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Real Estate Important Documents

Here is the important list of documents before buying a property have a checklist with you before finalizing a property deal.

Title & Search report

A search report is usually prepared by an advocate, who after visiting the registrar’s office and inspecting the property documents, issues a title certificate. A title certificate states whether the property is unencumbered and has a clear marketable title. This search report and title certificate can be obtained from one’s own advocate or if the search has already been conducted by the current owner, one can have his advocate inspect the report to ascertain the title of the property.

7/12 extract.(village form no.7)

The 7/12 extract is an extract from the land register maintained by the revenue department of the state government. if you are planning to buy a land rural area it is essential that you check the 7/12 extract of the seller.

Mutation entry

Mutation means transfer or change of title in the records for the concerned property. The change in title ownership may occur due to a number of reasons like death of the original owner and subsequent transfer of the ownership due to inheritance or succession.

Property register card

Like there is village form no 7, in rural area if you are planning to buy a land urban area it is essential that you check the property card of the seller and ensure his/her ownership of the land.

Development agreement

This is an agreement between an owner of the land and a developer where the land owner contributes the land and the developer undertakes the responsibility of obtaining approvals, property development, launching and marketing the project with the help of his financial resources.

Power of attorney.

The term ‘Power Of Attorney’ is an authority given by an instrument by one person, called as the donor or principal, authorizing another person, called donee or agent to act on his behalf. There may be possibility of giving ‘Power Of Attorney’ by two or more persons jointly to one or more persons. Here a legal authority is given by the principal to the agent which may be broad or limited and an agent can take all necessary decisions i.e. financial, property related matters and all other matters where principal cannot be present to sign or in the case of principal’s illness and disability. There are three types of it
1. General power of attorney 2.Special power of attorney. 3. Durable power of attorney.

NA order.

NA order is the order taken from government authorities (collector)for the change of use of land. It can be Residential, Industrial or for any other purpose.

Sanctioned plans.

Those are plans sanctioned by local authority like Town planning for regional area, & corporation if it is in corporation limits.

Share certificate.

Its one form of tittle Share Certificate is one of the most important documents issued to the members of the Co-operative housing society governed by the Maharashtra Cooperative Societies Act.
Society issues a share certificate, giving details of the name of the member, the premises no..,share certificate no., and the distinctive nos. of the shares and the amount paid . In case of sale/transfer, after proper procedure, the share certificate is transferred in the name of the buyer from the seller and thereafter the seller has no right in the premises, as he ceases to be a member of the Society.

Public notice:

A public notice may be placed in newspapers calling for claims in respect of the
property being purchased. Claims can come even afterwards, public notice helps
in proving that you purchased the property bona fide and in good faith.

If the property belongs to a minor:

In case where the property is owned by a minor, prior approval of the court is
required to enable the minor’s father/natural guardian to sell the property. In
the absence of such permission, the sale could be voidable at the option of the
minor on attaining majority.

NOC: It is advisable to obtain a no dues certificate and no encumbrance certificate from the society (if the property is in the society) to ensure that all dues are paid and no mortgage is registered with the society in respect of the property being purchased. Sometime need to take NOC from developers.

Access / High tension wires

As per the rules of electric safety standards there should be a minimum distance of 1.2 meters to 3.2 meters between any construction and the HT (Low/Medium/Hight)electricity cables.

MEASUREMENTS

Land measurement units in India vary from state to state. Measurement of land in North India is done in units such as Bigha, Biswa, Marla, Kanal, Kattha etc. whereas units used in Southern states include Ground, Cent, Ankanam, Guntha etc. Sizes of units like Bigha, Biswa and Katha also vary from state to state.
Although there is an increase in the use of standard units such as Square Feet, Square Yards, Square Meters, Acres and Hectares, local units are still used all across India for measurement of land.
For better understanding, we are providing the land measurement units and its conversion factors in practice.

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