Property dealings are very irksome and can cause a lot of trouble, writes Nemmani Sreedhar
It's a cherished dream for many to ‘own' an abode where they can unwind in peace after a long and tedious slo at work. But the process of buying or building a house is indeed very tedious. A popular adage says that the amount of hardships that one has to undergo while building a house have very few equivalents.
While reaching the decision of buying a house is tough one in itself, the actual troubles for a prospective ‘home hunter' starts just after that decision is taken. From escalating costs to delay in construction to securing enough finances and managing the contractors and construction workers, the travails that an aspirant has to go through are indeed many. But the most important step that any prospective customer needs to take is to exercise utmost caution while identifying a suitable property.
“The first hurdle that any person has to cross is to identify a property that is in an area that one wants and also comes within his budget. It is also important for him to ensure that the title deeds of the property are clear and is free of litigations,” a builder said.
“Property dealings are very irksome and can cause a lot of trouble. Many people have lost their hard earned money as they invested in a property without clear papers. If the investment is huge, taking a professional legal advice from an advocate regarding the land documents is a better idea,” he opined.
But if you thought that buying a flat, instead of a plot removes the burden of verifying documents off your shoulders, experts warn that being lax about such documents can cost one dearly.
A person interested in buying a flat should also be careful about the documents such as land papers, building plan approvals, clearance certificates from municipal and other utility companies and departments, link documents, among others. But apart from these mandatory checks, it is also advantageous if one chooses a builder with good reputation and the projects that are cleared by banks.
“Buying a flat from a builder with good track record makes good sense as we can be sure of the quality of construction to a reasonable extent. The reputation of a builder also helps in raising a loan easily,” A. Mathew, a bank manager said.
“Raising a loan is much easier if a project has prior approval from a bank. This is because a bank would have vetted the documents of a property along with a host of other mandatory clearances. In other words, a bank has already taken a favourable decision to extend loan against such a project,” he explained.
Keywords: real estate