Buying property is a big decision, and there are a number of things you have to consider, like finances, your requirements, builder’s reputation, and most importantly, the legal considerations. Property transactions involve huge sums of money, and it is essential that you understand the various formalities involved.
Let’s look at the legal factors to consider while investing in apartments in Trivandrum:
The first thing you need to do is check the title of the property. You must make sure that the title is clear and that the seller is eligible to market it. There should be no legal disputes or encumbrances associated with the title. You can consult a lawyer or property expert to do a thorough search in the land registry to check for things like litigation, claims, or existing mortgages. This has to be the first step in the process; only when you are sure that the title is clear, should you proceed further with the transaction.
Land is zoned into different categories like commercial, residential, or industrial by the local authorities of the city. Do a background check and ensure that the local zoning regulations have been followed and that the laws are being followed.
Trivandrum's local authorities have specific zoning laws that designate areas for residential, commercial, or industrial use. Before you purchase a property, check the local zoning regulations to ensure that your intended use aligns with these laws. Violating zoning laws can lead to legal complications and hefty fines, so it's crucial to be clear about what the land can be used for.
This must be a priority in your real estate investment strategies in Trivandrum. Suppose you plan to purchase property with an existing house or by a vacant plot to build a house, you must ensure that the building plans are approved by the Trivandrum Municipal Corporation and that all building codes and safety regulations are complied with.
Stamp duty and registration fees are payable whenever you purchase property, and are usually a percentage of the cost of the property. Knowing the exact amount is critical, so that you can budget for them and complete all legal formalities properly.
Anyone who owns any property is liable to pay tax on it; check the status of the taxes with the relevant authorities and verify that there are no dues outstanding, as they can become a liability for you.
There are various laws that deal with the transfer of property. Consult a lawyer to understand these laws and make the transaction water-tight and above board. This way, it will be legally binding and acknowledged by the courts. Your lawyer will also help scrutinize and draft any documents required.
All new residential developments and housing properties have to be registered under the RERA Act. This law protects buyers from malpractices in the real estate sector, so make sure that the builder has complied with this requirement.
As mentioned earlier, engage the services of a lawyer specialized in real estate, and make sure they go through all the legal complexities in the documents. Sign only once your lawyer is satisfied that everything is in order, and you have understood all the terms and conditions of the transaction.
Like in any other industry, real estate also has its share of fraudulent practices. Verify the reputation and credentials of builders and brokers or agents before you purchase anything. Getting professional help can help you steer clear of suspicious deals.
In fact, legal advice may be required even for things like future transactions, managing property or tenants if you rent out the apartment, and so on.
Buying property anywhere requires that you plan carefully and understand all the legalities, and comply with the regulations. You must perform your due diligence by ensuring that the property title is clear, all necessary regulations like zoning and building plans have been complied with, and that the taxes have been paid.
When you purchase an apartment in Trivandrum from a reputed builder like Varma Homes, you don’t have to worry about any of these matters, as all their properties are RERA approved, and are in high demand as their dealings are transparent and fair.
Your perfect home awaits but make sure it’s legally sound. Buying Apartments in Trivandrum? Arm yourself with the right legal knowledge and trusted partners. Browse fully compliant properties in Trivandrum now.
What legal documents should I verify before buying an apartment in Trivandrum?
Before purchasing, ensure the following documents are in order:
Is RERA registration mandatory for apartments in Trivandrum?
Yes. Under the Real Estate (Regulation and Development) Act, 2016 (RERA), all new residential projects in Trivandrum must be registered. RERA ensures that developers maintain transparency regarding project timelines, approvals, and legal compliance, protecting buyers from fraud and delays. Always verify the RERA number before purchasing.
Can I trust all builders when buying an apartment in Trivandrum?
Not necessarily. While some builders in Trivandrum have excellent reputations, others may not follow legal protocols. To stay safe: