Simple ways to check Genuity of a Property
After short-listing the property, it is very important for an individual to check the Genuineness of a property. It is better to maintain a check-list while doing so... This will help keep track of what task is completed and what’s not! This will help you properly understand the process of buying a house!
We here at OSS have simplified it into simple steps that you can refer to and go ahead with your purchasing process of the house.
1. Check the Title Papers.
It is mandatory to have a check of the legal documents of a property before you make the payment for the same. The most important thing is to check if the Title is clear or not. It is suggested that you go to a property Lawyer with the legal documents for staying on a safer side!
2. Check if it is Approved by Good Banks.
Another way of knowing if the property is legally clear for purchase is to have a look if it has been approved by leading banks. Banks only Approve properties that have all the legal clearances and valid documents.
3. Check for any loans or mortgages.
In case of resale, the previous owner does have the option of taking an additional loan against the property he owns. Be informed enough to know if the property has ever been mortgaged or not. This also is a pretty important point.
4. Check the constructed and sanctioned area.
Before going ahead and buying the property it is mandatory to ask the builder for the sanctioned plan and what you must do is to compare it with the actual built-up area. In some cases, there are illegal constructions which are not in accordance with the Sanctioned plan.
5. Check for encumbrance certificate.
An encumbrance certificate consists of all the details of previous registrations which a potential buyer can get from the sub-registrar’s office. It is a proof of free ownership and it testifies that the property is free of any hassles and is a green signal for purchase.
6. Check if Property Tax has been cleared in full.
Property taxes are usually paid on an annual basis, it goes a long way to check if it has been paid for the tenure, he owned the apartment as it shows how diligent he is as an owner and if he has paid all the taxes, it gives a stamp of trust for making any kind of transactions.
There is also another thought and decision-making process one must keep in mind to make all the above stated points go as smoothly as possible! What is a fake seller and why would anyone want to knowingly waste time and money on something so lame? It may seem like a bogus idea, but fake sellers are out there. Trust us, we know. From our short-lived personal experience to boot! So, here’s the rub. Fake sellers can easily seem like real sellers. They do all the things a real seller would, such as put the house on the market, place FOR RENT signs on the lawn, have an agent and host open viewings. However, whether knowingly or unknowingly, they waste their time and money doing all of this because they are not really READY to sell. If you don’t know how to detect fake sellers, then you cannot avoid them. And if you don’t avoid them, then you may waste precious time and money to fruitlessly negotiate buying a house that isn’t really for sale. The number one reason that people cannot sell their homes is because of a grossly high asking price. When you hear that an owner is having difficulty selling their home at such a high price, beware! As with the case of our first loft offer, what it actually means is that the seller is refusing to accept the market’s opinion of what their house is worth. They may have an alternative motive, such as making up for the costs they’ve spent to upgrade their place. Or just to try to get more money from a buyer who knows nothing about the current market. This, by the way, is different from real sellers who mistakenly place too high of an asking price. Real sellers will wise up over time. Fake sellers will not. Our advice is to move on and go ahead and get in touch with a channelling partner who is really willing to take the troubles of a new house buyer and get him through without feeling any hassles in a safe and secure environment.
Getting a seller who is motivated is important. Most sellers are motivated by a life change, such as a job transfer, a recent marriage or divorce, retirement, etc. Having a REALLY motivated seller makes it better for the buyer, because they will have a better chance at negotiation. Our fake seller was obviously not motivated at all, which made it easy for him to be uncompromising. Lack of motivation is a giant red flag. Run the opposite way, especially if you hear them say “they are just testing the market”.
My best advice is to do the same as we did. If you find yourself dealing with an unrealistic, unmotivated, and uncooperative seller, it’s time to walk away. Find something else. Maybe that seller will wise up, but then again, maybe not. You don’t want to waste your time and energy trying to coax reason into a seller like that.
Plus, you may find that it ends up being a blessing in disguise and you find a property that checks off even more boxes! Like our customers did! In the end we can give you a tip on how you can actually boost your skills on how to catch a scam that may be out there.
You’d like to think the average web user is sufficiently well informed to recognize a scam when he or she encounters one, but it’s not true. Scammers wouldn’t continue to post these advertisements if they didn’t work to some extent, so fraudulent listings surface everywhere. You shouldn’t feel bad if you get taken in by a scam. Even people who have done their homework and have extensive experience in the real-estate industry can be duped by a sophisticated advertisement. “Consumers are now more aware of scams, but because scams have gotten more sophisticated, consumers are not sure they know how to avoid them,” So, keep in mind if something feels too good to be true be aware. There may be something on the other side that may be waiting to steal all your hard-earned fruits and time.
Author- Mohammed Nadeem