A Guide to Make Sure the Residential Plot You are Buying is Legally Clear

Picture this: You’re enjoying the perks of your new home when authorities come knocking, telling you that you’ve been living in an illegally acquired land/illegally built development. There have been more than a few cases of families being displaced because of similar issues, losing huge chunk, if not all of their estate investment because of their lack of due diligence. No matter how trustworthy you think your broker is, it pays making sure that all the documents and papers you require are in place and duly inspected to be free from any legal issues before signing any dotted line. When you have your eyes on a villa in Coimbatore or any other real estate investment, ensure legal transparency by checking on these things:

·         Clear title papers – Always check legal documents for any existing or potential issues before making a payment for a property. It is recommended that you consult a property lawyer who can help you dig up any potential problems you may face once you have the property in your possession.

·         Approval from leading banks – One of the easiest ways to verify the legality of a property is to check whether or not it is approved by leading banks. A villa in Coimbatore will only be approved by a bank if it has all the legal clearances and valid documents required by law to ensure a clean legal record.

·         In case of a resale, check for mortgages on the property – Make sure that the owner doesn’t have any outstanding mortgage on the property.

·         Encumbrance certificate – This document contains details of previous registrations for the home. This can be obtained from the local sub registrar’s office and is advantageous to have because it provides a proof of free ownership while also testifying that the property is free from mortgages or any other legal dues such as property tax.

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Checklist When Buying First Villa in Kovaipudur

Kovaipudur villas are stylish, well-appointed, and perfect for living a comfortable life in Coimbatore. They are attractive to families, couples, retirees, and non-resident Indians who are looking to move to Coimbatore, but would like to stay in a serene, quiet, and less stressful environment, which Kovaipudur has to offer. The area itself is just outside the city and well-connected to shopping centres, public transport hubs, schools, and offices in Coimbatore. Just be sure to consider the following factors when buying your first villa in Kovaipudur:

• Work with a reputable builder - A villa will be a big investment, but as long as you work with the right builder, you can buy your first villa confidently and with minimal to no stress. Consider an established builder that has a good track record of providing high-quality and reasonably priced Kovaipudur villas to a wide range of customers.

• Features – Find out what comes with the villa. Some builders can let you choose between semi-furnished and fully-furnished villas. Consider a villa that comes with a modular kitchen, solar water heater, power backup, high-quality door locks, CCTV, and a video door phone.
  
  
• Gated community – Consider Kovaipudur villas in a secure gated community that has CCTVs and reliable security guards who are constantly on duty. The best gated communities have street lights, jogging tracks, playgrounds for kids, and clean drinking water.
  
  
• Accessibility – Find out where the villa is located and determine if it is easily accessible to main roads and public transportation. That way, you should not have any trouble going to and from Coimbatore. Reputable builders have built villas in gated communities that have paved roads and accessibility to major thoroughfares and public transport hubs. Consider a gated community that is about 30 minutes by car from Coimbatore Airport and Gandhipuram, 15 minutes from the railway station, and 10 minutes from Ukkadam.

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Know About Stamp Duty and Registration When Buying Residential Plots in Coimbatore

Documentation and registration are critical aspects in the process of buying residential plots in Coimbatore. If you want to start building your dream home soon, you must take the time for the stamp duty and registration procedure, as the sale of the residential plot cannot automatically determine its ownership. Legal papers and other necessary documents will indicate the clear title, and your legal acquisition of the plot can only be completed upon fulfilling the registration of documents and paying for stamp duty.

Understanding stamp duty:

Stamp duty is a form of property tax to be paid in full amount within a stipulated time when you buy residential plots in Coimbatore. Think of it as if it were income tax or sales tax, which the government must collect. As the buyer, you will need to for it on the sale agreement as stated in Section 3 of the Bombay Stamp Act, 1958. Stamp duty should serve as the legal proof of the property deal. Hence, it is considered valid evidence in case there are problems that need to go to court. By paying stamp duty, you can be sure that the plot is legally registered in your name.

When stamp duty is paid, it is recorded automatically in the government’s property purchase transactions. Non-payment will eliminate the deal’s value. The right time to pay for it is before or on the day of the execution of your sale agreement. You may pay for stamp duty on the next working of the sale agreement’s execution, too. Execution pertains to the signatures of all the persons associated with the agreement’s legality. Any delays will require you to pay a two percent penalty each month, subject to a maximum rate of 200 percent.

Paying for stamp duty:

Stamp duty is determined based on the agreement value or market value of the residential plots in Coimbatore, depending on which is higher. Moreover, it is payable only on the registration document’s contents instead of the transaction value. Stamp duty authorities use the Stamp Duty Ready Reckoner as reference when assessing the market value and it is issued every January 1 by the government. Stamp duty in Coimbatore will depend on the state.

To pay for stamp duty, you need to provide non-judicial stamp papers or consider e-stamping, a digital payment system that is highly secure and tamper-proof. Another option is by franking, in which agreement details must be printed on blank paper and must be submitted with your stamp duty amount to a bank, which is authorized to carry out the franking transaction.

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