Are
you ready to buy a home, but are you equipped with the knowledge and
information you need before investing or buying a home? Home is like
something that you’ve ever desired for, but before you make a
decision, take some time to consider few things. Before you engage an
an investment on a property, make sure you research and verify all
information as it is an effort to make informed decisions in regards
to protecting themselves.
After
all, it is better to be a step-ahead and be prepared than to be
trapped and left red-faced. Background checks are a reality in
today's
realty market.
The homer buyers or investors are keen to get the right fit for their
desired property as it is their right to be informed.
Commencement
Certificate (CC) -
A commencement certificate is issued by the local authorities to
authorize the builder to begin construction once all norms, licenses,
permissions and consents have been acquired from the concerned legal
authorities. If the commencement certificate is on hold, till then
the construction is illegal or may never happen. If you don’t cross
check the project’s commencement certificate, you could lose your
money for a property that will never be constructed.
Intimation
of disapproval (IOD) -
Some of the developers start constructing and selling properties even
before receiving the CC. In such cases the buyer or investor needs to
check if the developer has received the Intimation of Disapproval
(IOD). IOD is an order issued by the Municipal Authorities,
disapproving the developer's application for permission to commence
construction and is asked to comply with many requirements first,
like clearances like clearance from Environment Authorities, Tree
Authorities and Fire Officer, etc. In order to get the CC, the
developer is entitled to fulfill all the requirements.
Title
certificate -
You can get a copy of the Title Certification for yourself or ask
your lawyer, to get it for you to examine the certificate, which is
generally issued by a lawyer who has been appointed to investigate
ownership history of the land on which the property is being
developed. The Title Certificate gives the assurance that the project
or property is owned by the developer to whom you are dealing with as
it will have the complete details of the land and the project and
also state that the developer has the right to construct the project.
Approved
Plan -
One should examine the site layout plan as well as the floor plan and
apartment plan (blueprint) as approved by the local authority (and
matching with corresponding CC), Check if the developer is in
compliance with the plans presented in the brochure or at the time of
sale to ensure the sale in an efficient and transparent manner and to
protect the interest of your investment in the real estate sector.
This is important because once the plans are approved and has been
followed, the developer cannot change them.
Yes, before investing on property one should make the above points clear.
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