8 steps to follow before buying a home

One has to take many measures before purchasing a home. Here I have mentioned some tips IHope it will be helpful for you.1. Title of property:Clearly check the title to a property because this is one of the most important measures to beconsidered before purchase. Study the whole documents clearly to ensure that the owner hasproper ownership to the property. Take search of the land records and the records of the Sub-Registrar. Take search of the records of the society where the property is located. Issuing publicnotice in newspapers calling for claims in respect of the property.2. Sanctioned plans and commencement:Certificate by the concerned authority should be inspected, especially for buildings underconstruction. If the building is not built in accordance with sanctioned plans, the completioncertificate will not be granted. For buildings that are complete, occupation certificate/completioncertificate should be verified.3. Power of Attorney:Sometimes property is sold through a person holding power of attorney (POA) on behalf of theowner. This POA should be closely scrutinized to ensure that it is properly executed. TheBombay Stamp Act, 1958 was amended a few years ago whereby heavy stamp duty is attractedon a POA in case the POA for sale of immovable property is executed to a person not closelyrelated to the executant. Thus in most cases a POA is executed to a close relative as definedunder the Act.4.Tenure of Land:if the land is leasehold and the residue tenure of lease is short and if there is no provision forrenewal on old rent, additional ground rent may be payable by the purchaser on renewal of thelease. It is also possible that there may be no renewal clause at all.5. NOC and Dues:It is preferable to obtain a no objection as well as a no dues letter from the society if the premisesare in a society. In case the building is not conveyed to the society by the builder, then noobjection of the builder should be obtained. It should be verified that the seller has paid all hisdues such as property tax, service-tax, VAT and other outgoings to the society or the builder.6. Income tax:One may investigate whether there are any proceedings against the seller under section 281 ofthe Income-tax Act, 1961. Further if the seller is a nonresident of India, TDS may be deductiblefrom the consideration paid unless certificate for non-deduction or lower deduction is obtainedfrom the concerned Income-tax officer.7. Permitted user and Restrictions:One should see whether the property is residential or commercial as per the DevelopmentControl Regulations. And even check other factors such as heritage rules, set-back for roadwidening may apply to certain buildings, which should also be considered.8.DocumentationProper documentation should be put in place for purchase of the property. The sale documentshould be properly stamped and registered and the original title deeds should be taken by thepurchaser from the seller.

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