Process / Paperwork involved buying property

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mk76

Herald
I am planning to buy a residential plot(Ansal Group) in Haryana. The plot is a resale property from the original owner.

I am trying to gather information on what all formalities/paperwork will be required? What all precautions has to be taken care to avoid multiple registries?

If anyone of you has experience please share the details - even the minutest piece of information will be helpful.

Thanks in advance.
MK
 
ok just beware my friend is a builder and damn ther so much paperwork to take care of mostly for the plots, buy a book regarding these u can find it in book stores
 
ask him for copy of land deed , see if all the taxes are paid , and the tax receipts are shown ,take it to the registrar and check it for other encumberances and if there are any pending civil cases on it, give some agents some little money and check on the land history , go to the land and see if it is empty or if someone is sitting on it , measure the plot :P
 
Lots of legal services companies provide document verification services. Costs ~5-10k.

If you cant find such companies, apply for a loan from a good bank (HSBC maybe). They will verify all the documents. You pay the processing and verification fee and then reject the loan. If they find any discrepancy then they will reject your application and tell you whats wrong.
 
Get a reliable lawyer to do a 'due diligence' of the title of the property, to make sure that the title of the seller is true and also, that the property is free from any encumbrances, such as a mortgage from any Banks . If the title is clear than you can execute the Sale Deed and make sure you register it with the Registry. I don't know how it works in Haryana, but here in Delhi, what people do is execute an Agreement for Sale, a Will and Special Power of Attorney, to avoid the stamp duty. Its your call, but be aware that though the Delhi High Court has recognized the latter form of transfer of property, the Supreme Court frowns upon it.
 
Thanks for the inputs. I will be going for Loan (preferably from SBI) and I understand that they will verify all the documents before approving loan.

I learnt that some of the documents that are required/need to be verified are

1) Complete Chain of papers

2) Approved Plan

3) License to construct

4) Agreement to sale

5) Registry

6) Builder buyer agreement
 
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