Residential plots in Coimbatore are among the most in-demand properties today as real estate investors and homebuyers realize their cost benefits. Interested? Not so fast. As with any property, buying residential plots in Coimbatore is not easy. Even though you have the financial capabilities, you still have to process many papers or acquire specific documents before you can actually purchase the land. The legal procedures involved include the following:
- Agreement to Sell – The buyer and the seller have to make an agreement that restricts both from changing their minds in the future. This document also includes a detailed description of the land, the actual price, the amount of the advanced payment, and other terms and conditions that both parties have agreed upon.
- Title Deed – Also called a sales deed, this document proves the transfer of ownership. Both parties must sign it.
- Registration of Title Deed – To register the land to the respective sub-registrar office, you must compile the original title deed, the new title deed, previous deeds, property tax receipts, and torence plan. Aside from the registration deed, you must also pay for the stamp duty and lawyer fees.
Other important documents that you should acquire include:
- Khata certificate – This document that proves that the land has local municipal records.
- Encumbrance certificate – This certificate shows all detailed transactions about the residential plot. It is also a proof that the land is free from loans.
In Coimbatore, it is a lot safer to buy residential plots from a reputable land developer in Coimbatore to avoid having to deal with stressful paperwork. Reputable land developers that are also in the business of residential construction ensure that the residential plots they sell are indeed suitable for families. They see to it that their communities are accessible and peaceful.