Investing in a property is a significant decision and it is crucial to understand the legal, ethical and government requirements that come with it. A detailed understanding helps you avoid any last-minute challenges or risks, provided that you have all your documents in place.
Buying real estate in Rajasthan requires you to have several documents and adhere to many checks and procedures to ensure a seamless transaction. And while you may be aware of a few, we tend to overlook others thinking they aren’t as important. Yet, it is essential to understand the role each document plays and how important it could be.
We’ve curated a list of all the agreements, certificates, deeds, etc you will need to buy real in Rajasthan.
1. Title deed: The first and perhaps the most important document that the authorities verify is a title deed – a document that claims the ownership of the property. While drafting your deed, please ensure that the property seller has mentioned a clear title of the property and that there are no obstacles on the property like mortgages, liens, etc.
2. Sale agreement: A sale agreement is the second most important document you need once your deed has been verified. This document highlights the T&Cs of the sale like the price of the property, payment terms, possession date, etc.
3. Registration: You need to register the sale agreement with the local sub-registrar’s office in order to make the transaction legally binding. For this, you’ll have to pay a stamp duty and registration fees as per the property’s total monetary value.
4. No Objection Certificate (NOC): It is important to procure an NOC from the town planning department like the Jaipur Development Authority (JDA) for the other relevant authorities if the property is located in a development area. This would ensure you have a hassle-free buying experience.
5. Encumbrance Certificate: The word ‘encumbrance’ means obstacles. And an encumbrance certificate basically ensures that the property you’re purchasing is free of any legal or financial liabilities or hindrances like mortgages, etc. You can get an encumbrance certificate from the registrar’s desk before initiating the sale.
6. Power of Attorney: If the buyer or seller is unable to be physically present during the sale, a power of attorney can be granted to a representative to act on their behalf.
7. Completion certificate: Should the property be new construction, it is advised to get a completion certificate from the local authorities to confirm that the construction has been completed while adhering to all regulations and standards.
All in all, the decision of buying real estate in Rajasthan is a profitable one but you must have all the documents and adhere to the necessary processes for a stress-free transaction. It is also indispensable to seek guidance from an efficient and experienced real estate agent, constructor and lawyer to avoid any issues.
At GBG, we explain these processes and any other requirements to you with transparency to ensure you have the best-in-class investing experience. We understand buying a property can be a huge leap and having inhibitions is only normal.
Thus, our team of experienced and learned advisors guides you through the entire process – be it with the finances involved, documents needed, important questions you must ask, clearing your doubts and looking at your other prospective investments.
And if you’re buying property for commercial purposes like an office or factory development, the team walks you through minute details like any commercial taxes involved, etc.
In a nutshell, GBG Colonizers ensures you have a seamless, effective and hassle-free property-buying experience to make your big leaps special.
