While investing in a second or third home, a buyer need to take a few steps to safeguard their investment. Since the house will not be occupied by the buyer there are chances of them being the victim of fraud wherein the house has been sold to multiple owners by scrupulous means. Various other frauds may include selling a property that is on mortgage with the bank or one that has pending loans on it.
To avoid these pitfalls, it is important for a buyer to verify the credibility of all documents like a title deed, encumbrance certificate, release certificate, surveyor’s report to ensure the property is free of legal complications. Also, while buying an apartment in a community housing layout, the committee or society responsible for the building should be contacted to agree in principal, to give the NOC. This ensures there are no pending dues or encumbrance on the apartment. In cases where the owner is an NRI, one must verify the Power of Attorney given to the person making the deal.
Often times while purchasing a home it is advisable to apply for a home loan keeping the house as collateral. In this process, the bank also does a thorough background check to ensure the value of the property will not be diminished via illegalities. The involvement of a bank further safeguards buyer interest. Putting a small notice in the paper inviting any persons who think they have a claim on the property could be another safe guard.
While these are precautionary measures, it is imperative to invest in property brought from or brokered via trustworthy sources. If one is buying a home within a community project, it is important to invest in projects of a reputed developer. This greatly reduces the chance of property fraud. As a reputed developer, Krish Group ensures that the title deed is verified and clear of discrepancies, there are requisite approvals. Our emphasis on transparency and fair dealing has ensured that investors are happy to be associated with our projects. Forty percent of purchases in Krish City Phase II take place through customer referrals under our brand loyalty program. Also, buying into the projects of reputed developers mostly ensures the appreciation of your investment keeping in mind the location and future development of the surrounding area.