Digital technology has taken over our lives. Online you can order gourmet food, pay for tuition, and even make offerings to your favorite deity. There's even a marketplace online. A property could also be purchased online, as we buy everything from groceries to high-end electronics online.
Unorganized brokers and middlemen typically handle Indian real estate deals. Nevertheless, the Indian homebuyer has made his mark, and things are changing. Even though there is a wealth of information on various sites, doing your due diligence is essential before the property sale online. Whenever you sign the documents for purchasing a property, you should always consider the following things.
Shortlist Properties Using The Internet
Property listings are almost always available on the Internet. Virtually see the property and its amenities in 360-degree views through pictures and videos. You can use online portals to find out about the development expected for an area within 5 km. This is a massive help in making life easier, but all it can do is filter properties and shortlist those that fit your criteria. After all, isn't it relatively simple to use Photoshop and other enhancement software to improve the look of pictures and videos? Check out the available properties and shortlist those that meet your criteria.
Site Visits Should Always Be Conducted.
You can get a better feel for a house by taking a virtual tour. A virtual tour of a property can give a buyer the feeling of being physically present at the property. In spite of this, it is highly recommended that the buyer inspects the house at least once prior to making a final decision since there are many things a virtual tour may or may not cover.
Inspections Should Not Be Rushed.
Ensure you inspect every possible property on the list once you have compiled a list. One needs to consider several factors before finalizing a property purchase, such as quality of construction, the extent of completion, surrounding areas, accessibility. However, these details can only be determined by a physical inspection. Hence, physical inspections should always be carried out.
Trusted Brands Are The Best.
This thumb rule remains valid no matter how you purchase - online or in-person. Scammers frequently target real estate market buyers and use various tricks to cheat them out of their hard-earned cash, particularly if the transaction is carried out online. Therefore, buyers should be cautious of deals from unknown sources that sound too good to be true. Experts recommend only working with contractors or real estate agents with impeccable reputations.
Brands are not trusted merely because they regularly appear on television and feature celebrities. Make sure you only purchase from established brands, preferably from companies listed on the stock exchange.
Many messages have been sent to the builders, from the government and other stakeholders, about reducing prices during the COVID-19 crisis. However, the majority of the developers have been reluctant to cut prices. Considering that developers haven't done this, despite the fact that a majority of them are under tremendous pressure and demand has come to a halt due to new lockdowns, there is reason to be suspicious of unbelievably great deals. An honest builder will not be able to offer you much discount.
Always Check The Documents: The Ownership Of The Property
Despite the possibility of finding your dream home online, making payments online, or getting a home loan approved online, the ownership of the asset is meaningless without the property documents. The possession of the property-related documents, to prove your ownership, must still be in your possession, even though one can now complete property transactions entirely online. It is paramount that all property documents are properly recorded.
The seller may be asked to provide the following documents/information for 30 years, if not a more extended period (and in the absence of documents, for a minimum of 12 years):
Several documents are needed to prove the property title: government documents, succession certificates, sale deeds, gift deeds, wills, partition deeds, etc., demonstrating that the title changed over the years, culminating in the seller vesting ownership.
There are three types of title: leasehold, freehold, and development rights.
The owners sign the development agreement and power of attorney to favor the seller if the seller claims development rights.
Ownership of Khata is registered to the seller.
A description of litigation that is pending or has already occurred.
If the seller has the original documents, they are available.
Shop Online, But Resist The Temptation To Save Money.
Promoting non-moving properties online may be an effective method of selling them off. Don't be lured by the discount amount if you can't see the property in person and don't have clear discussions with the developers/current owners before buying. Be sure to check comparable property prices as well.
Final Thought!
In summary, investing in property is one of the most important decisions you will make in your life, and it involves a considerable amount of money. Property purchased online cannot be exchanged or returned.
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