July 30, 2018
Buying property is a dream of a lifetime for many. Buying a villa in Whitefield is assuredly a mark of success. However, the work doesn’t end by choosing the ideal property and pooling the required resources.
Indeed property buying can get messy with hundreds of papers to be presented, validated, checked and inked. These legal documents are imperative to safe guard your investments and can’t be overlooked for any reasons. Yes, experts like your lawyers and accountants are there to give you sound advice, but a prior background in this subject will make it much easier for you.
This guidepost is here to help you understand the basic legal aspects that you should take care before investing in a property like a Villa in Bangalore.
Title Deed: This is the first document you should be checking. The title deed should be clear, in the name of the seller (villa/apartment developer), free of any encumbrances and saleable. A minimum 30 years of the said property’s documents indicating name/names of the title holders, registration details etc should be thoroughly examined.
Sale Deed: It’s the main document that is executed between the buyer and the seller. It act as a proof of sale and transfer of ownership of the property from the seller to the buyer. Before signing the agreement, the buyer is expected to thoroughly check whether all the aspects that have been agreed upon are there in the deed, without any deviations or conditional clauses. This Sale Deed has to be mandatorily registered. Before inking the Sale Deed, the buyer should thoroughly check the title deed and confirm that the property is free from all legal litigations and other encumbrances.
Khata certificate: Bruhat Bangalore Mahanagara Palike (BBMP) indicates that the Khata is a legal identification document containing all the details of a particular property, like the name of the owner, size of the building or plot, exact location and other such important particulars which helps in filing the property tax to the concerned authority as maintained with a Municipality or Corporation register.
Property tax receipts: Check for the latest tax receipts and also previous ones and ensure that the seller/the previous owners had paid all the taxes and none have been left as due.
Encumbrance certificate: An Encumbrance certificate, or EC consists of all the registered transactions relating to the property done during the period for which it is sought. Ensure the EC for the property you are investing is free from all encumbrances or loans. When you apply for bank loan this will be one of the key document.
Building approval plan: Any building coming within the jurisdiction of Bangalore needs to get a green signal from the BBMP (Bruhat Bengaluru Mahanagara Palike) or any other designated government body without which the construction of the building is illegal under the Karnataka Municipal Corporations (KMC) Act. Ensure your Villa’s building plan is been approved by the government agency.
Non-Objection Certificates (NOCs): A developer or a builder is required to obtain clearances and permissions (No Objection Certificates) from various departments such as the Sewage Department, Water and Drain Department, Environment Department, Pollution Board, Traffic and Coordination Department, Chief Fire Officer, Forest Department and Airport Authority among others. It’s important you get a copy of these NOCs and check whether everything in place with proper permissions.
Occupancy certificate: Once the Villa/Apartment is completed, the municipal corporations issues the occupancy certificate or completion certificate which actually is an agreement by the government body that the building was constructed according to the sanctioned plan and can be occupied.
These are just some of the legalities that need to be taken care of before investing in a villa in Whitefield , Bangalore. However, all this work becomes much easier or even non-existent when you pick your investment property from Raffles Park luxury villas in Whitefield. These villas have been designed and created under the banner of Raffles Residency, which is a premium residential developer with a commitment to creating bespoke lifestyle homes.
Their 50-year-old contribution in shaping the real estate landscape of present-day Singapore asserts their expertise in luxury real estate. If you choose Raffles Park luxury villas for your property investment, you can rest assured that all the legal technicalities will be taken care of.