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Document Verification package

This package will cover all aspects of document verification and legal opinion for the best buy
Rs.8500
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Apartments and Villas

Rs.5000 Rs.4500per service

Get all your documents verified by our experts in Apartment & Villa property... Read More

Importance of Property Verification:
There could be people who forge the property title deed and might offer the same for selling. Property verification helps the buyer not to indulge in fraudulent transactions and makes it a happy deal for both the parties as both shall be enjoying the right deal with proper and verified documents.

Process of Property Verification:

FIRST PURCHASE:
Once we zero in the property to be bought, the following documents should be verified and looked into before finalizing the deed:

  1. Approval and Licenses

·         Title Deed

·         Release Certificate

·         Check Encumbrance Certificate

·         Verify Land Use

·         Approval By Local Body

·         Property Tax Receipts


2.            List of banks financing the Project

3.            Calculate the Cost Yourself

4.            Verify the Builder

5.            Buy Vs. Rent

6.            The Right Payment Plan

7.            Size of the Property Involved

8.            Checking of Infrastructure Plans

9.            Checking the Site

10.          Registration of the Plot

REPURCHASE:
Property verification should be done with a view to obtain the property from clean hands without any fraud involved. Therefore, the process of document verification would include the following:

  1. Engaging a Lawyer
    The first and foremost step is to engage a property lawyer who will help to generate the necessary reports from the sub-registrar office of the local jurisdiction.


  2. Documents verification
    While the lawyer is getting the reports, meanwhile, the parties should acquire the copies of the following documents for proper verification of the property involved, and the same shall be verified by the lawyer who is engaged:


·         Conveyance Deed

·         Sale Deed

·         Agreement to Sell

·         Power of Attorney

·         Will (If Any)

·         Relinquishment Deed

·         Partition Deed

·         Freehold/Mutation Details

The main purpose of all of the above is to ensure a clear title of the property and having a satisfaction of no encumbrances attached to the property. However, the above process is necessary in case of re-purchase of certain lands or flats or villas.

How we help?
The Layman purchaser generally doesn’t know the ways to go in for property verification and the lawyers, who know the concept well, usually tend the exploit people with no knowledge. We help to get the meaning of the various terms correctly and ensure for proper verification through low costs. Further, we try to minimize the risks of purchasing a fraudulent property with wrong title deeds involved. We strive to work towards the betterment of each individual as if it is our property or money at stake, whatever the case maybe.
 

PROPERTY SALE AGREEMENT

Rs.5000 Rs.4000per service

A Property Sale Agreement with respect to properties is an essential document which a document that ... Read More

WHAT IS A PROPERTY SALE AGREEMENT? 

A Property Sale Agreement with respect to properties is an essential document which a document that precedes Sale Deed. It is an outline process before the actual sale. The contents of Sale agreement basically contain Terms & Conditions between Seller & Buyer before the sale of property in a same manner and in the same sense and with a free consent. Sale agreement governs the whole property transaction as to the amount to be paid/partly paid/or promised to be paid in future and is valid even after the sale.

INDEMNITY CLAUSE IN PROPERTY SALE AGREEMENT

Due to sudden rise in property/land prices especially in metro cities, lot of properties are under legal litigation. These legal cases go on for decades. Some of the most common reasons for legal disputes are

Property was transferred under force/influence/coercion

Legal heirs of Seller claim their right on property.

Almost 40% properties in Bangalore are under legal dispute. The indemnity clause in Sale Agreement indemnifies the buyer against any legal dispute / legal defect in the property. Also mention that in case of any legal dispute in future, the seller will compensate the buyer for any loss incurred by the buyer at the then prevailing market rate. This clause should be drafted carefully & should include all possible scenarios.

DOCUMENTS REQUIRED FOR SALE AGREEMENT

The documents required for drafting of Sale Agreement are as follows: 

·         Important property details and relevant documents like buyer's & seller's Identity Proof and their PAN details.

·         Address proof of both the parties.

·         The current property value of the concerned property to sale.

·         The title deed/Sale deed,

·         Khatha documents, 

·         All the latest Tax Paid receipts etc.

PENALTY CLAUSE

At the time of signing Sale Agreement, Buyer pay X amount as token money. Standard clause is put in agreement that if buyer will back out from the deal then entire token amount will be forfeited by seller. I would suggest to add another line in this clause that in case seller will back out from deal then Seller will return the token amount paid by buyer along with equivalent amount as penalty. If this clause is not put then seller will keep searching for new buyer who can pay extra. He will call off the deal, if he gets new buyer at higher rate before execution of Sale Deed.

RIGHT TO CALL OFF THE DEAL

As a buyer you should reserve the right to call off the deal under certain circumstances without being penalized financially. Some of these circumstances are as follows

If Seller fails to provide legal/statutory property documents required by the Buyer

If the Buyer find out any legal defect in property before execution of sale deed

If Buyer’s home loan is rejected by bank due to some legal/statutory issue in property/property documents

If the seller fail to provide all original documents at the time of execution of sale deed.

HOW CAN ACREOK HELP YOU?

ACREOK, believes in efficient and quality services with best professional guidance. We simply collect some basic information from the parties as soon as you place a request on us and you’ll be good to go in no time. ACREOK, serves you at door-steps with a reasonable and resourceful approach. So GET READY and SAY ACREOK!