Last updated on January 2nd, 2023 at 02:42 pm
Buying a plot or land is an important and daunting decision. It is a huge investment for most people and therefore, it is important to weigh all your options before making the decision. This can be done by gathering information about the location, size and price of the property. It also helps to know about the legal aspects of buying land or cheap plots in Lucknow, India.
9 most important documents you need to consider when buying a plot or land:
Table of Contents
The deed is the most important document in any real estate transaction. The deed shows who owns what and how much they paid for it. The deed also contains other details like address, survey number etc., which help in identifying the property easily.
2) Title Deed:
A title deed is a certified record of ownership that confirms that you own a particular piece of land or property legally. It contains details like name of owner, date of registration etc..
3) Survey Plan:
A survey plan is another important document that must be considered when buying a plot or land because it shows where exactly your property is located on the map of Nigeria and its boundaries including any adjoining properties that could cause problems in future if not clearly defined now. It also shows all existing buildings like houses and commercial buildings within your vicinity so that you know what kind of neighborhood you are moving into before you make this important decision regarding your future home.
4) Environmental Impact Assessment (EIA):
An EIA is another necessary document to consider when buying a plots in Lucknow because it informs you about all environmental impacts that may occur in the area where you are interested in living.
5) Freehold Title Deed:
This type of title deed gives you absolute ownership over the land you bought and grants you full rights over it. It also allows you to sell or mortgage the property without having to get approval from anyone else involved in the transaction. The only disadvantage is that it can sometimes be difficult (and expensive) to obtain a freehold title deed as it involves lengthy court procedures and strict legal rules that have been put in place by government agencies like the Deeds Registry Office (DRO).
6) RERA Registration Certificate:
The Real Estate Regulatory Authority (RERA) is an independent law-making body which was set up by the government of India to regulate the real estate sector in India. This body has enforced certain laws for both buyers and sellers to ensure transparency in business dealings.
7) Survey Map:
A survey map is a document that shows the boundaries, measurements and ownership of a plot or land. It shows who owns what part of the property and how much each person owns. It also indicates whether there are any encumbrances on your property such as mortgages or liens against it.
8. Municipal/Community Certificate:
A municipal certificate is another document that you need to have before purchasing any piece of land. This certificate confirms that there are no unpaid taxes on your property and it also shows whether there are any pending legal issues concerning your property.
9. Transfer Certificate:
Transfer certificates are issued by the revenue authority after a purchase has been made. This certificate will allow you to get rid of all pending demands from creditors while transferring ownership of your property.