Things to consider before buying a new house

Are you planning to buy a new house? Buying a new house is one of the key decisions of your life. You are going to spend a big chunk of your investments on the new house. Sometimes people take home loans to buy their dream home. It is your responsibility to avoid any fraud before investing a huge amount of money.

According to the Joint Commissioner of police, More than 30 percent of all the cases registered are associated with Real Estate. Delhi, Mumbai & Punjab are the top states having the majority of the property frauds in India. Now, you have been completely aware of the current scenarios of property fraud. Still, there are many genuine sellers present in the market.

There are certain things you should keep in mind before buying a new house

1. The Real Estate Agent Or Builder: Whenever you buy a house, the agent plays an important role. You should choose a trusted & authentic agent. Talk to your family, friends, or relatives about their experience with that particular agent. You should check for the license & past records of the real estate agent.
2.  Check The Important Documents Of The House

• The Sale Deed – Sale deed is the most important document to transfer the proprietorship of the property. This is a legal paper which contains the details of the buyer & seller, description of the property, signature of the witnesses & payment details. You should completely check the name, address, details of the property, and all the terms & conditions. 
• The Mother Deed – It helps you to check the originality of the property. You can check the chain of property owners along with their details. You can check the previous owners of the property with the help of the mother deed & record of the registering offices.
• Agreement for sale – The purchase or sale agreement is a legal contract between the owner (buyer) & seller of the property. The selling price, the earnest (token) money & details of the property, time limit – all these are mentioned in the agreement.
• Building plan & its approval – Building plan is a drawing & representation that tells us about the look & structure of the house after its construction. The government approval of the building plan is necessary before its construction. Now, it is your responsibility to ensure that the building meets the requirements and check for the approved building plans. 
•   Possession Certificate Or Possession Letter – This document confirms the lawful transfer of property along with the date of possession. Generally, it is issued by the Revenue officer ( Urban ) & Tehsildar ( Rural ). It ensures that the building or house meets all the criteria & conditions of the approved building plan as well as the valid laws. If you are failed to get the possession certificate then, the builder or previous owner has the right to vacate the building. 
• Occupancy certificate – It is a certified document that confirms the building has been constructed according to the approved building plan, layout plan & meets all the conditions for its construction. This certificate is issued by the municipal authorities. If you don’t have the occupancy certificate then, the higher authorities have the right to declare it illegal & vacate the house.
• Khata Certificate – It is a document that ensures the payment of taxes – property tax, house tax, etc. It is very important for transferring the ownership of the property.

3. Consult An Expert: You should completely check all the above details before purchasing a new house. A legal advisor will surely help you to check whether all the documents are valid or not. It is the responsibility of the attorney to prepare and verify the documents related to the sale agreement, title documents, transfer documents, mother deed, etc. Lead India Law Associates is one of the most trusted, reputed & recommended law firms in India. You can avail best and affordable legal advice before purchasing a house. All your details must be kept confidential and you can contact the best lawyers immediately. 
4.  Registration of your Property/House: It is one of the key steps for transferring the ownership of the property. You will lose ownership of the property if you are failed to register the property in the sub-registrar office within 4 months after the execution of the sale deed. Click Here to know the complete process of property registration.

All these steps will definitely help you to avoid property fraud. Many times lack of knowledge is the major reason for getting trapped in the hands of fraudsters. One wrong decision will result in the loss of all your hard-earned money and encounter court cases.