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Monday, January 2, 2017

Important Things for buying a Property In Kerala - Tips

Buying a property is the decision of a lifetime achievement and you have to be known the facts and Right things in dealings. A lot of care is needed from the beginning

Legal Wise Check list 
Origin of the Property – Land
It’s important to learn of the origin of the property, continuous flow of the title and present status of the property before buying the property. Buying a property for self occupation or investment is perhaps one of the biggest investments made by a person during his lifetime. A landmark decision like purchasing property need a well thought out.

Check or Verify the Following Documents 

    1)     Property Title deeds.
2) Property Tax receipt and bills.
3) Property Encumbrance Certificate.
4) Pledged Property.
5) More than one Holder.
6) Buying land from NRI/Foreign landowners.
7) Property Agreement.
8) Property Registration.
9) Changing the title in Village office.
10) Measuring the Property.

2)     Documents relevant to the Land / Project / Building / Apartment

3)     Things to check when you buy an Apartment / Flat!

a)     Development Agreement
The Development Agreement is an agreement entered into by the builder with the landowner if the builder does not already own the land or has a contract with the landowner. It contains details regarding the terms and conditions on which the landowner has permitted development on his property. By this agreement, the landowner engages the developer to develop and build on their plot of land. This agreement generally may also have a Power of Attorney in favor of the developer.

b)     Approved Building Plan
The building plan has to be approved by the Corporation or the concerned authority. The approved building plans should be checked.

c)     Commencement Certificate
The certificate, issued by the Municipal Corporation permits the developer to begin construction once the plans have been approved.

d)     Completion Certificate
This is a Certificate given by the concerned authorities to the developer once the building project work is complete and fit for occupation.

e)     Track Record of the Builder
Before buying an apartment, please check the credibility of the builder and also make sure that, the builder has delivered all his past projects within the time limit with specified quality. In case you observed any delay or failure form the part of the builder to deliver the project don’t buy apartment from that builder...

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