So finally, after weighing all pros and cons, you have decided to buy a Villa Plot. Congratulations! Let us make an easy guess – you and your family are already super excited about it. Maybe you have already started looking at different options of NA villa plots that are available to you. But hold on! More often than not, buyers tend to overlook the most necessary part of the property-buying process. The documentation of the project.
Before you decide to buy an NA Villa plot, make sure the individual plot or the plotted development project you are looking at has all the documents in place. It is advisable to hire a lawyer to verify the documents.
Let us make this a bit easier for you….
Well, only a tad bit! Because let’s be realistic, we all know the process is quite tedious. Given below is the list of ten documents that you should check before making a buying decision. Want an even easier way? Just go for a villa plots project from a trusted developer like 46 Banyan Tree, located just about 10 km from Hinjewadi in Pune.
10 Documents you should check before buying a villa plot
- Title deed
- Mother deed
- RERA registration certificate
- Intimation of disapproval
- Encumbrance certificate
- Approved layout plans
- Commencement certificate
- Completion certificate
- Pledged land
- Tax and other liabilities
Title Deed
A title deed is a legal document that proves ownership of the property. As a buyer, you need to confirm that the seller has full ownership of the property and also has the right to sell the property without the consent of any other parties. It is advisable to check the original title deed.
Mother Deed
Mother deed traces the ownership of the property based on the origin of the property and its old records. It also takes into account any subsequent conveyance deeds. It is an important document as it enables the owner to establish the evidence of his own and sell the property in the future.
RERA Registration
As per Maharashtra Real Estate Regulatory Authority (MahaRERA) guidelines, if a plotted development project involves the development of land exceeding 500 square meters, the project needs to be registered under MahaRERA. So if you are buying an NA plot, mere conversion of agricultural land to non-agricultural land and sanction for its residential use will not be enough. You also need to check if the project is registered under MahaRERA.
RERA registration protects buyers from any hassles in the future. It brings transparency to the dealings between developers and buyers. It also ensures timely delivery and prevents project delays. However, even if the project is RERA registered, buyers still need to check that all the required documentation is in order.
Intimation of Disapproval
Intimation of disapproval is also known as a building permit. A developer needs to acquire permission and a No Objection Certificate (NOC) from several government departments while developing the property. A buyer needs to confirm that a developer has all legal approvals from various bodies such as forest, environment, sewage, traffic and coordination, stormwater and drain, and other departments.
Encumbrance Certificate
An encumbrance certificate documents the liabilities on a property and can confirm if there are any claims or legal disputes. It is advisable to obtain the encumbrance certificate and verify the records for the last 13 years.
Approved Layout Plans
A buyer needs to ensure that the developer has followed the layout plans approved by the relevant government authorities. Deviating from the approved layout plans can lead to legal issues in the future.
Commencement Certificate
A buyer needs to check for a commencement certificate, especially for an under-construction project. This document is legal proof that local authorities have approved the commencement of the construction after inspecting the site.
Completion Certificate
In the context of an NA plots project, a completion certificate is a documented proof that all the facilities, which the developer promises, are provided. It shows that the project is suitable for human habitation.
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Pledged Land
In case the land is mortgaged for any bank loan, all the dues need to be repaid before the land gets released. As a buyer, you must check that the plot of land you are buying is free from all debts at the time of purchase. You can also ask for a release certificate from the bank.
Tax & Other Liabilities
While buying an NA plot, you need to check that there are no liabilities in terms of any unpaid property tax and electricity or water bills. Once you purchase the plot, you will be responsible for paying all dues on the property. So make sure you collect the previous tax receipts and bills from the seller. You can also check with government and municipal offices that all expenses are paid.
Does the list end here?
The above documents ensure that the villa plot is clear title and suitable for you to purchase. In addition, there are a couple of other documents that you need during the actual purchase process. Plus, there are quite a few other things that you should check while choosing the villa plot. Read more on this here.
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The post Buying a villa plot? Check if your property gets 10/10 in documentation appeared first on 46banyantree.
This post first appeared on Top 3 Mistakes You Never Knew You Were Making In Real Estate Investment During Lockdown, please read the originial post: here
