Do Your Homework before Buying Property Online
The internet phenomenon has caused a shift in consumers’ buying habits from buying at traditional outlets to buying online, and this wave has started affecting the real estate industry. This benefits buyers and sellers, although it is mostly spearheaded by the younger, tech-savvy population. A few leading real estate companies in the sector have managed to list their homes online and have generated some inquiries lately. Buyers, especially non-resident Indians, can readily receive a plethora of relevant information over the Internet. It will be correct to say that sales of luxury real estate products are still in their nascent stages, thus not much is selling on the Internet as of yet, though these seem to hold promise going forward into the coming years.
These days, customers are easily able to buy anything through the internet. While there are advantages to buying on the internet, purchasing a house online is not as easy as it first seemed. It is not a mobile phone that you just place in the virtual shopping basket; it has to have a lot considered for this big financial decision. Properties are always marketed and sold soundly as investments that are safe, secure, and attractive. However, before the buyers actually invest in real estate, they need to confirm these claims.
There have been many bitter incidents in the country where consumers lost their money due to a lack of or no research. So, finishing your homework beforehand is really very crucial. Once a property is chosen, the buyer needs to check every relevant document very carefully. All of the documents focus should be directed on the following ones among all of them
The Deed of Title:
A clear title deed is the only document that certifies a builder’s whole ownership of the land. Consulting a well-known real estate attorney would help gain a better understanding of the documents.
Legalities of Land:
There must not be any liens on the land. One can cross-check this using the encumbrance certificate.
Permitted Land Use:
The land used for building purposes must come under the “land-use” zone in the city master plan. It is of utmost importance to see whether the property to be considered falls in a residential area or commercial area according to the scheme. Very few structures have this road-widening setbacks and heritage regulation involved with them. Therefore potential buyers need to check if a property falls under that criterion.
Approvals at the Local Level:
The property before being accepted by any structure should seek approval from the local development body.
The following paperwork should be carried out when selling a property:
If the said property was bought through a bank loan, then you shall be required to obtain the bank’s Release certificate for the loan paid.
Land Tax Receipts:
It is advised that you look into the property tax receipts of the prior owner to ensure there are no pending bills associated with the property that you will end up incurring.
Approved Plans:
The approved plans and the commencement of construction certificate must also be checked for completion in the case of a property under construction. You should also ask for the completion certificate after the completion of the work. In case the project could not be completed as per the sanctioned plan, the developer shall not get any certificate of completion.
Income Tax:
When you are reselling a seller, you must enquire about the Income Tax Act which is to be enforced against the seller. It is good to be informed that TDS exists while buying a property from an NRI.
Sale papers:
If it is a single buyer, the title deed is supposed to be got from the seller, and the sale papers are supposed to be duly stamped, registered, and processed.
Some developers manipulate the sales number of their properties, but in fact, they have unsold inventories. Banks are not ready to finance such projects and are dubious of such builders. The progress of the project is affected. The type of information one does not stumble upon at homebuyers would search online. It’s all well to go down to the site or the property. A potential buyer should also receive a thorough understanding of the project concept and construction quality and layout plan.
The buyer has to view the property personally before making a choice in order to feel and touch the quality of the product. He must try to understand the pros and cons about the site-like its saleability, sunlight, and enough ventilation in all rooms and its capacity to meet his needs in terms of built-up area, accommodations, and facilities. Buyers should ensure that after visiting a project, the information placed on the website should be genuine, for this is a lifelong investment. Get to learn all important information about the project which the developers you are considering have completed. Some builders purchase litigated land and do not provide enough information to allow the buyer to make an informed decision. Obviously, one would select reputable builders who ensure compliance with all laws in regard to the process of building. Kudos for online shopping!
