Buying a resale property comes with its own benefits and challenges. While you have access to a strategic location, disputes related to real estate transactions due to property rights are not uncommon.
Have you zeroed out the resale property you want to buy but don’t know how to authenticate your property? No freight! We are here to help you meet this challenge so you can verify that your dream home has the correct title.
The first step in establishing ownership of a resale property is to ask the previous owner to provide legal documents related to the property.
The deed of sale is the most important document to determine who owns or has rights to the property. The deed is based on fixed value extrajudicial stamp paper as determined by the state government. It should include details such as:
There have been cases in which criminals have used false extrajudicial documents to commit fraud. Therefore, it is advisable to hire a legal advisor who can review the sales contract on his behalf to prove the legal status of the document.
Perform a series of verifications requesting documents that show that there are no violations or pending litigation. Checking this box will not penalize you for changing the design in the future. You are also not obligated to make unpaid contributions from the previous owner. This would include:
Did the previous owner obtain a personal or private loan on the property? Has it been deleted? It is advisable to apply for an LWOP issued by the previous owner’s bank so that he can obtain a mortgage-free property. Obtain proof of authorization in case the landlord has borrowed money from a private lender, family, or friends.
If you plan to purchase the property through a home loan, or if you want to apply for a loan against a property, you will need a letter of commitment. EC will help determine legal ownership of the property and verify that it is debt-free.
These are the characteristics of this certificate: