Buying a home is a significant financial decision, and it is essential to be well-informed about the property and its legal status before purchase. Due diligence and a review to verify all the relevant documents associated with the property are crucial. Failure to do so may lead to legal issues and financial losses in the future. Firstly, you must ensure that the property is registered under RERA. If you are planning to buy residential apartments in Bangalore, then you can check the status of a project on the Karnataka RERA website. Once you have the authenticity of RERA, you can consider investing in the property and further carry out the due diligence on the property documents.
A title deed or sale deed serves as proof of ownership and the transfer of the property from the seller to the buyer. The title deed should be examined carefully to ensure that the seller is the rightful owner of the property and that there are no outstanding claims or encumbrances on the property, such as a mortgage, unpaid taxes, or pending lawsuits. Additionally, the title deed should be checked for any errors or discrepancies and verified by the local registrar’s office.
Building plan and occupancy certificate
The building plan is a document that provides the details of the construction of the property, including the layout, dimensions, and materials used. The occupancy certificate is a document that certifies that the property has been constructed according to the approved building plan and is fit for occupancy. These documents can be verified by the local municipal authorities such as BBMP in the case of residential apartments in Bangalore.
Property Tax receipt
The property tax receipt serves as proof of payment of property taxes to the local government and should be verified to ensure that the property taxes have been paid up to date. Failure to do so can result in penalties and fines, and can also lead to legal issues in the future.
Why invest in RERA-approved projects in Electronic City?
RERA-approved projects in Electronic City are attractive investment options for several reasons:
- Legal protection: RERA ensures that developers adhere to certain regulations, such as timely completion and delivery of the project.
- Quality assurance: RERA-approved projects are required to meet certain standards of quality and safety.
- Transparency: RERA requires developers to disclose detailed information about the project, including cost, timeline, and amenities.
- Appreciation: RERA-approved projects in Electronic City are likely to appreciate in the long term.
Review and verify all the relevant documents associated with the property for authenticity. Consult a legal professional to ensure that all the documents are in order and that the property is legally sound. There are many RERA-approved flats for sale in Bangalore, including residential apartments in Electronic City. By choosing a RERA-approved project in Electronic City, buyers can have peace of mind knowing that the project has been vetted by the regulating authority. These apartments for sale in Electronic City are a great option for those looking for a home in a well-developed area with good infrastructure and amenities.