There is nothing worse than buying a property only to realise that the transaction you made was illegal and you do not hold any rights over the property even after you have paid all the promised money to the seller. Getting into illegal transactions is not something unheard of and you should always take utmost precautions while entering a real estate sale or purchase.
How to ensure a legal property transaction?
Getting into a legal property transaction is a must if you want to enjoy your newly bought property for as long as you deem fit. It is not a very tuff task to ensure that you are entering a legal property transaction and all it takes is a keen eye upon the details. If you can ensure the following, you will have nothing to worry in any real estate transaction.
Due diligence: Performing your due diligence before you buy any real estate property is a must. This is because not everything you see on the paper might be true if the second party is fraudulent and thus you should ensure that even after you have seen the correct paper work, you also see the site in reality.
Property lawyer: If possible, you should ask a known property lawyer to conduct due diligence on the property in question before buying the said property. This will be of immense help to you because lawyers are aware of all the ins and out related to property and if the selling party is trying to defraud you, they cannot get away from your lawyer.
Disputed property: Never, in any case buy a disputed property until and unless you know what you are doing. Many a times people buy disputed properties because they are cheap and then have to get involved into massive litigation processes. It’s ideal if you avoid this and do not enter the sale of disputed property with knowledge.
Paper work: The next stage is to complete the paperwork and get the ownership of the property. You should keep in mind that this transaction will only be conducted on a stamp paper and will be completed when the registrar approves the transaction by registering the transaction in his official documents and passing the ownership rights to you.
While doing paperwork: While getting the papers ready and signing them, make sure you read every written clause in entirety or ask your lawyer to go through the agreement. Never sign any paper which gives the power to the seller to rebut the contract or nullify any clause of the contract. You should ensure that the ownership rights are transferred to you entirely.
Real estate transactions require massive investments and you do not want to end up on the losing side after paying huge amount of money. Hence always ensure that you have taken every step towards owning the said property with proper care and precaution. It is this eye for the details that will help you stay away from making massive blunders while buying property.Tweet