Real estate investments are highly capital intensive. Just a single mistake made from the buyer side and he/she’ll have to deal with major consequences in the future. This makes it extremely crucial for a buyer to exercise due caution while examining all the legal documents of the property before buying apartments in Jaipur, or any other real estate property. With accurate legal advice, verification of land and owner, scrutiny of documentation, a homeowner can ensure that the investment brings peace of mind and a sense of security.
So, if you are also planning to make a real estate investment, this article is a must-read for you. It highlights the seven legal documents to check before investing in a real estate property.
Major Legal Documents to Check Before Buying a Property
- Sale Deed: This is one of the most crucial pieces of paper required while purchasing a property. Sales deed basically establishes the ownership of the title of the property. So, a homeowner needs to register the sale deed in the sub-registrar's office of the area where the property is being located.
- Building Approval Plan: A building plan is sanctioned by the higher building development authority without which the construction of the property is illegal. A building owner or real estate company has to get an approved plan from the jurisdictional officer before construction. So, you should ask about the building approval plan from the agent whose property you are investing in.
- Occupancy Certificate: The seller must obtain the occupancy certificate from the authority before handing over the authority. Living into a property or using one without obtaining occupancy, exposes the buyer to penalty under the applicable building by-laws and increases the risk as well. So, it is better to get an occupancy certificate in hand before buying a property.
- RERA Compliance: The RERA mandates every real estate agent to register their projects with the authority. So, a buyer looking forward to buying a property in the form of an apartment or anything should check whether the project is RERA approved or not. This signifies the authenticity of the project where you are investing and helps you make your final decision.
- Conversion & Land-Use Permission: With increasing urbanisation and merging revenue lands, increased the conversion of property for non-agricultural usage. So, it is very crucial to check whether the property is converted and have land-usage permission or not. This is very crucial to check, especially, when you are investing in commercial plots.
Getting a real estate property at a better location is not a big deal but finding the right place to invest in is a great challenge. In that case, keeping a check on these aforementioned legal documents before investing in a property will definitely help you make the right decision. No matter, whether you need commercial plots in Bagru or a residential apartment, you should always check all the legal documents before investing.
