EXPLORE THE LEGAL ASPECTS BEFORE INVESTING ON YOUR VALUABLE ASSET

There is a lot of information and ideas to cogitate about when one decides to invest on a plot of land. Besides the various benefits we acquire from investing on a land, our economical prospects definitely depend on the plenitude of legalities associated with our investment. As a fledgling investor who is making headway to reach great heights with boundless returns, it is not uncommon to starve for a mine of information about every aspect of your valuable asset. To avoid the rush of thoughts coming through your mind like a thunderbolt in the last minute, it’s always essential to have a keen eye for all the details with regards to Indian real estate laws beforehand.

To make your life hassle-free from any form of unauthorized dealings, let’s dive into the legal documents to check before investing on a real estate.

• Your rights to your ownership is the key to your hitch free life

  Getting a drift of the title deed is indispensible if you don’t want to fall prey to a vicious trap of illegalities. Commemorate the land owner’s identity by getting the original deed verified by a lawyer. Besides this, don’t neglect that you are responsible for anything that takes place after you invest on the plot of land. Hence, make sure to verify the previous deeds on the land and ensure that you get a deed of release and sales conveying the property to the purchaser accordingly.

• Escape getting into dire straits by looking into tax receipt and bills

  Release any future burden off of you by ensuring that the previous owner has cleared all the loans, taxes and bills like the property tax, water and electricity bills to name a few. To commemorate this further, make an enquiry in government and municipal offices for the same.

• Know your land in depth

  It often slips one’s mind to measure the size of the land appropriately along with an authorized surveyor without turning a blind eye to this crucial matter. Besides, it’s very common to get a survey sketch of the land from the survey department to make sure that it’s accurate.

• A lack of proof will get you at wits’ end!

  Ever ruminated about getting your registration done right? Never neglect this matter as this is the main source of proof for the transactions that have taken place between the investor and the seller. Make sure that you register the agreement with the Sub-Registrar of Assurance under the provisions of the Indian Registration Act, 1908. Needless to say, but, here’s a tiny reminder for you. Make sure that truth lies above all and all your documents are regulated and sanctioned by the respective authorities.

• A word of mouth is always unreliable, get the agreement for your hustle-free life

  After all of the above has been sorted, get an agreement from the authorized seller. Never neglect the fact that the commitment of your seller is shaky unless it is Bona fide. The only way to ensure this is by receiving and sealing an agreement with your seller which states the actual amount of the property and how to proceed in any situation of default by the seller or the investor. For assuring that legal actions can be taken for the same, it’s always better to get legal assistance alongside two faithful witnesses.

It is often said, “Nothing ventured, nothing gained!” Yet, ignorance of the law will get you grasping at straws for a vicious cycle of illegalities and illiquidity that could have been avoided in the first place. Hence, with sapience and a thirst of immense knowledge, your financial venture can turn out to be a prosperous and blissful one with no unnecessary hurdles along your way.