Thursday, December 25, 2014

Safeguards: things to do before buying property

 I did not know about this earlier. It is appears common sense after reading it.
Giving a public notice in the newspaper is a must. It doesn't matter which one. It need not be English. Any state language too will do. And any newspaper with some circulation will do. This Public notice is what protects your interest in the court of law if you face any litigation regarding your purchased property. 

Secondly, a legal search of the property (not to be confused with physical search) has to be conducted by hiring a lawyer following which he gives a title note. If you approach nationalised banks for loan to buy property, their lawyers conduct a search and give title note. But if not, you have to do it yourself. 
Lawyers conduct search by visiting sub registrar's office and checking the record of title documents. 
Example - You bought a flat without public notice and legal search, and turns out the owner did not have a clear title. Now you along with the owner are being sued for cancellation of your purchase. [ Tejasvita Apte's in Quora ]