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Verify Legal Features Before Investing In Real Estate | Eipl Infra

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By Author: Kishore Reddy
Total Articles: 4
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Real Estate investment is the best investment when compared to other types of investments. This is a fact. Another fact is that real estate investment also has some risks. These could be avoided if taken care of, before investing in a property. An investor with no prior experience may fall prey to it.

A. Verify Legal Aspects: Before investing in real estate one has to take care of some legal aspects so that you don’t get deceived and don’t have to face a financial loss. One has to find out if the property is legal. Here are a few documents that one needs to ascertain before investing; especially one needs to verify the legal features.

1. RERA Registered: This is one of the important legal verifications. If one is looking for an investment in a project then he has to check if it is RERA approved. As per RERA, every developer has to register his project before he begins its promotion. One can obtain the information from the portal of RERA. This also provides the details of any cases or complaints filed against any developer. If you are taking the services of a broker, then you will have to check if he is registered ...
... with RERA. To operate legally, it is mandatory for all real estate brokers to get registered before taking up any assignment.

2. Verify the Title Deed: It is a legal document that gives evidence of a right, especially the ownership of a property. One can sell property only when the title deed is clear from all defects. The legal status of the property or the title deed can be verified at the Sub Registrar’s Office. This is one of the most important documents that has to be checked before finalizing a property. The seller should be the correct owner of the property and the title deed should be free from any dispute and should not be pledged. A property is pledged if it is transferred to a lender to secure a debt or loan.

3. Tax Receipts: It is important to verify property tax receipts because one has to pay the taxes regularly devoid of which you will be liable to pay the same after you own the property. Tax receipts of at least the last 5 years should be available. Always verify the legal features before investing in real estate.

4. Encumbrance Certificate: An Encumbrance is a claim against a property by a party that is not the owner of the property. Another legal check is the availability of an Encumbrance Certificate which will enclose all the details about the registered legal dues and transactions. This certificate proclaims that the property is free from any Liabilities or Encumbrances. One can check encumbrance on a property by filling up a form and submitting it to Sub-Registrar’s Office along with a copy of the sale deed.

5. Conversion Certificate: This certificate certifies the conversion of agricultural land to residential by the planning authorities. With increasing urbanization, some states are converting agricultural land to non-agricultural use. One gets conversion and land use permissions for that property. This certificate ensures that the property is legal. If your property is on agricultural land then you should have a ‘No Objection Certificate’ or NOC from the town planning authority. It is very essential to verify the legal features before investing in real estate. Read more https://eiplinfra.com/verify-legal-features-before-investing-in-real-estate/

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Kishore Reddy

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