Step-By-Step Instructions For Purchasing A Land Plot In India

InIndia,purchasinglandisneversimple;itentailsamazeofseveralprocesses,each oneappearingtobemoredifficultthanthelast.You'llberelievedtolearnthatit's actuallynotrocketscience,though!Herearesometipsformakingtheprocessof buyingtheruralpropertyofyourdreamssimpler.Plotdealshavebeenincreasingly difficultovertimeasaresultofcomplexitiesandnewrestrictionsregarding disputes,sellers'requestsforcashpayments,fraudulentpaperwork,andcorruption aswell.

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So,don'tletitstopyoufromeventuallymakingapurchaseofyouridealpieceof propertyinadesirablearea.Yet,theyarestillpresentintheperipheryofbothlarge citiesandsmalltownsinmajorIndiancities.Applyforalandloanfromyourbankto investinresidentiallandifyouwanttoborrowmoneytobuyaplot.Watchoutfor provisionsthatrequirebuyerstostartconstructionwithinsixmonthsofpurchasing theland,though.HerearesometipsfornavigatingtheIndianlandpurchase procedure.:

Process for Documentation

Required document list

Land Title/Deed- Checkingthelandtitleordeedinthenameofthesellerofthe propertyisthefirststep.Verifytheperson'slegalauthoritytoselltheplot.Instead ofacopy,requesttheactualdeeddocument.Todeterminewhetherthelanddeedor titleisvalidandmarketable,seeklegaladvice.

Encumbrance Certificate: Getthisrecordfromtheofficeofyoursubregistrar’s (wherethedeedisregistered).Here,youcanfindinformationconcerninglegal issues,disputes,andunpaidtaxesandfees.

Property Tax Bills and Receipts- Getoriginalcopiesofallpropertytaxbills& receipts,thenreviewthemtoseeifpaymentshavebeenmadeontimeornot.

Loan Documents: Ifthelandwasmortgaged,youshouldlookintoloanpayback. Verifythatareleasecertificatehasbeenissuedbythebank.Getapropertyvalue thatincludestheprecisesizeoftheland.

Documents needed from sellers

 Releasecertificateofthebank.

 Encumbrancecertificate

 Originallandtitle/deedorthe7/12.

 originalbillfortaxesandadditionalexpenses

Buyers must provide certain documents

 Titledocumentfollowingnamechange.

 stampdutypaymentreceived.Inthesub-office,registrar'syoucannowget thelandregisteredinyourname.

 ObtainingpriorapprovalfromtheStateMunicipalityisnecessaryforanyone planningtobuildanewhomeormakechangestoanexistingone.The buildingplanandthefeeforapprovalarebothrequired.

Registration of real estate

AccordingtotheIndianRegistrationActof1908,propertyregistrationisnecessary. Fromalegalstandpoint,registeringthetransferofpropertysecuresownership transfer&propertyrights.Thestepsthatyouneedfollowareasfollows:

 Asaportionofthetotalplotprice,buyerspayregistrationfeestothe governmentsoftheirindividualStates.

 Buyerspayaportionoftheentireplotcostasstampdutywhensubmitting documents.Theregistrationfeesare0.5%ofthesaleablevalueoftheplot, whichisoftenbetween3and4%.Theguidelinevalue&propertysize determinethesaleablevalue.

 InmanyIndianStates,womenandseniorpersonsreceivereductionson stampandregistrationfees.

 Thefollowingpapersarerequiredforregisteringyourplot:

CertifiedKatha(InKarnataka)

Deedofsale.

CertificateofEncumbrance.

newestreceiptfortaxpayments.

Titlerecordsforthelandowner.

SaleAgreement.

Apowerofattorney,ifnecessary.

copyofeveryagreementwithregistration.

 Ittakesabout5-7daystoexamineandverifyalltheinformation,andyouwill needtobudgetaboutRs10,000forit.Assellersagreetoselltheproperty, checksarebeingdonewhiletheownershipdocument,asissuedbythe departmentofrevenuerecords,isinthenameoftheowner.

 Forasecuretransaction,youmustdesignateyourattorney.Thefinal documentwillbecreatedbytheattorneyandthenstamped.

 Atthedesignatedbank,youwillpaystampdutyasabuyer,andtheprocess takesoneday.Youwillreceiveareceiptfromthebankverifyingpaymentof thestampdutyonthefirstpageofthesellingdocument.

 Theexecutiontakesplacewhentheseller,buyer,&twowitnessessignthe saledeedintheoffice.Thenumberisgeneratedasyoupaytheregistration feeincashorbydemanddraught.Youreceivethegivendocumentation.

 Twopassport-sizedphotos,IDsforthebuyerandselleraswellaswitnesses, identicalcopiesoftheseller'scertificateofincorporation,PANcard information,acopyofthemostrecentpropertyregistercard,andmunicipal taxbillsareallrequired.

 Afterregistering,getyournameaddedtothetitle.Applyattheregistrar's officeforthemutation,acopyofthefinalsellingdeed,andanaffidavit. Propertytaxcalculationcomesnext,afterwhichtheauthorityissuesa mutation.

 Internetservicesareeasilyaccessiblefordocumentsubmissionand registration.TheDepartmentofStamps&Registrationdevelopedanappto makeitsimpleforuserstofindthedocumentlistandreserveregistration dates.

Thesaledeed'slegitimacyandauthenticityareguaranteedbyregisteringthe property,whichalsoprotectsinvestorsfromfraud.Itmakesitpossibletoaccess currentpublicdocumentswhiledeterminingaproperty'ssale.Moreover,itprotects titledeedsandservesasevidenceofownership.

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