Legal Checklists before buying a Site/ Plot / Land or Property in Bangalore?
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I am New here! I plan to Buy as a Site/Plot or Property in Bangalore and wanted to know What are the Legal checklists before buying a Site Plot Land or Property in Bangalore? Can someone guide me on legal documents required or Checklist tips before purchasing a property in Bangalore, or things I need to know before buying a property?
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2022-01-14T07:41:20+00:00
2022-01-14T07:41:20+00:00 5 Answers
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Some of the Legal Checklists before buying a Site/ Plot / Land or Property in Bangalore:
Buying a plot, land, or house in Bangalore might be your lifetime dream. Many benefits are attached to purchasing a property. Investing in Bangalore Real estate is one of the safest investments that get appreciated over time.
Whatever the purpose behind the investment in the land, the security of the land is more important. A small mistake while buying the property could result in a massive loss on your investment. It will put your family’s future in the dark.
Also, your children might have to struggle to compensate the property price if you have not verified the legal document carefully. Thus, every property you decide to buy must be checked according to the legal terms and policies applied in the region.
Hence, you need to always do legal checklists before buying a Site Plot or property in Bangalore; I shall try to explain the legal tips in this answer!
BUYING A PROPERTY IN BANGALORE:
In many developed countries, buying a property is relatively simple compared to India.
Countries such as Australia or USA have very straightforward rules for buying a house. In those countries, purchasing land or plot is similar to buying a product or commodity in the shop.
Therefore, buying a property is a time-consuming process in India, and you need to be vigilant throughout the entire process.
Additionally, the security to the buyer is significantly less in the case of the real estate purchase. If anything goes wrong, you will get stuck in legal procedures for a very long period.
The land purchase laws in Bangalore still have many flaws that need to be corrected to make buying and selling of property more transparent and secure for both parties.
There are still no standard laws or checklists on the Legal Checklist before buying a Site/ Plot / Land or Property in Bangalore or to verify the property document while buying a property in Bangalore. The only way to safeguard your investment is to research and verify each property document personally before you decide to buy the property.
Follow this due diligence checklist to verify the property before paying the amount for land purchase.
Follow these Legal Checklists for buying a Site / Plot or Property in Bangalore:
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One cannot sell the property without taking the other family member’s consent if the property is obtained from the ancestors.
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If there is an existing loan against the property, it should be transferred to the new buyer or paid in advance to avoid future trouble.
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Any dispute in the family member could end up legal action against the seller and buyer.
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Therefore, the property should be verified to ensure all family members have provided their agreement before selling the property.
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Bank only provides the loan against secure properties. They verify the property documents and other legal procedures before allocating the loan.
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You should review the regulations to verify the property in Bangalore and ensure that the land compliance with the rules of the region.
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What should first-time Site/Plot or land buyers consider before buying a property in Bangalore?
First-time Site/Plot land or property buyers in Bangalore are advised to go with the reputed land developer to avoid trouble in the buying process.
The brand never wants its name to get harmed because of false commitment.
Thus, it is essential to you that you put your hard-earned money into the safe property investment in Bangalore. Take the wise decision to avoid long-term trouble.
Also, go with the second opinion from the experts who have exposure to Bangalore real estate.
REAL ESTATE POLICIES REFORMATION IN INDIA:
Indian governments are streamlining all the aspects that affect property buying and selling in the region. The government is developing a centralized rule for all the states.
So people get the safety umbrella from the government when they purchase land in the area.
Thus, you should not entirely rely on expert suggestions. Do your research before you put your hard-earned money on something you plan to use in the future?
Take the advice from the legal authority, and advocates specialized in handling the real estate documents, policies. Also, use the online forum to ensure that you are moving in the right direction.
DO YOUR RESEARCH:
Today, there are many ways you can get the required information using different offline and online sources.
Use all of their options before buying a Site Plot or a property in Bangalore. A piece of single-source details could not be sufficient, so always verify it with multiple sources.
Multiple ownership on the same land could cause a delay in buying the property. You have to take the consent of each family member who shares the ownership of the property.
So they all should be aligned in selling the property. Without their written agreement, the buyer cannot obtain the property in their name.
DON’T BECOME GREEDY, Stay alert and Calm:
Furthermore, when buying a dream Site/plot/land or Property in Bangalore, don’t get greedy and choose in a hurry without verifying the original document.
Many cases are recorded in the country where the property owner or builder shows a property that appears a lucrative deal. But when handing over the position, the builder allocates the different plots/land to the buyer.
After that, you cannot claim the property back. Thus, it’s always advisable to be patient when buying a property and not hurry even if you get a better deal. Hence, doing Legal checklists before buying a site/plot or property in Bangalore.
The scarcity of losing something is the trap that marketing agents use in all products sold to the customer. Do not get trapped into the marketing gimmick. Choose the property wisely and, most importantly, after verifying the documents.
Overall
If you follow these guidelines carefully and make sure you do most of the Legal Checklists before buying a Site/ Plot / Land or Property in Bangalore property. Buying or selling would not be a daunting task anymore. You will receive your dream site plot property or land in Bangalore the way you want to build your beautiful house.
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Buying a Site/Plot/land or property in Bangalore is a long-term investment; thus, you should not rush to get the assets without verifying the documents.
Once you sign the document and deposit the money in the buyer’s or owner’s account, the deal is considered complete. After which canceling the sale and getting back the money is difficult unless solid legal clauses are mentioned.
Here are a few Points or Tips before buying a plot site or property in Bangalore:
Pay them their service charges. Agency will work as a middle man in the contract.
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Take the decision when you have all the original documents in hand. Do your research before buying the site or plot to avoid long-term trouble.
Also, ensure that all the legal checklists are done before proceeding with the purchase of the property.
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If you are buying a site plot or property in Bangalore, One needs to make sure an expert legal advisor thoroughly scrutinizes the property documents.
The only problem with real estate is that fraud cases are prevalent with the home sellers. Thus, the buyers should be very cautious when investing money in any property.
The issue in the real estate deal is found everywhere in India. Many fake companies are out there who establish connections between the builder and buyers only to get the fund transfer to their account.
When it’s time to allocate the plot, they provide any random plot worth less than what buyers have paid. Even you file the case against the seller, the legal procedure will take years to solve the matter
Till then, the plot that you desire to purchase would have got sold out.
As answered, earlier make sure to write down a legal checklist for buying a site plot land or property in Bangalore and ensure it’s thoroughly scrutinized at all stages.
If you find anything fishy about the document or the person selling the plot/land in Bangalore, ignore the deal until you get the documents clear from the legal authority.
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When I bought the plot in 2018 in Bangalore, the plot was recommended by one of the real estate agencies.
I visited the location, and I liked the plot on the first visit. I had several deals with them in the past, so I was not much worried about the new agreement.
It was a little above my budget, but I managed to get the deal. The only thing recommended is the site/plot/land or property you purchase in Bangalore should be near the city.
Also, the site/plot near the city is not affordable to the cheap real estate companies or the individual buyers, so they cannot purchase this expensive land.
There is very little chance that the person reselling the plot will get involved in the cheating.
I have friends network in real estate, so I always use them to take a second opinion before making any deal in real estate.
Find someone who is located locally near the property who will help in decision making. Legal personal is recommended who is expert in real estate matters.
Do your homework before paying any token amount for the property. Below are a few tips you can consider.
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After making these basic checks lists, you can pay a small token amount to get a copy of the property documents, after which a legal expert can scrutinize it. Follow these essential legal checklists before buying plot/site or property in Bangalore.
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I recommend you consider these points if you are buying a site/plot/land property in Bangalore.
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Legal documents are mandatory in the process. So do not compromise on them.
The legal authority should verify every document to confirm the ownership and the government liability such as pending tax, etc. After verifying the document, you can decide between buying or considering another property.