Legal Formalities In Buying A Property In Mumbai

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Investing in real estate is a big decision especially when you are buying a property in Mumbai real estate market. Characterized by extremely high prices, Mumbai realty is one of the most precious and expensive ones to buy. There are various important things that you must keep in mind while buying a property in Mumbai. Enlisted below are some of the key legal aspects that you must consider before buying a property:

1. Know the Seller’s Background – Clearly, you must know the people you are dealing with. Even if you are taking help of a real estate agent, you must know the real owner of the property. Do not hesitate in asking for the real ID proof of the person with whom you are entering into agreement of sale. Seller’s financial position, his/her current and the permanent residential details, location of property, physical conditions of the property etc. are some of the vital aspects you must know about before entering into any legally bound agreement.

2. The Title Deed – The title deed is a very important document of a property that defines that the property exists in actuality and has been recognized ...
... by the governing body. The title deed is further required in loan allocation from the financial institution. Apart from the title deed, the new buyer must check for all the documents required for the loan processing and disbursing. You must also do some homework on home loan interest rates before finalizing the institution you plan to procure loan from.

3. Allotment Letter – For the real estate properties which are undergoing construction, the buyer must ask for the original allotment letter. This letter defines the agreed price, floor or the house plan and expected date of completion and delivery of the project etc.

4. The Title Card – In case you are buying a pre-built property, you must check for its title card. The title card defines the genuine owner of the property who owns the actual right to transfer or sell the property. Requisite mainly for multi-story constructions, the title card also helps in finding if the property has been leased out or is mortgaged. Using the title card, the owner can also find whether the seller has duly paid all the duties and government taxes.

5. Non Objection Certificate –It is the responsibility of the seller to obtain a ‘Non Objection Certificate also known as ‘NOC’ for the sale of the property.

6. Stamp Duty & Sale Deed – It is the tax which levied by the state governing body on the buyer of the property. The buyer is supposed to pay the complete stamp duty and have the sale deed stamped and registered at the local property registration office. At the end of purchase, the buyer must receive all the legal documents and property registered under his or her name. The buyer must also receive all the door keys, car/parking pass or stickers etc.

7. The buyer must meticulously evaluate the above mentioned documents and ascertain the complete worth of the property before buying it. He/she must conduct a detailed study to find out the fairly accurate worth of the property.

Author Bio :

Nitin Sabharwal is an enthusiastic marketing explorer who redefines prospective subjects for his works in digital advertising & marketing, e-commerce, and content development. With a commanding work experience of 16 years, Nitin’s participation in digital enabled services with a special emphasis on the Internet has earned him several respectable positions in India’s premier companies. Positioned as VP-Marketing of IndiaHomes, Nitin is maneuvering the company’s branding, Performance, CRM, Contact Centre, Event Marketing and Digital Marketing. Academically, he holds an MBA degree from IMT Ghaziabad. Mumbai real estate market, buying a property in Mumbai