Property Tips: Don't rush when buying property; check these 5 essential things first, or else you could face a loss..

Buying a home is a major decision for anyone, involving a significant financial outlay. Therefore, it is unwise to make a payment immediately after simply liking the house. A home might look impressive from the outside, yet there could be serious issues with its documentation. Is the property actually registered in the seller's name? Is there an existing loan against it? Were the proper approvals obtained for its construction? Verifying these details beforehand is crucial.

**First, identify the homeowner**
Begin by confirming that the house or land actually belongs to the person selling it to you. Ask for documents proving ownership. Review records as well to understand the property's ownership history. If there are multiple owners, obtaining consent from all relevant parties is essential.

If you are purchasing a flat from a builder, check whether the project is registered under RERA (Real Estate Regulatory Authority). RERA registration provides details regarding the project land and other critical information.

**Check for existing loans**
Before purchasing, verify whether there is an outstanding bank loan against the property. Sometimes, owners purchase a home using a loan and subsequently attempt to sell it; such situations can lead to complications for the buyer. Do not rely solely on the owner's word; examine the documents to ensure there are no debts or other claims against the property. If you find the documents difficult to understand, consider consulting a competent property lawyer.

**Verify construction approvals**
If you are buying a house or flat that is currently under construction, it is vital to confirm that the necessary approvals for building it have been obtained. Do not assume the features and amenities showcased by the builder are accurate based merely on pictures. Check whether the builder possesses an approved construction plan. Under RERA, builders are required to execute projects in accordance with approved plans and established regulations.

**Review documents before making payment**
Once the price is finalized, many people rush to sign the paperwork. You should avoid doing this. Before signing, carefully check the total cost of the house, the payment schedule, and the expected date of possession.

Also, check the consequences of any delay in handing over the house. According to RERA regulations, a builder cannot accept an advance payment exceeding 10 percent of the house or flat's cost without executing a written and registered sale agreement.

If the house is ready, check these documents as well
If the house is already constructed, simply receiving the keys does not complete the process. Verify whether the necessary certificates for the property have been obtained. Also, ensure that all documents regarding ownership rights are in order. Make sure to collect all essential property-related documents from the builder and keep them safe.

Conduct a brief check before making any payments.
Do not rush when buying a house. Even if you come across an attractive offer or the seller is pressing for quick payment, verify the documents first. Checking these details can help safeguard both your money and your future.

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