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Updated by Subhraleena Deka on Dec 10, 2014
Headline for 8 Steps to Follow While Buying a New Property
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8 Steps to Follow While Buying a New Property

About to buy a property? It can be done in a hassle free way. Take some time to read and make sure you follow the steps given below (applicable mainly in India) ...

1

Location of a Property

Location of a Property

First step would be to do a thorough check on the pros and cons of the location of the place. Moreover, the quoted price should be appropriate. Make sure you have done research on that as well.

2

Title Deed

Title Deed

Of all the documents related to a property, the ‘Title Deed’ is the most important of all. This single document gives you all the information about the property ownership, rights, and mortgages (if any). In a way, it ensures if the property has been registered along with the transfer of the developmental rights.

3

Clearance For Construction

Clearance For Construction

A certificate of commencement stating clearance for construction should be registered under the property. This is issued by the ‘town planning and engineering department’ once the inspection for the basic foundation is over.

4

Approval of Local Authorities

Approval of Local Authorities

The property should further have a layout plan approved by the local authorities; and the design should be in sync with the Building Codes of specific areas. It is NBC (National Building Code of India) in case of India.

5

Legal and Illegal Zones

Legal and Illegal Zones

The property, if residential should not be in an industrial/commercial zone. That is illegal. If you apply to the urban development authorities in the region, they are bound to give you proof of any certificate for construction.

6

Master Plan of the Area

Master Plan of the Area

The whole area’s master plan should be verified to ensure it is a legal construction.

7

No Objection Certificate

No Objection Certificate

Moreover, the builder should produce the NOC (No Objection Certificate) certificate to you if it is applicable. Nowadays, environmental and water clearances are also required.

8

Background Check

Background Check

You can do some background checks on the property by approaching the banks from which it has loan approvals; usually banks do their fair share of research before giving out loans. So, that is a very reliable source.