“Home is where you feel loved, appreciated and safe” – Trace Taylor.
Buying a house is an important decision since it involves huge investments, financial planning and certainly a lot of time on your schedule. Although it can be said that a small proportion of the population can buy a house at the drop of a hat, the major other half still depends on loans to work for their dreams.
While most consumers rely on existing reputation of the builder, a well organized paperwork should be the foremost criterion to make a purchase. Customers should ensure completion of essential paperwork before an investment is made. Additionally, it is important to check the builder’s credibility on different forums. A proper background check, credentials and an excellent portfolio can help the process.
Here are the 5 things that need to be taken care of before buying a house: -
The Title Deed
It is of prime importance to review the title deed of the property. The deed will not only give the consumers clarity about the pros and cons of the property but will also help them understand the actual scenario, be it – ownership, sale or transfer of ownership rights. This deed will also clarify on any existing litigation concerning the property.
Review the documents properly
It is important to know whether or not the builder has all the permissions to begin with. Several government approvals are required for construction projects. In order to avoid any legal future constraints, everything should be verified and approved. No objection certificates from different departments like the - Storm Water and Drain Department, Forest Department, Traffic and Coordination Department, Environment Department and others must be checked.
Certificate of Encumbrance
Encumbrance certificate (EC) ensures that there is complete ownership of the property without any monetary or legal liability. It is the most important document used for property transactions and house loan requests. You must check if the property is free from any legal dues.
Know the Layout Plans
With real estate scams cropping up, one must look into the layout plan before investing. Review the documents and check if they have been approved by the respective authorities. Insisting on having a look at the occupancy certificate proves that you are well aware and willing to take further action.
Verify the Purchase Agreement
A purchase agreement comprises of payment details, construction specifics, deadlines and other terms and conditions for both the parties to adhere to. This agreement legally binds the buyer and the seller and no action that is outside the purview of the agreement can be taken without further notice. It is mandatory that you read the terms of service carefully before an approval. This sets the foundation of a new house.
Signature Global is a real estate company with a global outlook. Led by a highly-qualified team of Board-of-Directors, it is a brand that stands for the three R’s- Reality, Reliability and Responsibility. The team experience for industry insights allows the company to discover new opportunities and strive for excellent growth. The projects have extensively covered Gurugram, Karnal and Ghaziabad and have given a new foundation to some of the leading corporate houses. Some of their successfully completed projects include: -
1. Solera Complex (Solera2 Sector 107, Gurugram).
2. The Roselia (Sctor 95A, Gurugram).
3. Synera (Sector 81, NH8, Gurugram).
4. The Serenas (Sector 36, South of Gurugram), and many more.
