Is there a checklist to be followed while buying residential or commercial property?
Since your hard earned money is at stake, it is advisable the following checklist is followed: • It is advisable that the potential buyer studies the market for the market trends about prevalent rates of property in the vicinity and last known transactions. • Ask for photocopies of all deeds of title related to the property to be purchased. A legal opinion through a good standing advocate is advisable. The legal counsel will examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable. • One of the major issues with a number of properties is the deviation of the built plan from that of the approved plan. Check for approved
