Buying real estate can be one of the most beneficial long-term investment strategies. Since the days of our ancestors, land has been viewed as a prized possession that we constantly work to acquire. Purchasing a house might be a stressful experience if you have never entered this market.
So make sure to remember the below-listed legal questions to ask to buy new home:
Legal Questions to Ask to Buy New Home
Tax Receipts of Property
Every fiscal year, the builder is required to pay the property’s land tax, ensuring the right extent, type, and title of the land. Therefore, don’t forget to check the land tax receipts when you are reviewing the legal paperwork to buy new home Mumbai or anywhere in India. Before selling a property, the builder is required to pay all property taxes; otherwise, you might be responsible for making the payment.
Cross-check the Title Deed
One of the key legal papers proving property ownership is the title deed. Property cannot be sold before the title deed is free from any errors or flaws. At the sub-office, the registrar can look up the title deed and confirm the property’s legal status. You should confirm that the builder has complete ownership of the land and that the title is clear of any ambiguities.
RERA Registration
All real estate developers must register their present and future projects under the Real Estate Regulatory Authority Act (RERA) as of January 1, 2020, in order to guarantee that the projects comply with all applicable building codes and legislation. All projects that are to be constructed on property spanning 500 square meters or more, which will include all stages, have to register with RERA. Every project need to register with RERA even if the occupancy certificate or completion certificate has not yet been issued. RERA is one amongst the top legal documents for 3 BHK flat in Thane or any home in India.
Environmental Clearance
A clearance certificate from the Forest and Environmental Department of the Central Government must be obtained if the construction site is larger than 20,000 square meters. A legal checklist for 2 BHK home in Mumbai or for a bungalow anywhere in India strictly includes a vital check on the environmental clearance document for the concerned department.
Certificate of Occupancy
The local planning authorities will issue an occupancy certificate, also known as a completion certificate, to certify that the building has been completed and is ready for occupancy. A building is not deemed to be fit for use by tenants without this certificate. So always remember to ask for the occupancy status certification of the property at the time of buying a home.
Sanctioned Building Plan
To persuade homeowners, many builders may provide false information about the developments in a neighborhood. So before investing in MMR home or at any location in the country, you must ask for a sanctioned building design that has been approved by the local building development authority. The authorities only approve a building proposal after securing from the developer the required paperwork that complies with all applicable building regulations.
In a nutshell, you must add the above-detailed questions to your query list when investing in MMR home or any apartment in India. These will help you make an informed and worthy investment decision. We sincerely hope that our legal checklist to buy a home will help you buy a dream home in Mumbai or at any other location in the country.
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