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Sanjay Chouhan (NA)     02 March 2014

Purchase of property on lease

Dear all, This question has been worrying me for a very long time: if I purchase a property that was leased by the development authority (NOT developer!), what all documents should I check ? Also, How will I know what is the residual liability on the original leasee?

The hypothetical case is : There was this area that was developed by a development authority and leased to the general public as well as its own employees. Now, three years have passed and a few of the original leasees want to sell. If I buy this property, the following AFAIK are the essential documents that I have to check:-

(a) Original Lease agreement with the authority (b) Clearance from authority to further sell it to me (c) NOC for property tax, electricity, water, sewage etc (d) Hypothecation documents. In addition, what other things should I check? Also, if the property is jointly leased, then what documents are required?

Will be grateful for some help on this. Regards 



Learning

 1 Replies

T. Kalaiselvan, Advocate (Advocate)     03 March 2014

The documents what you have mentioned are essential and to be verified, in addition, please produce all these papers before a prudent civil lawyer who will be able to render proper opinion about going ahead with the proposed purchase.


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