How To Check If Your Property Is Legally Verified
Finding a property with no legal issues is way too hard and not a piece of cake. When one finds a property, then there is a high chance of it getting into any legal trouble. It is no less than an achievement of finding property services that are nowhere near to any legal problem. As over the years, a huge rise is seen in the real estate sector it is of no surprise that the number of land disputes has gone up too. The prime reasons are loads of project delays and mainly because of fights caused by land ownership. It is not easy to check whether your property is legally verified or not. Many people don’t read proper guides or don’t follow the instructions due to which they end up regretting in the end. If you were surfing the internet for this reason then this article has got you covered. This article will guide you through on how to check if your property is legally verified and if not then how can you get it done.
Check Title Papers
Without any doubt, papers are the first thing that comes into mind while looking for property verification. The title should be clear enough and should be without any dispute. If a new property is concerned, then the construction company’s name should be beside the title of the land. If buying a resale one, then one should take the help of a property lawyer for their property services and study the papers wisely.
Ask For Bank Approvals And Their Property Services
If your home is being financed by the bank, then half of the work is already done for you. Even before your loan is approved, the bank checks and evaluates the property properly. If an apartment project is concerned, then many banks offer on-site offers which means that the property is cleared and is legally verified. But it is recommended to still check the clauses before signing the loan agreement between you and your bank.
An encumbrance certificate is a certificate which is a proof that a certain property is free from any kind of pending loan or mortgage and is legally verified. Moreover, it also has the name of the previous owner of the property. This document holds immense importance as one should know about the previous owner. Moreover, it also tells whether the previous owner had mortgaged the property or not and if all the dues are clear.
Cross-Check The Approved Plan With An Actual Site
If one is buying an apartment project, then they should make sure that they see the copy of the approved map. It can be easily approached directly from the builder which is passed by the local authority. They will willingly tell you the fair idea about the area. Seeing the approved plan provides the buyer confidence that his money is being invested in the right place. Moreover, you can also know the construction spree if it legally encroaches.