The Kalamkar

Property buying: Important alert for property buyers, if these things are not taken care of then there will be big loss

Things kept in mind while buying property: Many things have to be kept in mind while making property transactions. Like there should not be any other right or claim on the concerned property. A certificate should be obtained from the office of the Sub-Registrar that the property is free from any kind of loan or all loan encumbrances. Let us know about it in detail.

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The Kalamkar News (New Delhi). In recent times, it has been seen that the trend of selling the old house and buying a bigger, new and modern house with modern amenities is increasing. 

New age home buyers are preferring to buy such houses. But unless the old housing property is sold, the new property cannot be purchased. In such a situation, if some things are kept in mind, then such immovable property gets sold quickly.

There can be many reasons behind difficulty in buying or selling any type of immovable property like house, bungalow, flat or plot. 

Due to these problems, many times people have to face mental and financial stress. In earlier times, purchase and sale of properties used to happen on word of mouth and trust, but now such transactions go through a process. 

There are risks involved in this process. That is why you should keep some things in mind before making a property transaction.

The seller can sell the property himself or through an agent. Agents can prove to be very helpful in this direction. It takes a lot of time to advertise the property, find the customer, show him the property, then negotiate with him, complete the transaction etc.

Nowadays, there are many real estate websites from where property can be sold or bought. It has now become easier to reach potential customers through such websites. They don't need to look for it. Yes, it is necessary that the seller should have ownership over the property being sold.

The seller must have details of how long the property being sold has been in the possession of the seller, who must first own it. Information related to this can be obtained from the office of Subregistrar.

In a sale transaction, the seller has to transfer the rights of the property to the buyer. For that, a sale deed has to be made and the deed also has to be registered.

Ownership transfer, payment methods, exchange of money, stamp duty, middleman etc. are mentioned in this sale deed. All these things should be understood properly. It is also important to check whether there is any land agreement on the property or not.

 An agreement related to property is basically between a buyer and a private seller. This agreement states that the seller will remain in possession of the property until the buyer pays the full amount.

During the property transaction, it should also be made clear whether the payment is to be made on a monthly basis or in one lump sum. 

Also, in any kind of agreement, written consent of both the parties is required. Therefore, while purchasing property, you should pay special attention to this.

 If there is any loan on the subject property, the Buyer undertakes that the Seller will pay all the loan, taxes and charges (if any) due. 

Resolve this issue beforehand and mention it in the agreement as well. Experts say that all these things should be done before the transaction is completed, because even one of these small things can lead to a legal dispute.

 Before purchasing the property the buyer should obtain a certificate (at least 15 days in advance) from the office of the Sub-Registrar that the property is free from any encumbrances or encumbrances of any kind. 

This gives information about whether there is a loan on the property or not and if so, how much is it. Charges will have to be paid for this certificate. This certificate is also good for the seller.

Keep these things in mind also

  • Don't forget to sign the agreement while making a property deal.
  • It is wise to obtain permission or no-objection certificate from the housing society to sell the property.
  • Take permission from the Income Tax Department, City Land Ceiling Tribunal or Municipality.
  •  Don't forget to register property transactions.
  •  Set a time limit for completing the transaction and settle the property related transaction within that time frame only.