Property Buying Tips: In the realm of property buying, many assume that purchasing land from a known acquaintance is the safest route. This often seems like a foolproof method to avoid any hassles. However, as experiences have shown, this assumption can sometimes lead to costly mistakes. Before finalizing any property purchase, it’s crucial to exercise vigilance and conduct thorough research on the property in question. Here’s what you need to know, as shared by IAS Officer Deepak Rawat, to prevent falling victim to land fraud.
Property Buying Tips: Key Considerations Before Buying Land
The world of real estate can be fraught with deception. People often lose their hard-earned savings due to land scams. Frauds are sometimes disguised under the guise of property sales. If you are planning to buy land, here are essential steps to safeguard your investment:
- Verification of Ownership: The first step is to obtain the latest copy of the land registry, known as ‘khatouni’. This document indicates whether the person selling the land is indeed its rightful owner.
- Historical Ownership Check: Visit the local government office for detailed records of the property. This allows you to trace the ownership history of the land over the past 15 years, and identify any disputes that may have arisen during this period.
These steps might seem cumbersome, but they provide crucial insights that could prevent you from unwittingly stepping into a legal quagmire.
Property Buying Tips: Check for Existing Loans Or Mortgages
Another common ploy involves properties encumbered by loans. Unscrupulous owners might sell land that has been mortgaged. This can put you in a precarious situation, financially and legally. To mitigate this risk, consider applying for a loan against the property in question. Banks conduct their own thorough investigations before approving loans. This not only secures financing but also ensures you receive a vetted assessment of the property’s legal standing.
Following a successful purchase and due diligence, the first practical step is to demarcate your newly acquired land. Setting clear boundaries minimizes the risk of any future encroachments. By heeding these guidelines, you can protect yourself from falling prey to property fraud.
In closing, purchasing property is no small feat. It’s an investment that demands careful planning and scrutiny. By being diligent and informed, you can ensure that your experience in the real estate market is smooth and rewarding.
Buying land is a milestone in one’s life. Protect your dreams with the right precautionary measures.
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