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Saturday, January 1, 2011

Steps to be taken after purchase of property


Purchase of immovable property comprises various steps, broadly categorised as post and pre-registration. Here are few measures the purchaser is required to take after purchase of the property in Bangalore, Karnataka, India.

1. Obtain original documents of title from the seller and compare them with the copies which you had scrutinised through your advocate.

2. Inspect the property a day ahead of sale deed registration. Make sure that the property is as per the terms of the sale agreement.

3. Apply for updated encumbrance certificate with the sub-registrar office on the day of registration. Such encumbrance certificate should contain the registration details of your sale deed.

4. Purchaser should obtain possession of the property in terms of the sale agreement. The seller should completely hand over possession of the property and the purchaser should receive all the keys of the property at the time of registration.

5. The purchaser shall verify that all the taxes, statutory payments in respect of the property including power, water charges are paid up-to-date. Purchaser must collect all the paid receipt and verify the same with concerned offices. Power and water supply agencies collect deposits from the consumers, so you must collect such deposit receipts from the seller.

6. After completion of the registration of the sale deed, the purchaser should ensure that the khatha of the property in the records of the local bodies, gram phanchayats or the city corporation is transferred to the purchaser name.

7. Purchaser to ensure that the duly filed application for khatha transfer has been signed simultaneously while singing the sale deed. This will avoid unnecessary disputes and complications at a later date.

8. Khatha application with a sale deed copy is to be filed with the respective local bodies against acknowledgement. Local bodies transfer the khatha into the purchaser name on collecting a transfer fee, generally two percent on the stamp duty paid on the sale deed and issue written confirmation of transfer in the name of the purchaser.

9. The water and power connections installed are required to be transferred to in the name of the purchaser. Obtain a letter from the seller addressed to the respective authorities to transfer the connections, including the deposit paid to the purchaser name.

10. In case of a vacant site, the purchaser should put up a display board that he/she is the owner of the property and the trespassers will be prosecuted. It is good to fence the vacant site.  Periodical visits to the site are a must to detect any encroachment.
  
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Prepared by: S. Hemanth
Advocate at Hemanth & Associates
For Suggestions and information email legal@hemanthassociates.com

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