Important Things to Check before Buying a House to Avoid any Legal TroubleJune 10th, 2021 by Administrator
Buying a new house is one of the most crucial financial decisions of anyone’s life. You cannot take any risk when investing the years of saving on your dream house. You need to be extra careful and examine all documents related to the property thoroughly with experts before making the final decision to avoid any legal or financial trouble.
When you don’t follow the proper procedure and check all property-related documents carefully, it could become a nightmare for you and your family. For example, if a house is on disputed or agricultural land or there are pending dues, you can be in legal trouble and end up losing your hard-earned money. To avoid falling prey to a risky deal, you must consider checking the following things as part of your home buying guide before making finalizing the deal:
Make sure that the title of the seller is clear
You should make sure that the title of the original seller of the property is clear and free from encumbrances. Ask for all the property-related documents and examine them with your real estate agent and other experts to ensure there is no misguidance related to the ownership of the property and its development right.
Check the identity of the owners
Ask for the identification of the owner or all the owners (in case of joint ownership) to check their residential status and nationality. It will help you check the ownership of the property and whether they have rights to sell or transfer it. In case the property is owned by a firm or entity, ask for the documents of the entity for identification purposes.
Check the land use of conversion
Agriculture lands come under certain limits and regulations. Many states restrict the buying and selling of such lands for commercial or residential uses. It is very important to check the status of the land before buying a house. If a house is on agricultural land, make sure that the status of the land has been converted for residential use to avoid the risk of your property getting demolished.
Status of tax payments and home loans
You must check the tax records and status of any ongoing bank loans to avoid any financial and legal trouble in the future. Make sure that the owner has settled all dues and loans to the respected authorities and has not been declared a defaulter.
These are the most common factors you must check before buying a house to avoid any legal or financial trouble in the future. These are the important considerations in any home buying guide to keep your investment safe.