The rapid expansion of the market and the faster rate of urbanization made the real estate market more dynamic, making it more critical for buyers to handle the sale and purchase of properties and homes even more carefully than before.
If the legal aspects are ignored or overlooked during a transaction or transfer of property, real estate frequently entangles people in unnecessary lawsuits and litigations. There are thousands of flats in Chennai for sale, which can appear so appealing to buyers that they often overlook the legal aspects of the transaction, resulting in legal problems and hassles.
Investing in real estate necessitates a substantial amount of legal documentation and procedures. When you buy flats, the developers will assist you with much of the process. However, it is better to be well-informed in the law as an individual. This article focuses on the legal aspects, such as documents and procedures required to make a truly valuable investment.
If you want to buy a flat in Chennai and know the legal requirements but are unsure where to begin, the checklist below will help you get started. The required information you should obtain from your developer or builder before finalizing the deal and signing the dotted line is listed below.
When purchasing a property in an under-construction property, the legal considerations are vastly different. Because no physical structure of the building exists yet, the sale agreement is critical for under-construction properties. Because the property is still under construction, buyers must be more meticulous and thorough before entering into a purchase agreement for the flat.
We hope that this article will assist purchasers in highlighting the legal aspects to consider when purchasing a property in an under-construction property, as there are specific legal nuances that purchasers may not be fully aware of.
Verification of the Seller
The seller could be a property developer, a private entity, or a broker could handle the transaction. The seller’s repute should always be verified. If you are looking to buy luxury 4 BHK flats in Adyar, you can talk to current residents of the developer’s previous projects and those in the current project. If you’re buying from an individual, ask for identification to make sure they’re who they say they are. In the case of properties that have been sold and purchased multiple times, you should request a clear ownership history to confirm the seller’s ownership. The administrative officer who registered the property can verify the authenticity of the documents.
Title verification
Because you are spending your total life savings on buying flats in Chennai, it is up to you to be careful and validate the property’s title. Examine who owns the house and how they got it. This necessitates a close examination of the legal documents involved. You can seek the assistance of a legal professional who is knowledgeable about real estate law and documentation.
Construction Approval
The Government of India must approve any construction, whether residential or commercial. Any building done without government approval may be reclaimed by the government or condemned to demolition. You must explicitly verify that the developer has obtained the necessary approval documents from the local authorities. If you are purchasing a home from the previous owner, request the construction approval documents.
Documents
The type of apartment you buy determines what you will do with it. This is also crucial in terms of property transfer laws. To be eligible for the construction of homes or other structures on the apartments in question, they must be clearly labeled to be built on non-agricultural land. Inquire with the developer to see if the project was built on non-agricultural land.
Certificate of Occupancy
The Occupancy certificate is an important document, just like the Construction Approval. The local governing body issues the certificate of occupancy, which certifies that a specific building complies with the regulations and is fit for occupancy. The local municipal government gives it.
Physical property survey
Your legal rights are diluted if you discover any physical flaws or boundary issues with the property after purchasing it. Check for physical integrity when purchasing a built property. Inspect the property with the help of an engineer to know more about the construction. You may own your new home and the land surrounding it, but someone else may have a right to use a portion of it. A survey will provide physical evidence of others’ rights to use your property for access, parking, utilities, and other purposes.
Home surveys are frequently confused with valuation surveys performed on the instructions of your mortgage provider. Valuation surveys are required as no bank or building society will approve a mortgage unless the intended purchase is valued, and the buyer must pay for it. On the other hand, home surveys are not required, making them an obvious target for people looking to save money upfront. Home surveys, whether mandatory or not, are highly recommended.
Dispute-free real estate
Several older properties become legally entangled over time and passed down from generation to generation. When purchasing a property, please make sure that it is free of disputes. When buying luxury 5 BHK apartments in Adyar, the developers ensure that the property is free of conflicts. Still, if you purchase it from an individual person, you must substantiate this, as your legal rights to the flats are also in disagreement.
Last but not Least
RERA compliance is required for all residential properties registered for construction approval after May 2017. The Real Estate Regulatory Authority of India is abbreviated as RERA. It investigates the developer’s authenticity, financial ability to complete the project, the soundness of their projects, and so on. If you know a property is RERA compliant, you can be confident that the developers are trustworthy and will be held accountable for any delays.
