5 Widespread Property Frauds

Title deeds and clearance:

There have been cases where scammers have duplicated title deeds of vacant or disputed projects and sold them to harmless buyers. The scammer will use false documents to pose as the property owner, registers cast paperwork transferring a property to his or her name, and then gets a new mortgage in opposition to the property.

Thus, you will need to check that the title deeds and paper work are free from any encumbrances. You’ll be able to check these link documents at the office of the sub-registrar. Make sure that there isn’t any encumbrance, pending authorized case, property dispute or lien on the property. When you make the initial payment in your house, ensure to get the allotment letter if it is a builder and an “Agreement of Sale” in case you are buying an current property. Your purchase of property might be accomplished only after the sale deed is executed and registered with the registrar. The sale deed is a proof of your ownership.

Executing the purchase and follow up actions

Be sure that your builder sticks to the possession date that he has promised because usually builders delay when they don’t discover patrons or their assets dry up leading to no money left for completing the project. Getting possession of your house as soon as doable has a number of benefits, one being the tax advantages that kick in after possession. The period prior to the possession date has a different tax treatment as pre-development period.

Once you get possession of your house, the builder is liable for upkeep of the building for a period of 18 months after the Occupancy Certificate (OC) is given. By the end of the 18 months, the builder will provoke the formation and registration of the society, which will elect its representatives and take over the management of the society from then on. As soon as the society is formed, telephone and electricity bills shall be given in your name. Therefore, it’s essential to ensure the society is shaped within the stipulated time.

Deliberate Delays:

Even though the builder might have a handful of profitable projects, it is important to make sure that the builder lives as much as his promises within the present projects. Project delays and disappearing builders are a typical prevalence in real estate fraud. One strategy unscrupulous builders resort to is to delay project completion deliberately until they get requisite number of buyers. Yet others divert the money pooled from one project to another, delaying both projects in the process. One way to prevent this is to go for projects which have been accredited by banks. Not only does it put the builder underneath obligation to complete the project in time but your tie up for finance can be taken care of. Another manner to make sure it’s to see if there’s a delay clause in the agreement and that the development stages with timeframes are clearly included in it.

Delay in utilities:

Not only project delays but additionally delay in approvals and sanction for utilities can depart patrons wringing their fingers in despair even after possession. Thus, it is best to check for sanctions for utilities like electricity connection, water connection, etc. have been pending. Issues like plot in unauthorized layout or sub-divided land, building with land use violation, setback violations, flooring area violations, etc. detected after agreement formalities and construction have commenced could lead to delay in other downstream approvals and title registration.

Deviation from Permitted Plans:

One necessary thing to make sure while shopping for a property is to ensure that it is just like what the builder had promised. Many projects when accomplished take a number of deviations from the accredited plan when it comes to frequent areas. This possesses an enormous challenge for many consumers who need to compromise on common facilities, spaces, promised luxuries and even on core project facilities like dedicated parking space despite having made additional payments for the same. One of the best to stop this is to get the assurances in black and white.

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