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CHECKLIST FOR BUYING APARTMENT OR INDEPENDENT HOUSE AS GOVT WASHES HANDS OF DUAL REGISTRATIONS OF PROPERTY

 
 
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CHECKLIST FOR BUYING APARTMENT OR INDEPENDENT HOUSE AS GOVT WASHES HANDS OF DUAL REGISTRATIONS OF PROPERTY
by System Administrator - Friday, 15 April 2016, 9:45 AM
 
By: M.S.Yatnatti: Editor and Video Journalist Bengaluru : Planning to buy a piece of property? Do it at your own peril. For, the stamps and registration department has said it is not responsible for fraudulent dual registrations. It means the onus is on the buyer and the seller to ascertain whether the sale in question is legitimate or not.Quoting an 1882 law, inspector general of registration (IGR) NV Prasad has said they have no power to stop any fraudulent registration of properties in the state."The registering officer is not empowered to stop or refuse such multiple registrations and as per existing and applicable provisions of the Transfer of Property Act, 1882 only the parties concerned are liable responsible to stop such multiple registrations transactions," he said in his March 31 reply to a notice issued by the Committee on Judicial Accountability under section 80 of Civil Procedure Code (CPC). Take precautions as buying property is not easy.Many check lists have been reportedly published by many on the internet and websites and blogs.Please consider each one of them and do not over look any good point..Reportedly buying a resale property has always proven to be advantageous from choosing a strategic location to acquiring finer properties at better prices and ready to move properties . Although a resale apartment may be old, it is a good investment option owing to the low availability or supply of new properties in the area. Therefore, if the owner chooses to redevelop the property, it is likely to fetch him greater appreciation and better return on investment . Another advantage of buying a resale apartment will be if the buyer makes a one shot payment from his disposable income rather getting into the intricacies of seeking a home loan. However, one should be aware that seeking a home loan for a resale property would mean meeting additional legal and procedural requirements. It is mandatory that one should be aware of the legalities and paperwork before investing in a resale apartment. One can even consider hiring a good realtor and good advocate to get information on the apt resale property, the details of the seller, and running around for paperwork etc.