Dr Justice AR Lakshmanan Lecture on ‘Property Related Issue of NRLs / PIOs..!’
CHECK LIST FOR PURCHASE OF PROPERTY..!
PRECAUTIONS TO
BE FOLLOWED BEFORE INVESTING IN RESIDENTIAL PLOTS OF LAND, HOUSE, FLAT, ETC...
AND THE PITFALLS TO BE IDENTIFIED
CHECK LIST FOR PURCHASE OF PROPERTY - NRIs
(1) Title Deeds - Parent Deeds
in original
(2) Documents
to establish the title of the person
representing to
be the owner if the title
deeds stand in
different name, such as
(a) Death
certificate and legal heirship certificate
in case of
inheritance by intestate succession;
(b) Will and
probate in the event of testamentary
succession; and,
(c) Documents to
show the relationship between
the parties.
 |
| Dr. Justice AR Lakshmanan |
(3) Revenue
Documents..!
(a) Patta,
chitta and adangal in respect of agricultural
land;
(b) Patta,
extract of town survey register in respect of plots; and,
(c) Tax assessment and tax receipts.
(4) Encumbrance Certificate -
for a minimum
period of 30
years.
(5) Sanctioned
planning permission required in case of buildings
and completion certificates; and Layout sanction for
the plot
wherever
applicable.
(6) Proof of
documents to show E.B. Connection,
MMWSS & B
system.
(7) Authentic
document to establish the identity of the vendor.
In recent times,
daily newspapers report of the menace of duplicate title deeds and bogus
documents
circulating in the real estate market affecting the credibility of the market
and the sentiments and morale of the investors in the real estate industry.
What disturbs me
most is the fact that many unsuspecting and gullible NRI investors have been
taken for a ride by the bogus realty companies and unscrupulous brokers and
middlemen thus shaking the confidence of the
investing public and impairing the free flow of funds into the real estate market which may
not augur well for a galloping economy like ours.
In this respect,
professionals like lawyers, architects, engineers, valuers, landscape
designers, planners and builders have a great role to play by adhering to the
professional ethics and inculcating transparent practices in their clientele
and thereby placing the needs of the society ahead of their personal goals and
creating and spreading awareness amongst the public.
Src: March 2013, Our
Building & Construction
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