No. 1 Property Verification Services & Property Management Services

Document Preparation Precautions


Monthly Archives: April 2016

Document Preparation Precautions

Document preparation checks and cautions

Document writing is a professional job. So it is expected that the person who prepares the document shall act as a professional and delivers a good product to the user. You may be a buyer, lessee, mortgagee, member in a partition deed or a document writer or any other person connected with documentation – whatever relation you have with the document in question, you require to take the following precautions in document writing/document preparation. The following are certain precautions one must take while preparing a document.

Check the names and spelling of the parties:

Names of the parties are material part of the document. Therefore, the names of the parties shall be correctly recorded in the document. To ensure this, if the document is prepared in English language, verify the academic records/passport/aadhaar card etc to get correct spelling (names) of the parties including surname. In case a person name is recorded differently in different records, then mention the different versions of the name as alias. If a woman name in is recorded as daughter of a person in one link document and; subsequently in another document her name was recorded as wife of a person, then it is better to reconcile and record both the status to avoid confusion. Father/husband name shall be recorded correctly. Get full and accurate information from the parties.

Any small mistake in the names of the parties will result in execution of a rectification deed. This will put the parties in unnecessary troubles. The vendors may not be available in the station or whereabouts of them may not be known to the purchasers. The vendors may demand additional amounts or put many conditions to execute rectification deed in favour of the purchasers. Therefore, it is the duty of the person who prepares the document to take all the care and caution to record names of the all the parties correctly.

GNG-Document-

Age of the parties:

Record correct age of the parties by verifying records available. Don’t put approximate age by seeing the physical appearance of the persons. It is advisable to ascertain and record correct age of the parties.

Profession and addresses:

Profession of the parties, present and permanent addresses shall be recorded in the document without any mistakes.

Vague description of the parties will create confusion. Therefore, give full and comprehensive information of these important aspects. Take some time and verify twice or thrice and get it cross-checked by another person to ensure that there will not be any mistake in these aspects.

Link document numbers:

Record correctly the link document number, date of registration, Book Number/CD volume number, page number in book, Sub Registrar/Registrar Office name, and District name correctly. Many a time parties fail to record correct link document numbers and thereby forced to execute rectification deeds subsequently by the bankers and other interested parties. The names of the vendors and vendees of the link documents if recorded in the present document, then they shall be recorded as they exist in such previous documents without any variations.

Consideration:

Record details of consideration paid in numbers and words without any mistake. This is a material part of documentation; therefore, full care shall be taken to record the consideration without any mistake.

Cheque Number/DD Number etc:

If the amount is paid through a cheque or DD or Pay Order then the details such as the number, date of issue, bank and branch name and the amount shall be recorded without any mistakes. Check correctly these details. There is every possibility of committing mistakes in recording these details. Take expert’s advice in recording DD/pay order numbers.

Schedule of the property:

This is very important part of the document. This part describes the details of the property by mentioning in which village/city it is situated.

Agriculture property:

Village name, mandal name, district name, sub registrar office name, survey number(s), full extent of the survey number(s), the extent now being transacted under the document (survey number wise), all the four boundaries.

Open Plot:

Village name, mandal name, district name, sub registrar office name, survey number/town survey number, plot number, total extent of the plot, the extent now being transacted under the document if part of the plot is transacted, all the four boundaries.

House/commercial units:

Village name, mandal name, district name, sub registrar office name, survey number/town survey number, plot number, municipal/panchayat assessment number, door number new and old, extent of the land, plinth area of structures, all the four boundaries.

Flat in an apartment:

Village name, mandal name, district name, sub registrar office name, survey number/town survey number, plot number, total extent of the plot along with four boundaries for the entire piece of land on which the entire apartment structure is raised as Schedule 1. Flat number, plinth area (including common areas), all the four boundaries of the flat, car parking area and undivided share of land as Schedule 2.

Try to get full information of owners abutting the property and falling in the boundaries and record their names instead of mentioning them vaguely like ‘the neighbour’s property’. If there is a road in one of the boundaries, then mention its width also; if there is a name to the road them mention name of the road. If the full survey number (agricultural land) is transacted, there is no need to record the details boundaries. But if the parties interested then they may also be recorded.

Take abundant caution and care to record correctly these details. Check twice or thrice. Get it cross-checked by a person who got critical eye in catching the mistakes.

Attesting witnesses:

Attesting witnesses play a vital role in case of dispute regarding the document’s validity. Therefore, select reputed and persons having good conduct as attesting witnesses. Attesting witnesses are the persons who see the very signing (execution) of the document by the parties under the document. Their version regarding the execution of the document will be very important and crucial in case of any dispute regarding validity of the document in the court of law. As human beings are mortals, see that the young or middle-aged persons are secured as attesting witnesses to the document. As per Transfer of Property Act, the statutory requirement is two attesting witnesses; but if parties wish then more than two persons may be taken as attesting witnesses.

Not only the above, the parties shall take care of all the recordings in the document since it is a formal, legal, contract document. Give full, comprehensive and factual information in the document; ensuring that their interests are safeguarded. Instead of leaving it to the document writers / advocates alone, the parties shall also actively participate in preparation of document particularly in verification of the details word by word.

Construction Monitoring Services in Hyderabad

Property Construction Monitor Hyderabad

Property Construction Monitor Hyderabad

 

Once the loan is closed and construction has commenced, NFS will perform a monthly walk of the property to confirm that the work has been completed. If any questionable methods or materials are observed they will be reported for further inspection.  Any deviations from the project drawings are also noted and reported.   NFS also reviews all change orders to verify the validity of the charges.

Construction monitoring is designed to compare the progress of construction work with the project schedule and is conducted through periodic visits to the construction site. More intensive monitoring may occur based on a client’s specific request. In the final phase of construction monitoring, NFS will provide the client with a report that includes findings and certification of any costs or project milestones.

Commercial Growth, Good For Realty!

A big tide is witnessed in real estate sector, as a number of commercial companies are hunting for properties with better amenities. The end result of this search process helps every commercial organization to find its ideal destination for a grand start. This way every commercial setup is finding its room and contributing to the nation’s economy.

It is widely believed that any investor, developer or private organization who responds to the market preferences will have more opportunities to garner commendable economic advantages. Likewise, meeting commercial clients’ demands in terms of locality, comforts, budget and other prime considerations will boost the overall realty industry.

  • A number of commercial organizations create avenues for high employment opportunities. Residential properties will be in great demands which are closer to the business setups. So ultimately both the residential and commercial realty witnesses a great improvement.
  • As per clients’ demands real estate agents, builders and developers present projects which offer more luxury, amenities and interior style.
  • City limits are also expanding as suburbs are becoming the favourite destination for many commercial companies. This indirectly makes suburbs a lucrative choice for homebuyers.
  • Price appreciations are expected to increase in the areas where more commercial setups are booming. People who have already invested in the suburbs can expect a beneficial return in the current realty market.
  • Proximities to basic necessities will be the added value for homebuyers.

The range of choice available in real estate market will be very attractive for any commercial or residential investor.

Your checklist for buying a home

1

 

Everybody around you is either planning to invest in a property or has already done so. You might have been holding back waiting for the right property at the right price developed by the right person. While there are many parameters by which you can judge a right property, how do you go about selecting the builder?

Here is something you should know –

The Mantra: Research Well

Most buyers look into the budget and the location.Ideally, the developer is of prime importance too. A good builder will see to it that your house is delivered to you just as you like it clean title, with all the approvals and value for your money.

Take for instance, the case of delayed projects.These have in the past crippled home buyers. Project delays can happen if approvals are not in place or the developer is facing a financial crunch.

There are a number of reasons, “Some developers try to sell property even before they have obtained the license to do so, some other mismanage their cash inflow, others go overboard with their expansion plans,“ says Arun Alok, an individual consultant at Top Properties.

Always research on the track record of the developer. Check whether the builder has delivered projects on time, of good quality and takes care of his brand even post sales.

Arun gives a classic example of a developer who had a track record of late project deliveries. “This one time reputed developer grew so ambitious that with the money he got from buyers, he used it to buy plots in his next construction site.“

legal advice

Strategies

In a slow market, just like how it is today, marketing strategies flood the market. Even real estate sector is open to it. While marketing does bring more information on your plate, do not give in to it blindly.

You may have heard of discounts, deals, assured returns or buy back guarantees. It is an indicator of stress in the market. To boost sales, developers may be ready to give waivers on the total cost of the house, gold coins, free appliances and fittings or even a car! Sounds wonderful, doesn’t it?

Though these marketing tactics are ethical, as a buyer, you must be careful about where you are putting your money. If the house suits you, go for it, with or without a deal.

Check if the project has all legal approvals and NOC’s from related regulatory authorities.Find if the project land is registered with the builder and if he has all necessary sanctions generated with clear information on approved FAR.

You also need to know if the sewage, water connection and electricity sanctions have been obtained. Check whether the project is rated by any credit rating agency. Generally, agencies give ratings after detailed survey and due diligence of the project.

Do not restrict yourself

Magicbricks reached out to first home buyers across the country through a recent survey. The findings were interesting.About 39 per cent first home buyers indicated that they would consider family advice as sacrosanct.

A close second was reliability on real estate portals with 33 per cent relying on the online medium for research and options. Consulting brokers and newspaper advertisements were other mediums.

When it comes to property purchase, everybody around has advices for you. They may be talking from previous good or bad experiences. It is good to lend a ear. At the same time, do not restrict yourself from exploring.

Shortlist the kind of house you are looking for. Zero in on the developer firms that offer you with what you have in mind. Different developers have different levels of expertise and ideas about how to go about the plan and construction.

A new developer in the market may not really be a bad choice. Do explore your options and then make the final choice. Be ready with all your homework so that when the best deals come, you are ready to plunge.

How good is the firm after sales? 

The developer-consumer relationship does not end with the close of sales. Brand management starts after the sale is over.Many realty giants have established their base only because they were able to woo buyers with a commitment that they would address any problem that may crop up.

Similarly, many big developers have lost their image because they failed to stick to timelines, original maps etc.

If a firm extends help in terms of maintaining a website that documents construction updates and encourages after sale meets regarding discrepancies in clauses, the firm has already won a lot of hearts. Refrain from investing in properties owned by unstructured and flyby-night developers.

For most buyers, a property purchase is a very big investment. Depend on the best.

Sneha Sharon Mammen, Times Property, Magicbricks Bureau/ Hyderabad

Buying A Home For Your Daughter?? Have A Look At This!

As a parent, property buying experience is quiet a big phase where you look for better values and returns of the property. Further, home is a place that holds both cherished memories and serene lifestyle. The same is applicable when you tend to buy the best property in the city for your loving daughter.

Proper guidance can enable your daughter to settle down prior in life. In addition, if your daughter gets a down payment say 20 % from your end, then they need not pay any private loan insurance. Instead, they will acquire better interest rates with surplus savings for a long period of time.

Buying a property for your daughter may be for varied reasons, but you must be always careful and specific to opt for the homes which have the following amenities.

Home Protection

  1. When searching for a house, the first and foremost thing you have to look is safety.
  2. Never fail to check the windows and doors and make sure that they are not built close to the ground.
  3. Property inspection has to be done to see whether there are issues with the house.
  4. When it comes to amenities like splash pool, ensure that they have fence inspite of their heights.

Safety in Vicinity

  1. In case of vicinity, research on the locality whether it has good connectivity to all prime places.
  2. Check for good hospitals, educational institutions and shopping malls to fulfill all your requirements.
  3. Get to know the police stations and fire offices that are close to your homes, so that immediate services can be catered.
  4. Along with this, make sure that all the above things are located at your nearby doorstep in order to reach at the earliest in case of any emergency situation.

Get a Legal Advice

  1. It is wise to get a legal advice from a prominent lawyer in the city for buying a better home.
  2. Know the pros and cons of that particular locality property before buying it.
  3. Avoid risky situations by consulting licensed attorney or financial planner before issues come your way.

Well, some parents have the thought that helping their daughter will make them feel dependent, which is actually not true. When you help your daughter, it not alone breaks her tough financial situation but also enables to develop some equities and gives a fresh start to her adult age.

With low interest rates and growing property markets, your daughter can have a boon in her investments and good returns in the future. According to your financial capability you can choose a home within your budgets for your daughter.

Strategies to Look for When Buying a Home

  • father-and-daughter your daughter doesn’t get cheated by involving in wrong deals or lending Although there is no perfect way to assist your daughter in buying homes, there are intelligent ways to buy it. With excellent attorney and financial solutions, one is sure to get the best dream homes for their daughter.

Benefits of Living In An Individual Home

Is it an Apartment or an Individual House? This is an endless and popular debate across the globe.  As per the growing demands and individual desires & capacity this is decided.  Despite of its pros and cons, individual house is always considered as the paradise on earth amongst people in the city.

Everyone will have a dream to live in a cozy and stylish individual house. When one dreams about his or her house, the picture that pops out of their mind is individual house and definitely not an apartment/flat.  So it is widely believed that only in an individual house, you can be yourself and fulfill your ever rising desires in your home.

Few decades ago, living in an individual house was very common and considered to be the best. But in recent days flat/apartment culture is growing rapidly because of every individual’s affordability and lifestyle. However, to opt an individual home is definitely a gift and one should experience rather debating on it.

Property Check

Some of the witnessing special features of an individual house

  1. The first and expected advantage of individual house is that you will have a greater degree of freedom.
  2. You can have many benefits in your individual home like access to a yard, balcony or any other private & outdoor area.
  3. One can embellish his/her house as per their desire as per the latest trends. In future if you have any plan in refurbishing your house, then there is no interference.
  4. Those who concentrate more in interiors have greater advantage in planning and designing it accordingly.
  5. Developing high floorsif you want make additional income by renting a portion.
  6. If you are a gardening enthusiast, then living in an individual house is a boon.  There is terrace gardening as well. You can indulge in your own garden and fulfill your dreams.
  7. Always have an option to expand the space when your kids are grown up.

Above all, investing in a home always help every individual to save their money in a long run.  Be it a resale property or you build your dream house, it is always a pleasure to live in an individual house now-a-days.