Buying Land for Home Construction – Things to Remember

In the present market, there are many options like apartments, ready-made homes, etc. There are still many people who prefer buying land and making a home precisely as per their requirements. After checking things like locality, future expansion, and proximity from important places, You should check some crucial things like the authenticity of the land owner, land title, power of attorney, and mortgage situation. Let’s have a detailed look at the importance of these things. Buying Land for Home Construction – Things to Remember

 

• You should confirm the identity of the plot owner and whether he/she has the right for transferring ownership to the buyer. This is easy work after the introduction of online methods. You can go to the official land record website of the concerned state or union territory and enter the details of the land and get the identity of the actual owner of the land. There have been many cases of land fraud in which bogus landowners were shown to the buyers but the introduction of these sites has substantially reduced such frauds. You can also go to the land records office of that area to get these details but the online method is way much faster and easier. Confirming the identity of the land owner and checking if he/she has the right for transferring ownership is one of the most basic and essential things to check while buying a piece of land.

• The land title is a legal document that proves your right of owning and using the land for your own purposes. Literally, the biggest and most important document is the land title. Without a land title, you can’t claim your rights to a piece of land. You should ask for the land title before buying land, It clearly shows all the rights of the owner related to the concerned piece of land. If you own a piece of land then you should keep this document in a secure place.

• If you own land then you can give power of attorney to any trusted person you want but you should be very careful while doing so. This gives that person the right to manage your property so if anything goes wrong then you will face the consequences. The person having power of attorney can sell the property only if the actual owner is not capable of taking any decisions but the deal should be in the interest of the subject.

• You should make sure that the land is not mortgaged. This means that all the loans related to the land should have been paid off before you purchase that land. If the land is mortgaged then the concerned bank or financing company can claim their rights to the land. There have been many cases in which buyers have faced many complications because the land they were buying was under some debt. If you don’t want to face any such complications then make sure that the land is not mortgaged.

These are the crucial things that you should definitely check while buying a piece of land for the home construction or any other purpose. Checking these things will not only protect you from any kind of scams but also ensure a smooth transfer and payment process.