Purchasing land is a huge task and time-consuming procedure, and building a dream home is important in one's life. If there is a plan to buy land, there were several factors we need to look into like Government restrictions on a particular plot of land or location, the best real estate agent in the neighborhood, a budget, a loan from a bank, the proximity of a workplace or a school, etc.
Research regarding the cost, area, and the seller is must. Let's look at the dos and don'ts before purchasing a piece of land.
Do's before buying a land
Checking and verifying the seller's information
Once you have decided on the plot, you may want to check on the seller's nationality, whether it is a joint property or an individual property, and what the share ratio of the land owners is.
Legal Documents:
The requirement for paperwork is a vital part of the process. The property lawyer will be able to assist in reviewing all legal documents that are original and have been duly stamped and registered at the sub-registrar’s office of the area where the land is located.
Promised Land:
Check whether the seller has paid off all the loans and obtained a certificate from the bank.
Measurement of Land:
The land should be measured by the authorized surveyor and should confirm that the area mentioned by the seller matches that in the documents.
Agreement and Registration
If everything is in order, the agreement will be signed with a deposit and submitted for registration under the Indian Registration Act, 1908, which acts as proof of the transaction. The remaining sum will then be paid to the seller in accordance with the terms of the agreement. All previous deeds, house tax receipts, original title documents, and so forth are required at the time of registration, along with two witnesses.
Don’ts before buying a land
- There are no housing loans available for vacant land. But a loan for the construction of a house is available. So, an authorized house plan is required.
- Don't forget to look at the land's environmental test. To make sure that the building's construction is suitable for the site, soil testing on the land is required.
- Do a check on water facilities, as they are vital components of purchasing land.
- Check the availability of an electricity connection.
- Look into the number of floors that can be constructed on the property and also check whether the allotted area is for commercial or residential purposes.
- Check in terms of financial aspects to make sure that the land is within our budget.
Land purchases are challenging endeavors that demand patience to carefully review every aspect of the deal. It can be a wise investment that offers many benefits, such as potential appreciation in value, the ability to build a home or other structures and the opportunity to enjoy outdoor activities or farming.
