Vatuation & Legal
manju
(Querist) 29 July 2011
This query is : Resolved
Dear Sir,
I would like to know about the following thing:-
1. What do u mean by Property chain, how we can understand it , wether it is completeed or not?
2. what do u mean by valuation?
3. what do u mean by legal report?
how many thing are require by the following.
Regards
manju
A V Vishal
(Expert) 30 July 2011
1. What do u mean by Property chain, how we can understand it , wether it is completeed or not?
Ans.Property chain in simple terms means link providing details how the current owner has acquired right in the subject property. On perusing the documents only it will be understood and not otherwise. A person may have acquired the property in different modes and in different circumstances viz. by legacy and inheritance, by will, by gift, by sale etc... and so on and so forth. It has to be looked whether the right flowed legally to the current owner from its past owners and whether the current owner has clear and marketable right.
2. what do u mean by valuation?
Ans. Valuation is linked with the subject property in terms of monetary/intrinsic value of the property.
3. what do u mean by legal report?
Ans. A Legal report as explained in the 1st query looks only into the legality of the transaction. It is based on verification of link documents and cross verification from statutory authorities like the local municipality/gram panchayat, revenue records and the registration department. Basically it is a summary of the personal opinion formed by the expert and his own judgement formed out from perusal of the documents.
how many thing are require by the following.
Please be specific in this query.
manju
(Querist) 30 July 2011
thanks for your information, one thing i want to know that is, if i book a flat through real estate company. how many thing i consider during the deal.
A V Vishal
(Expert) 30 July 2011
If the property which you are going to purchase is an apartment you have to examine and verify:
a. The title to the land on which the apartment building is being constructed. For tracing and confirming the title of the land on which the Apartment building is built, the same points narrated
above have to be followed.
b. The land and the building must have been subjected to the provisions of any existing Apartment Ownership Act governing the area where the property is situate, by a registered document called the Deed of Declaration. Read the Deed of declaration and it will give you a clear picture as to
what are the common rights, facilities, how it has to be enjoyed, how it has to be maintained. As a whole the deed of declaration will contain the various provisions regarding the mode of enjoyment of the apartments, common areas, and facilities.
c. The percentage of right in the land which you are going to get has to be verified
d. Whether the Association of the Owners has been formed?
e. Get a no due certificate in case of a resale from the Association of Owners regarding maintenance or other charges so far as it relates to the apartment, which you are purchasing.
f. The building license, plans, completion certificate latest tax paid receipt have to be verified.
g. All documents relating to land as explained above have to be verified.
h. The original of the sale deed relating to the apartment, which you are purchasing, has to be obtained.
