Importance Of Mutation Of Property: When a new property is purchased, it gets registered. That is, after paying the full amount to the seller, he transfers his property to you through the registry. But even after registration, you will not get the ownership rights of that property. After registration, there are some more documents which are very important for you to have.
If you have purchased any property and after getting it registered in the tehsil, you are sure that the shop, plot or house is now yours, then you are making a mistake. Even after paying the full amount to the seller and getting the registration done, you have not become the full owner of that property.
If you have not done the mutation of property after registration, then you may get into trouble. Many property disputes arise due to not getting mutation done.
Every day there are news that some person has sold a property twice. Or the seller took a loan against the land even after registering the sold property in the name of the buyer. This happens because the buyer of the land has only got the registration done, he has not got the property registered or transferred in his name.
Mutation is also necessary after registration
The Indian Registration Act says that if any kind of property (property news hindi) worth more than Rs 100 is transferred, it will be in writing. Its registration is done in the sub-registrar office. This rule is applicable in the entire country and it is called registry. But, you should understand this very well that mere registration does not make you the full owner of the land, house or shop. After property registry, it is also very important to get mutation done..
Full document of ownership, not registry.
Registry (Property Registry rules) is only a document of transfer of ownership, not of ownership. After getting the registration done, when you get the mutation done on the basis of that registry, then you become the full owner of that property. Therefore, if you ever buy a property, do not rest assured just by getting it registered.
After the registry (Property Registry new rules), only when the filing is rejected, all the rights related to the property come to the property buyer. Filing in Kharij means that your name gets included in the government record of ownership of that property on the basis of registry. Cancellation means that the name of the old owner has been removed from the ownership records.
If you are also going to buy a property (property news hindi), then you should be aware of some basic things and along with this you should be cautious because even a small mistake can cause a big loss to you.
Here we will tell you which documents you should check before purchasing any property and only then purchase the property. Here we will tell you which documents you should check beforehand while purchasing a property.
1. Title Deed
If you buy any property, get information about its title deed beforehand and see its documents. You can get it certified by a lawyer. Mainly, the title deed shows that the property you are going to buy is not stuck in any legal trouble. There is no problem in its transfer, divide etc. You should proceed with the purchase of property only after seeing this title deed.
2. Are the loan papers clear or not?
Before buying a property (property news update), you should check the papers to ensure that there is no loan of any kind on your property. Its owner does not have any debt as a liability on this property. It is very important to check it and without checking it you should think about purchasing the property.
3. Layout Papers
You should be careful about the layout papers of the property and get all the information about its map, whether the open area map is nearby or not. You should be assured beforehand that there will be no property dispute of any kind later.
4. NOC or No Objection Certificate
Before purchasing any property, it is very important to obtain its No Objection Certificate. If you are buying a flat then you should have information about its society and NOC of the tower.
5. Commencement Certificate
This is known as Construction Clearance Certificate and get it before purchasing a flat or under construction property otherwise it may lead to problems later. Here you can know what experts related to buying and selling property have to say about this.
Whenever you go to buy a property, it is very important to keep in mind the following 5 things and these suggestions have been given by experts.
1. Checking ownership of property
Before buying, it is important to research about the ownership of the property. Title deed is one of the most important documents that should be verified before purchasing a house or anything else that helps indicate the actual ownership. It also states the rights and obligations of the owner and the rights of a mortgagee,
if required by the owner to verify that there are no issues with respect to ownership transfer, partition, conversion, mutation, etc. It is also essential to verify that the land on which the property is built has been purchased legally and if it has been constructed in compliance with the permissions provided. It is advisable to have the ownership document reviewed by an attorney. Thankfully, with the help of online legal assistance by proptech firms like No Broker, this service has now become hassle-free.
2. Verification of Encumbrance Certificate: Take help of a legal professional
Property is a tangible asset, and over the years it bears certain taxes by the local municipal corporation. Thus it is necessary to verify that he has no outstanding dues for which a buyer should check the encumbrance certificate.
An encumbrance certificate proves that there is no monetary and legal liability on your property. This can be obtained from the office of the sub-registrar where the property has been registered. This is an important aspect to check as it can go back as far as 30 years.
3. Commencement Certificate
It is also known as construction clearance certificate. This document is mandatory when you are purchasing an under-construction property from a developer. It could be a builder’s flat, land or house. It said that the construction has started only after getting necessary approvals, licenses and permissions from the local authorities.
4. Layout or building plan
Layout plans should be approved by the appropriate planning authorities. Home buyers need to be cautious as there have been cases where developers have deviated from the approved layout by adding extra floors or reducing open areas. This is an important aspect that should be cross-checked before finalizing the property purchase.
