Things to check when you buy a commercial property
Conveyance Deed or Sale Deed:
This deed document would help you ascertain whether the flat in an apartment complex which you are buying, is on the land belonging to the society/builder/ development authority in which the property is located.
This document issued by concerned land authorities contains details like survey numbers, area and the date from which the current owner is registered as owner.
This document issued by Sub Registrar’s office mentions the name of sellers and purchasers of the property, for which the document is registered.
An advocate issues Title Certificate after conducting a search on the title of the property intended for purchase. The title certificate would state if the property is unencumbered and has a clear marketable title.
Non Agricultural Land permission:
If the land you are planning to buy is a paddy field or agricultural land and if you plan to use it for residential/commercial/industrial purpose, the agricultural land has to be converted to non agricultural land and a Non Agriculture Order has to be obtained from the Collector of the District where the property is located.
No Objection Certificate:
If any immovable property in cities specified by the Appropriate Authority is transacted above a certain value, it needs to obtain a No Objection Certificate from the Appropriate Authority as defined under Income Tax Act. A transaction would be incomplete and invalid if this clearance is not obtained. Various transaction limits have been set for various cities.
Things to check when you buy an apartment
The Development Agreement is an agreement entered into by the builder with the landowner if the building does not already own the land or has a contract with the landowner. It contains details regarding the terms and conditions on which the landowner has permitted development on his property. By this agreement, the landowner engages the developer to develop and build on their plot of land. This agreement generally may also have a Power of Attorney in favour of the developer.
Approved Building Plan:
The building plan has to be approved by the Corporation or the concerned authority. The approved building plans should be checked.
The certificate issued by the Municipal Corporation permits the developer to begin construction once the plans have been approved.
This is a certificate given by the concerned authority to the developer once the building project work is complete and fit for occupation.
Projects approved by major banks