Buying property is no child's play. It
is serious business. More often than not, many people do not know how to
go about it and face many difficulties. Here are A FEW tips:
· Check on the developer. Not all developers are good. There are quite a
few who invariably cheat people by selling plots of land without
procuring the necessary 'sanctions'. They are called 'unauthorized
colonies'. Phone a friend and verify.
· All colonies/buildings are to be developed as per the rules and
regulations laid out by the 'competent authorities'. These could be the
Municipal Corporation, the Development Authority, the Regional Planning
Authority or the Town Planning Department. Check with all of them.
· The subject land needs to be checked for its ownership. This is called
'title check'. Take photocopies of the relevant papers and ask your
advocate to do a title check. He will do it for a small sum. It is worth
getting a 'good title' clearance from your advocate.
· Take a copy of the 'agreement to sell' (before signing it) and get the
opinion of your advocate before entering into a deal.
· Never sign on any paper without consulting your advocate.
· Never make any payments before consulting your chartered accountant.
He will explain to you the tax implications an how best to go about it.
· Always see the property before deciding on buying it. Most brochures
are misleading.
· Marketing talk is marketing talk. Take it with a pinch of salt. Always
verify whether the promises are going to be made in writing or not.
· It makes sense to take a loan to buy a property. Check it out.
· Read all the papers at least twice before signing.
· Seek the advice of a good broker.
