Bangalore property|2bhk apartments for sale in bangalore|flats|lands for sale in Bangalore
The
activities to be undertaken by the buyer of immovable property may be loosely
classified into: Pre-registration and Post-registration activities.
Pre-registration requirements:Pre-registration activities involve
characteristic the situation of the property, ascertaining the valid and
marketable title of the seller, Legal scrutiny report, Mode of payment, Sale
Agreement, etc. Before registration of the sale deed, it's important to verify
all the relevant documents in original, in order to rule out subsistence of any
kind of bank mortgages or encumbrances.
As the purchase of a property involves investment running into lakhs of rupees,
availing the services of AN Advocate having enough expertise in property
transactions would vastly facilitate the intending buyer in protective his
right, title and interest in the property.
Post-registration requirements:Post registration activities are the
steps to be undertaken by the buyer once registration of the sale deed. There
are certain requirements to be fulfilled so as to urge valid title and to
exercise ownership over the immovable property by the Purchaser.
The
following are the essential activities needed to be administered by the
purchaser:
1.To obtain
Original Documents: the primary and foremost activity to be performed by the
buyer is to get original documents of title from the vendor and compare them
with the Xerox copies, that the purchaser’s advocate would have scrutinized. If
the advocate necessitate alternative original documents or certified copies,
guarantee production of a similar. it's forever recommended to use for
certified copies of the sale deed.
2.Encumbrance
Certificates: it's conjointly necessary to register the applying for updated
encumbrance certificate within the Sub-Registrar workplace on the day of
registration itself, that shall be from the date of stepping into AN agreement
to the date of execution of sale deed.
3.Possession
of property: Physical Possession of the property is of significant importance.
it's recommended to examine the property each day prior to registration to
create certain that the property is as per the sale agreement. one in every of
the clauses to be incorporated within the sale agreement is that the seller
shall deliver vacant possession of the property and also the buyer shall
receive all the keys of the property at the time of registration. If need be,
one could amendment the most door lock itself.
In case of
vacant sites, it's necessary to place up a board with the wordings “This
property is in hand by………….. Trespassers are going to be prosecuted”. Fencing
of sites or putt up compound walls, tho' costly, is preferred. Periodical
visits to the positioning are a requirement to notice any reasonably
encroachment.
4.Transferof Khatha and Khatha Extract of the property: once registration of the sale
deed, the buyer should make sure that the Khatha within the records of the
native bodies like Gram Panchayath, CMC or town Corporation is transferred in
his name. For such transfer, it's necessary that each the customer and also the
seller have to be compelled to sign the applying for transfer of Khatha, that
is finished at the same time whereas language the sale deed. this is often
necessary to avoid superfluous disputes and complications in future.
Duly crammed
Khatha transfer applications have to be compelled to be bestowed before the
involved workplace, together with a duplicate of the sale deed and receive necessary
acknowledgement.
At the time
of execution of sale deed, the seller should sign the subsequent documents:
- Khatha
transfer application,
-Letter for
transfer in favor of the buyer of Statutory deposits for electricity meter,
-Letter for
transfer in favor of the buyer of Statutory deposits for water, sanitary
affiliation,
-just in
case of used sale of living accommodations, letter for transfer of living
accommodations Membership and Corpus fund should be obtained by the buyer from
the vendor.
The
following is that the procedure concerned for transfer of Khatha:
- To gift an
application within the prescribed type within the workplace of the City/Town
Municipality or Corporation having jurisdiction together with the supporting
affidavit giving all particulars needed within the application. within the
affidavit, it's necessary to declare that you just are this owner.
- to
surround certified copy of the sale deed with the most recent tax paid receipt
of the property.
-To furnish
Khatha Certificate within the name of your marketer.
-The sketch
showing the neighbourhood giving particulars of the ward or zone, name of the
road, etc and deposit the fee fastened.
Local bodies
transfer Khatha within the name of the buyer once grouping a transfer fee that
is mostly two of tax paid on the sale deed and issue written confirmation of
transfer within the name of the buyer. Whereas transferring the Khatha, native
bodies, re-assess the property and issue assessment notice within the name of
the buyer. Further, tax paid receipt ought to be within the name of the new
owner.
For the
properties returning among the jurisdiction of BMP, computerised Khatha
Certificate and Khatha Extract are going to be issued. Khatha Certificate is an
attested document to prove the possession and possession of a selected person
over the immovable property. whereas Khatha Extract reflects the particular
sital space and engineered up space, if the building is existing. Further, land
tax needed to be paid will be mirrored within the Khatha Extract, which is able
to be found out once review.
5.Building
License and Plan: If you're desiring to create material alterations or
proposing to construct a brand new building on the property noninheritable by you, it's necessary for you to urge the
license and set up approved the native bodies among whose jurisdiction your property falls. this may be obtained solely once depositing the prescribed
fees. so as to urge the License with approved set up from the authorities, the
Khatha of the property should change your name within the revenue records of
the involved native body and up-to-date taxes need to are paid. The
conventional procedure for securing License with approved building set up is to
get ten sets of blue prints of plans from commissioned architect/building
engineer.
Construction
should be commenced once the license is obtained and may be completed among two
years from the date of getting the license and approved set up, which is able
to be stipulated within the set up itself. However, you'll get an extension if
the development couldn't be completed among the stipulated amount. Once the
development of the new building is finished, you need to get such a house/building assessed anew and pay taxes as determined by the involved
revenue authorities.
6. Power
connection: once Khatha is transferred within the name of this owner, this
owner should guarantee on whether or not the statutory payments/deposits in
respect of the property together with the electricity charges are paid among
the stipulated time. If recent or new electricity affiliation is to be
obtained, it's essential to enlist the services of the commissioned Contractor.
Variety of deposit to be created depends upon the requisitioned load or number
of kilowatts needed. just in case the property is already maintained with
electricity, an application should be bestowed by the buyer within the
prescribed type before BESCOM or alternative competent authorities having
jurisdiction, inclosure an official document declaring that you just are this owner and by filling up the particulars needed within the
application together with the consent letter of the previous owner for such
transfer. later on, the electricity meter are going to be transferred within
the name of this Owner.
7.Water and
sewerage connection: The buyer ought to conjointly verify the statutory
payments/deposits created by the previous owner and collect such deposit
receipts from the vendor. For recent connections, it's fascinating to enlist
the services of a professional pipe fitter. Just in case your property already
has water connections, then same procedure PRN for amendment of power
affiliation should be followed. However, the documents are to be bestowed
before the involved authority.
8. Corpus
Fund and Club Membership: If the buyer desires to purchase an living accommodations, it's conjointly necessary that the seller should issue a letter
for transfer of corpus fund and club membership within the name of the buyer.
9.Bank
Loan:In case the buyer needs to avail loan then the buyer is needed to deposit
all the relevant title documents in original with the Bank and acquire
endorsement thereto impact from the involved Bank. However, it's recommended to
stay xerox copies of such documents supposed to the deposited within the Bank
for private records.
Thus, mere
execution of the sale deed doesn't mechanically confer the title in favor of
the buyer. an individual will fancy legal and peaceful possession and delight of the property solely once the post-registration activities are completed.
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