Things to Consider Before Buying a House
Real estate is probably one of the most lucrative investment options available today, and it comes as no surprise that more and more people are investing large amounts of money in purchasing land and houses. To top it off, 2011 has been a fantastic year for new homeowners, as interest rates have dropped to historic lows and the real estate scene has witnessed a rush of new buyers trying to ensure they have a place to stay in the current unstable economic scenario.
However, before you rush out to invest your hard earned money and get a place of your own, there are a few factors to consider ensuring that you get the best deal. Listed below are a few basic things you can do to have the peace of mind that your money was well spent:
Measure the land: It is of vital importance that you have a clear measurement of the plot and its boundaries. And make sure this measurement is done by a professional surveyor.
Make sure all documents are in order: No matter how good the house and the land look on paper, it will all be worthless if the papers are not in order. To avoid falling victim to forgery and other illegal deeds, carefully scrutinize the documents such as the title deed, as well as tax receipts to ensure all payments are accounted for; and you will not end up with unforeseen expenses. Also visit the concerned authorities and check the encumbrance certificate to make sure the land does not have any outstanding dues.
Create a legal agreement with the seller: If you are satisfied with all the details and are ready to pay the advance, have a lawyer draw up a legal agreement on the terms of the sale, outlining any criteria of the deal clearly.
Confirm the land is legally yours: Get the property registered in your name at a sub registrar’s office and get the title deed changed to your name at the village office. Once this is done, you will be the legal owner of the land and have the documents to prove it.
While these are just basic guidelines, they should give prospective homeowners a fair idea of what to expect in a real estate sale and help them have a hassle free transaction.
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