5 Common 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 innocent buyers. The scammer will use false documents to pose as the property owner, registers cast documents transferring a property to his or her name, after which 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 may check these link paperwork at the office of the sub-registrar. Ensure that there isn’t any encumbrance, pending authorized case, property dispute or lien on the property. Once you make the initial payment in your house, ensure to get the allotment letter if it’s a builder and an “Settlement of Sale” if you are shopping for an present property. Your buy of property will 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 observe up activities

Be sure that your builder sticks to the possession date that he has promised because usually builders delay when they do not discover patrons or their resources dry up leading to no money left for finishing the project. Getting possession of your house as soon as potential has several advantages, one being the tax benefits that kick in after possession. The period prior to the possession date has a distinct tax treatment as pre-building period.

When you get possession of your house, the builder is answerable for upkeep of the building for a period of 18 months after the Occupancy Certificate (OC) is given. By the tip of the 18 months, the builder will provoke the formation and registration of the society, which will elect its representatives and take over the administration of the society from then on. Once the society is shaped, telephone and electrical energy payments can be given in your name. Therefore, it is important to ensure the society is formed within the stipulated time.

Deliberate Delays:

Regardless that the builder could have a handful of profitable projects, it is important to be sure that the builder lives as much as his guarantees in the current projects. Project delays and disappearing builders are a typical incidence 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 cash pooled from one project to a different, delaying each projects within the process. One technique to prevent this is to go for projects which have been accredited by banks. Not only does it put the builder under obligation to complete the project in time but your tie up for finance can also be taken care of. Another means to ensure it’s to see if there is a delay clause within the agreement and that the development phases with timeframes are clearly included in it.

Delay in utilities:

Not only project delays but in addition delay in approvals and sanction for utilities can go away consumers wringing their hands in despair even after possession. Thus, it’s best to check for sanctions for utilities like electricity connection, water connection, etc. had been pending. Points like plot in unauthorized structure or sub-divided land, building with land use violation, setback violations, ground area violations, etc. detected after agreement formalities and development have commenced might lead to delay in other downstream approvals and title registration.

Deviation from Approved Plans:

One necessary thing to ensure while buying a property is to make sure that it is much like what the builder had promised. Many projects when accomplished take a number of deviations from the accepted plan when it comes to frequent areas. This possesses a huge problem for a lot of patrons who should compromise on frequent facilities, spaces, promised luxuries and even on core project amenities like dedicated parking house despite having made additional funds for the same. The most effective to forestall this is to get the assurances in black and white.

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