Nearly every adult in any household dreams of owning a property for either themselves or their family at least once in a lifetime.
However, when you have decided to buy plots in Mysore or any other type of property, basic knowledge about legalities is a must. This not only helps you in a safe and secure investment at the moment of purchase but also keeps you protected from any unforeseen legal complications that could arise due to the property.
A seller of a plot could be either a company or an individual. In any case, you must check whether their claim to identity is real. The first step to a secure investment in plots in Mysore is knowing the seller and verifying their identity through valid documents such as Aadhar number for individuals, company registration for companies, etc.
Title deed is the document that proves the rightful owner of plots in Mysore that you are willing to invest in. In short, title deed is the proof of ownership of a plot or any property in Mysore. Title deed must be in the name of the seller to verify that they own the property and have all the legal rights to do anything with the property as long as it is well within legal norms. Always look for original title deed that is attested by a lawyer. Plots are often sold and resold many times as vacant land is today a rare property that is nearly exhausted. To be on the safer side, look for proof of all previously held titles as well as the current seller who is selling you the plot.
Encumbrance certificate or EC
The encumbrance certificate for plots in Mysore is the important document that verifies that those plots are free from legal issues including debts or other liabilities. It serves as the evidence of possession of the property. The certificate is also necessary when one wants to apply for home loan, which in most cases of real estate investment holds true.
Title deed is not the same as sale deed but both are equally important. While title deed states the proof of ownership, sale deed is proof of the sale of the property itself. In the sale deed, the transfer of ownership from seller to buyer is also verified and can be used as proof of the same for any plans of property resale in the future. Sales agreement that defines the terms of the sale as accepted by buyer as well as seller is also important; sale agreement is often also referred to as contract of sale. Therefore, check for both sale deed and sale agreement when investing in plots in Mysore.
Khata certificate, Khata extract
A Khata sites are the sites that have been legally approved to have no property taxes that are due. While Khata certificate is proof of ownership and up-to-date tax payments, Khata extract describes the property type and its genuine valuation following legal norms. With Khata certificate and Khata extract, transfer of ownership is quicker.
Plots can be used for a variety of purposes and there is no pressure of utilising them right away. Vacant land is thus the perfect choice for those who can afford a property but cannot think of what to do with it right away.
GSS Projects is the name that exhibits expertise in real estate consultancy services. With more than 25 years of experience in the real estate sector in India, our services give reassurance to potential investors that are looking at buying plots in Mysore. Contact us for best-in-class real estate services.