To steer clear of legal disputes, financial losses, and fraudulent transactions, one must check and verify several important documents when buying a plot in Chennai. Proper verification of property documentation would make sure that one is purchasing a legally sound property.
As one decides to invest in a property for sale in Chennai, one must also check and verify a number of crucial legal documents to ensure a smooth transaction and avoid potential issues. Buying a plot of land may seem like a simple process, but it does involve multiple complicated steps, like conducting the necessary due diligence and navigating the legal requirements. One must have a clear idea of the documentation required before proceeding with the property transaction.
Title Verification
One of the primary steps involved in buying a plot of land in Chennai is verifying the property title. Buyers must make sure that the seller has a clear and marketable title, which is free from any kind of disputes or legal complications. Title verification ideally involves checking the history of the property for the last thirty years or so to confirm its ownership and any potential legal issues.
For title verification, one must:
- Obtain Mother Deed: The mother deed traces the ownership of the property from its origin and is important for establishing the chain of ownership.
- Check For Encumbrances: An encumbrance implies any claims, liabilities or charges on the property. Before buying a property, one has to make sure that it is free from all encumbrances.
- Legal Opinion: One may consult a lawyer to scrutinise property documents and provide an expert opinion on the authenticity and marketability of the title.
Sale Agreement And Sale Deed
The sale agreement and sale deed are important to the property purchase process. The sale agreement outlines the terms and conditions of the sale. On the other hand, the sale deed is the document that highlights the legal transfer of ownership.
The sale agreement must include the purchase price of the property, payment terms, date of possession and many other relevant conditions. Both parties should sign the sale agreement in the presence of witnesses.
As the conditions of the sale are met, the sale deed must be prepared. This deed has to detail the transfer of ownership, must be signed by both parties and subsequently registered at the sub-registrar’s office.
Encumbrance Certificate
An Encumbrance Certificate or EC is a mandatory document that helps in verifying that the property is free from any legal or monetary liabilities. It is issued by the office of the sub-registrar and serves as a proof of ownership.
(EC) is a mandatory document to verify that the property is free from any monetary or legal liabilities. The sub-registrar’s office issues it and serves as proof of ownership and that the property is not mortgaged or under any legal dispute.
Approved Layouts and Building Plans
Buyers must make sure that the plot of land they plan to buy is part of an approved layout and has sanctioned building plans. An approved layout basically means that the local planning authorities have thoroughly verified the development plan and sanctioned it, making sure that it aligns with the relevant legal and environmental guidelines.
Interested property buyers may visit the local municipal office or the Chennai Metropolitan Development Authority (CMDA) office to verify the approval status of a property. They need to acquire a copy of the approved plan and check that the dimensions and location of the plot match the seller’s claims. In case one plans to construct a house on the plot, they also have to see to it that the relevant authorities sanction the building plan.
No matter whether one decides to invest in plots for sale in Manali or Madhavaram, it is important to check and verify the documents discussed above before proceeding with the property purchase.