Basic Knowledge Regarding Buying a Property in India

While you are planning to buy your own house, there are a number of questions that might probably arise in your mind. The Real Estate Store (TRS) has made buying a property easier for you by compiling some of the questions that a prospective home buyer frequently asks. We would suggest you to go through the piece of information below and equip yourself with basic knowledge regarding buying a property in India. 1. Which documents are required to buy any kind of property in India?
  • All the title deeds related the property that you are looking to purchase. You need to examine the title deeds in order to establish the ownership of the property by the seller, preferably by an advocate.
  • In case you want to purchase the property, it is necessary that you have a look at the approved layout plan, approved building plan, ownership documents, carryout a search, etc.
  • You need to check whether a ‘No Encumbrance Certificate’ has been acquired to make sure that no sort of mortgage exists or has existed on the property. You also need to get a ‘No Objection Certificate’ from the Builder/Society.
  • You need to get a full and true disclosure of all the outgoings such As municipal and other local taxes, income tax, water charges, electrical charges, etc.
  • You may also ask for any other documents or information as prescribed by the law
2.  Which documents are to be registered compulsorily? The following set of documents has to be registered compulsorily under the Indian Registration Act, 1908:
  • On every sale/purchase of the property, the agreement needs to be registered.
  • The instrument of gift of immovable property.
  • Other non-testamentary instruments which purport or operate to declare, create, limit, assign or extinguish, whether in future or in present, any kind of right, title or interest, whether vested/contingent, of the value of a hundred rupees and upwards to or in immovable property.