Doing Due Diligence for Homebuyers in Kolkata
Once you identify your ideal property in Kolkata, the next thing to do is obviously agree on the price with the seller and once this has been done, adue diligence should be conducted with the aid of your lawyer, of course. The purpose of this is to ensure that there are zero deficiencies with the property in question.
Right before the due diligence, both the buyer and the seller should sign an intent letter or an MOU followed by a deposit. The lawyer must verify the seller’s title for the property. Essentially, if a seller does not have the right title, he is not in a position to transfer it to the buyer. For instance, a seller that does not appear in the property owner list is not authorized to sell it.
Co-owned properties in Kolkata
Properties in Central Kolkata are usually co-owned by a number of individuals. This means that for the property to be released for sale, the agreement must be signed by all the owners. Alternatively, these owners can select one of them to sign on their behalf through the power of the attorney. Usually, a title search is forwarded to the local sub-registrar office. The buyer is therefore advised to follow up on all of the title documents as well as the copies right from the property’s initial owner.
In the cases of old property, the seller should be able to produce title documents dating back to three decades before the search, which takes 8 to 10 days. The lawyer should be able to confirm not only the survey number but also the village and registration of the property. These details are necessary for property registration.
It would be better to look for independently owned properties in Kolkata. The best place to start looking for such would be in the new and upcoming developments. These may be slightly highly priced, but you will love the ease of payment where you make your payments directly to the bank.
When we say that you need to do due diligence, we mean that no stone should be left unturned in the search for the best real estate Kolkata. Dedicate enough time to your search so that you can get great value for your money.
Property tax payment verification
As far as property tax is concerned, the lawyer must verify the tax receipts prior to three years to ensure that the seller has paid the requisite property tax to either the municipal authority or the housing society. Litigation is also an essential fact to consider for those wishing to buy a property. The property in question should not be under any litigation as the pending court cases can stretch for years on end. You do not want to be caught up in such.
When it comes to the probation will, an inherited property must be thoroughly confirmed. Your lawyer should be in a position to thoroughly verify the will and understand the nature of the property acquisition. Normally, the law here does not necessarily demand a will to authenticate a property. Of course, there have been cases of wills that have been challenged in the past when buying properties in Central Kolkata. However, it is difficult for anyone to make substantial cases using a fraudulent will.