If you are planning to buy a home in near future, you must be aware that there are several legal aspects points to take care of before you invest your hard-earned money in a property. You not only have to select a property that meets your requirements, but also have to find out that the property is legal or not.
When it comes to the legality of the property, there are several aspects to it that should be addressed at the time of buying a property. There are several key documents of the property that must be obtained from the seller, without which your purchase will not be deemed legal. Such documents include Letter of allotment, Sale deed, Sanctioned plan, Society documents, encumbrance certificate, Sale agreement and more.
The sales agreement, for instance, is a very important document in the process of sale or purchase of property as it spells out the terms and conditions under which the seller is selling the property, and also the terms and conditions under which the buyer is purchasing it. This agreement facilitates swift and quick culmination of transactions without any disputes. This agreement also covers the conditions through which the parties give consent to perform certain acts. The sale agreement legally compels the seller and the buyer to the terms and conditions.
The documents of the property should be scrutinized by the buyer even before looking at the property. It is important for the buyer to insist on checking the original documents before finalising the deal. The letter that confers allotment of the property to you from the relevant society or authority is a primary document you need to have in order.
It is very important to see the legal background of the developer in whose project you are planning to invest. Ask for the land allotment papers and a copy of the sanctioned plan of the building. Do check for the penalty clause in the sales agreement in case of delay.
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