Ensuring a perfect balance
The Hindu : Buying a plot, however big or small it might be, needs to be done with careful consideration. A small piece of land can become a big nightmare for a buyer, if the basic details are not scrutinised properly. Whether it is for investment option or to build a house, a buyer cannot afford to ignore the basic points before purchase. The list given below will be ‘a handy note’ for those planning to purchase to a plot.The process is1. Check the title of the land.2. Get the approvals from the statutory bodies.3. Complete the documentation of purchase of the land.4. Handle post-registration issues.Let us examine each one separately…Check the title of the landFind out whether the seller is individual/partnership/HUF/etc. Thoroughly check and satisfy yourself with the marketability of the property title in terms of whether the owner is the original owner and whether the title deed is original. Obtain legal opinion through an advocate of repute, who can examine the deeds to establish the ownership of the property by the seller.Similarly, if you are buying a resale plot, ask for the purchase agreement, which is the agreement between the current seller and the previous owner and get it scrutinised by an advocate. He/she will identify whether the seller is truly entitled to sell the property, whether any mortgage exists on the property and if it has been paid off and whether there is any lien on the property. Retain a copy of this document and also check the original.Get approval from the statutory bodiesThe nature of land, whether residential/commercial/ industrial/agricultural, has to be ascertained. All land in India is considered as revenue land or agricultural land. A ‘conversion order’ is the base for any land to become any one of the above categories. This order has to be issued by government authorities. This has to be verified.Ask for all the legal documents in original. Check…More

