Land Property Buying Tips to Build a Dream House in Coimbatore

Best Land Property Buying Tips to Build a Dream House

Buying land is a big task and tedious process and creating one's ideal home is quite significant in one's life. To purchase the land, we must evaluate several factors. It could be government limits on a certain piece of land or location, which real estate agent is the best in the area, a budget, a loan from which bank, whether the area is close to an office or a school, and a variety of other factors.

We can go through the do's and don'ts involved in buying land. Research regarding the price, area, and the seller is important to check.

Let's quickly get into Do's first

1. Verifying and checking the Seller

After finalizing the plot, check on the seller's nationality, whether the land is jointly owned or an individual property, and what the share ratio of the land owners.

2. Legal Documents

Paperwork is a vital requirement. After confirming the seller's identity, we must review all legal documents with our property lawyer. Our lawyer will check whether all the property documents are original and check whether all the documents are duly stamped and registered at the sub registrar's office of the area of the land purchased.

3. Inspect tax receipts and bills

Previous electricity and water bills and property tax are paid completely and check whether any outstanding payment is due. A government official and a municipality office have been cross-checked.

4. Pledged Land

If the property is mortgaged with a bank, the seller must have paid off all loans and obtained a certificate from the bank.

5. Land Measurement

The authorized surveyor should measure the land and confirm the area mentioned by the seller is the same as that with the property documents.

6. Agreement and Registration

After the check, if everything is in order, the agreement will be signed with a deposit and registered with the Sub-Registrar of Assurance under the provisions of the Indian Registration Act, 1908, which serves as proof of the transaction, and the remaining amount will be paid to the seller as specified in the agreement. At the time of registration, all previous deeds, house tax receipts, original title documents, and so on, as well as two witnesses, are required.

Don't Forget the Below Mentioned Aspect While Purchasing the Vacant Land

• No housing loans are available for vacant land. A bank housing loan is not available for the purchase of land, but a loan for the construction of a house is available. A loan with an authorized house plan is required.




• Don't forget to check the environment test of the land. Land soil testing is necessary to ensure that the building's construction is appropriate for the location.




• Don't forget to look for water amenities, as this is a vital component of purchasing land.




• Don't forget to check if an electricity connection is available or if you need to get a new one. Is it intended for business or residential use?




• Don't forget to look into the number of floors that can be built on the property. If the allotted area is for commercial or residential use.




• Don't forget the financial aspects. Check to see if the land sale price is within our budget.

Conclusion

Purchasing land is a difficult undertaking that necessitates patience to thoroughly examine all parts of the transaction. Proper research of the type of land and after completed, the following study entails research of all aspects of the type of land, documents, seller, water and electricity connections, registration fee, government official process, and many more.