The Essential Mumbai Property Buying Guide
3 Critical Checks Every Buyer Should Perform Before Buying Real Estate
Buying that dream home in South Mumbai? Buying some commercial real estate for investment or for your office in Andheri?
Congratulations! That’s a big step.
BUT REMEMBER- when you purchase a property, you purchase all of the rights and liabilities along with it. The last thing that you want is to buy a property and then be stuck in court for the next decade or so if a dispute arises.
That is why we have compiled this list for you - ensure that you tick off each of the points mentioned below before you sign on the dotted line.
1. Title search: Your first line of defense
Before anything else, delve into the history of your chosen property through a Title Search.
The title search process uncovers the legal ownership history, ensuring the property is free from liens, disputes, or any encumbrances that might complicate your purchase.
This essential step helps you in reducing the risk of disputes and problems later on.
For your title search, you can use Lawyantra’s services which ensure the highest quality title searches. Several advocates and clients have already used Lawyantra to ensure that their title search is carried on promptly and effectively.
2. Title Certificate
A title certificate is issued by an advocate with years of experience who, after verifying the public records and title documents of the property, provides a report indicating that the person/entity claiming to be the owner of such property holds the property as an absolute owner with or without any encumbrances and has development rights in case of land under certain terms and conditions. Title certificate is issued after conducting a thorough title search on the property.
3. Know Your Seller
It is crucial to verify the identity of the seller and the legal capacity to sell. Are you purchasing the property from an individual or a company which holds the property?
Ensure that all dues are cleared and check for any encumbrances that might hinder the transfer.
Documents such as PAN, passport or Aadhaar can be valuable in ensuring the seller’s authenticity.
Similar to proving the title to the property, the buyer should also determine the identity of the seller and any particular constraints governing the seller’s capacity to pass the property, i.e the property should be free of any encumbrances. All amounts due and payable in respect to the property should be cleared till the date of the sale. Before purchasing a property, look for documentation that can help you determine the seller's identification, such as an Aadhaar number, PAN number, passport, etc.
The journey to owning a property in Mumbai is filled with critical decision points. From securing financing to understanding complex legal terms and navigating registration processes, it's a path best traveled with caution and due diligence. Our platform, Lawyantra, simplifies these intricate steps, guiding you towards a secure and informed property purchase in Mumbai's dynamic real estate market.
Remember, the key to a successful property transaction lies in meticulous preparation and informed decision-making. By following these essential checks, you're not just buying a property; you're investing in your future with confidence.
