Top things to remember before buying property
Brokers, Banks are the scams committed by those who are next to us when we buy or sell places or houses. This is for those who are unknowingly cheating. (Only by some of them)
Scams committed by Brokers are :
- 1. Brokers give false details when buying space. Do not believe their words 100%. Those who are unable to earn money earn by uttering such false words. People hoping to earn more(only for a few).
- 2. They take a 2% broker commission. More brokers come in when bargaining. They provoke us and make us buy at a higher rate.
- 3. Bring in the fake ones and bargain without bringing in the real owner.
- 4. If You need to know in whose name the property is located if you bring the EC to the registration office. It costs 300 to get EC.
- 5. Look at the photo of the owner in the original sale deed (Original document) before buying. See all links documents history.
- 6. Under no circumstances, make sure the sale agreement (contract) be a minimum of 3months. Do not underestimate 3 months no matter how much money you have. we do not know what's going on for the next moment. Do not give more than 5-10% of the agreed amount. If the agreement is canceled, they refuse to refund the money.
- 7. Do not believe what your own people and friends say. They will also hope for the commission.
- 8. Suppose there are A, B brokers. A broker takes the house sale to the B broker for a bargain. The owner lied that he had made an agreement with the B broker. Suppose the space rate is 1Lakh, these brokers will deal with the landlord that we will take if it is more than 1Lakh. The B broker then bargains with the buyer for Rs 1,10,000.
- 9. Under no circumstances should you negotiate with a real owner. These brokers lie that the owner is busy and in other countries. At least talk to them in a video call. The employer must show any ID proof.
- 10. Find out where you are buying and validate the address of their documents. They Cheat by showing location in a good area with location documents somewhere.The place where you think the original places are different.
- 11. There are differences in the original space size and the mentioned space in the document.
Documents required for Property:
- 1. Main Owner Sale Deed document original, stamp on original papers.
- 2. All Linked Documents
- 3. Family tree certificate is needed if the buyer and seller of all the documents are not one (if the father sells the property or inherits the property if the father dies)
- 4. If there is any court seal, sign on the front page of the documents it means that there is a case on the property.
- 5. EC - Encumbrance certificate (EC)
- 6. Mother deed certificate
- 7. RTC - Record of Rights, Tenancy and Crops (For Agriculture Land)
- 8. Survey Sketch
- 9. Layout Approval
- 10. Katha Certificate
- 11. DC Conversion certificate ( agriculture to Non-Agriculture land conversion)
- 12. Property Tax Certificate
- 13. The government gave free places to SC and ST communities. Purchase of such places will go on their own again, registration is invalid.
- 14. The government has given free lands to the poor and such places should not be bought.
- 15. Brokers take commission by pretending to be nice to us and saying good things. Be careful with them.
- 16. Do not give copies of space papers to anyone under any circumstances. Having that copy paper with others makes us more likely to do bad.
- 17. Building plan approval is required if the house is built.
- 18. On Agreement day, take EC the day before Registration. Some people sell it to other people and make an agreement with us. Who owns the space in EC, when bought, and from whom it is bought.
- 19. Need to check whether there are any power lines above the land and any underground drainage below the land. government Land should not be taken as it is meant for public use.
- 20. Now there is an Online Registration process. 15Years back, there was no such process, At that time most people registered the same property in their name by cheating.
... The scams they commit when taking a loan .......
- 1. Do not take a loan from a bank referred by a broker or owner under any circumstances. They may pay a commission to the bank and change it in their favour.
- 2. Bank loan should come which means the above documents should be compulsory. Without them, the bank will not give a loan.
- 3. Bank loan is given from 70% to 80%. It is also in the Property value that you show in the Registration Document. Assume property government value 5Lak. Suppose the actual market price is 30Lak. Suppose you need a loan 15Lakhs. Then you have to show 20L in the registration document and register. You like 75% of 20L i.e. 15L bank loan.
- 4. If you show 20Lks in the registration document you will get registration charges to increase. TAX is levied on the owner of the place. INDEX-based Tax owner should tie to Govt. Hence the owner won't agree with that.
- 5. The processing fee when giving a bank loan is min 10,000. Insurance should be taken in 1.5% loan amount. Some Banks (DHFL) charge more than 5% insurance and enable it without our knowledge. Instead of mortgage registration, it is sufficient to put a loan agreement on the Revenue stamp at 0.3% value.
- 6. At the time of Registration, the bank agent will come and give the cheque to the owner and take all the original documents. So take their xerox copies.
- 7. The above process is done in the bank. They are not required. We will give a loan. Banks will tell you to make a sale agreement. It is said that the loan process is completed in 1Week. They will show you how risky it is, once the agreement is completed.
- 8. Bank loan process takes min 20days. Do not buy a sale agreement in less than a day believing what the bank says. A minimum of 3months agreement must be made.
- 9. If you take a personal loan, there will be a processing fee, Insurance optional. Say no to insurance in advance.