Checklist To Avoid Pitfalls
While investing in real estate in India can be a smart move there are several pitfalls which one needs watching out for in order to secure the investments.
The seller must have clear title of the property and the required authority to sell it especially in case of inherited house or a joint property.
There should be no outstanding civic authority dues or electricity/ water bills pending at the time of sale. A No Due Certificate to this effect must be produced by the seller.
Bank Release Letter
In case the property had been mortgaged for a loan or provided as a direct/indirect collateral security for any loan, then the seller must be able to provide a release letter from the concerned bank stating that all outstanding loans have been settled and the documents have been releases.
The stated house must have all the required approvals and permits from concerned civic authorities with regard to construction and layout.
The house under consideration must be verified for any kind of pending litigation.