Legal documents play a crucial role when making a land purchase in India. They provide essential information about the property and ensure the buyer's rights and interests are protected. Since the land in question may have had multiple owners in the past, may have been subject to bifurcation based on family interests etc, it is important to check everything to ensure that there is no fraud and ensure genuineness.
Some of the reasons why legal documents are important in land purchases are explained below. Wisdom Properties is the best real estate company in Chennai and all our properties like land, villas and farmlands come with clear title deeds.
Legal documents, such as the sale deed, help establish the ownership and title of the land. They provide evidence of the seller's right to transfer the property and help the buyer verify if the property is free from any legal disputes, encumbrances, or claims.
Documents like the Khata, Patta, and survey records provide information about the land's boundaries, measurements, and its classification for taxation purposes. These records are necessary to verify the accuracy of the property's description and to ensure it aligns with the seller's claims. Any history related to the property is to be captured correctly and reflect the claims of the seller.
An encumbrance certificate is an important document that reflects any outstanding liabilities or charges on the property, such as mortgages, loans, or pending litigation. This certificate helps the buyer ensure that the property is free from any encumbrances and that the seller has clear ownership.
If the land includes any constructed structures, it is essential to verify whether the buildings have the necessary approvals from the local authorities. Completion certificate and occupancy certificate are necessary in case of constructed structures.
The sale agreement or sale deed is a legally binding document that outlines the terms and conditions of the property transfer. It includes details such as the sale price, payment terms, delivery of possession, and any other mutually agreed-upon clauses. This document protects the rights and interests of both the buyer and the seller.
Legal documents need to be properly stamped and registered as per the applicable state and central government laws. Stamp duty is a tax levied on the property transaction, and registration ensures the legal validity of the document.
A real estate investment is a huge step, and it is always best to trust real-estate professionals, investment planners and legal experts before making a decision. Since many individuals would go in for loans from financial institutions, they also go in for due diligence and a round of legal opinion before sanctioning the loans. Hence, it is always advisable to get opinion from multiple stakeholders before going in for a purchase decision or property registration. It Is also important to visit the site and satisfy oneself about the property rather than blindly trust the seller.
If you are looking for world class properties, with excellent appreciation value, then the correct company to approach will be Wisdom Properties. They not only sell residential plots, but also commercial plots, DTCP approved plots in Oragadam, DTCP approved plots in Guduvanchery and villas for sale in Maraimalai Nagar.
All their properties are free from legal encumbrances and come with clear title deeds. In case you are interested in purchasing a plot for sale in Chennai, please feel free to contact Wisdom Properties at +91 93606 93606 or just drop into their office at No.1, 5th Cross Street, New colony, Chrompet, Chennai - 600 044, Tamil Nadu, India.