There are numerous cases in Chennai where people have rushed into purchasing a property because of its pocket-friendly price, only to discover several legal complications associated with it. There are many elements to check before you consider buying flats for sale in Chennai. Here is a list of all the factors you should inspect.
1. Title Deed: The first step is to check the title deed of the property. It is a set of documents that provides an individual with the right to the asset in question. It also serves as proof of the property’s ownership being changed and is crucial paperwork you should acquire. Without this, you cannot sell your property later.
2. Construction Approval Plan: It is a government-sanctioned document stating the approval of the building’s construction. Any project that lacks a Building Sanction Plan is at the risk of demolition authorised by the government. Also, the building may lack the necessary attributes without it.
3. No Encumbrance Certificate: Encumbrance can be explained as a scenario where the asset you plan to buy may be mortgaged. This certificate ensures the absence of such disagreement. So, make sure you request a certificate of encumbrance till the property’s registration date.
4. Certificate of Completion: In case of a constructed property, the municipal corporation issues a completion certificate stating that the building abides by their construction rules and has been built following the approved plan. This document can also help you apply for home loans. 5. Certificate of Commencement: Unlike the above-mentioned certificate, this is for an under-constructed property; a legal document issued by the local authorities after they have inspected the site. It is proof of assurance that the project falls within the required criteria. Without this certificate, the construction is illegal.
When planning to buy flats for sale in Chennai, ensure your checklist includes all the mentioned factors and more. These are some of the necessary procedures you must follow.