill for it. Do not trust all receipts from the person who sells the property and the photocopied receipt only.
So whenever, you are purchasing a property in then you should concern a Real Estate Lawyer who can give you the best tips regarding buying a property from your precious savings.