Owning a piece of land has long been a cherished dream for many individuals. It provides the freedom and flexibility to build and design one’s dream house, making it a highly sought-after commodity. Moreover, land ownership holds significant value and is considered a feasible investment for future generations.
However, when investing in any property, it is crucial to follow certain steps to ensure a safe and secure deal. Here are some important factors to consider:
Title Deed:
Verify that the person selling the property has their name on the title deed and has the right to sell it without the consent of any other party.
Consult with a lawyer to confirm the authenticity of the original deeds. It may also be helpful to obtain previous land deeds for verification purposes.
Prior to registering the property, obtain a release certificate to ensure there are no existing claims or disputes.
Sales Deed:
Obtain a sales deed from the seller to confirm that the property does not belong to any builder, development authority, or society.
Tax Receipts & Bills:
Before making the final payment, ensure that the previous owner has no outstanding dues such as electricity bills, water bills, property taxes, or any other payments.
Verify with the government and municipal offices to confirm that all relevant receipts and bills have been paid.
Encumbrances:
If there were any loans or mortgages on the land, obtain a releasing certificate from the relevant bank, indicating that the land is free from any encumbrances.
Land Measurement:
Engage authorized experts to measure the land accurately. This can be done in collaboration with the survey department, and a sketch can be prepared to determine the exact boundaries of the property.
Agreement:
Sign a legally binding agreement that covers all the necessary legal and financial aspects.
Ensure that the agreement prevents the owner from selling the property to anyone else or changing the cost of the property.
Have two witnesses from both parties present during the signing of the agreement to avoid any potential issues in the future.
Registration:
Complete the land registration process at least four months after the agreement is signed.
Gather all the required previous records and witness statements for the registration process.
Registration serves as proof that the transaction has taken place.
Basic Amenities:
Ensure that the property you are considering has access to basic amenities such as power supply, water supply, proper roads, and good connectivity to the city.
While purchasing land can be a complex process, following these steps can help mitigate risks and ensure a successful investment. If you are seeking the best land investments in Hyderabad, Urbanyards is a recommended choice.