Important legal considerations when purchasing a home
Property investments need a significant amount of wealth, and any mistakes made during the process can generate significant problems for the buyer. This necessitates that a buyer take extreme caution when inspecting the property documentation. Interestingly, while land is a physical asset, who owns it cannot be shown just by a claim of possession – the same must be certified by many documents that prove the property’s ownership status. The buyer can ensure that the investment gives peace of mind and a sense of security by seeking proper legal assistance, scrutinising paperwork, and verifying key facts connected to the property. In this post, we go over the documentation to buy that a buyer must acquire and inspect before signing a contract. You must know How to buy property in Pattaya
Checklist of Property Documents
As a first step, the buyer should do due diligence to determine the existence of the title with the seller, the nature of the title and its marketability, and the seller’s ability to convey clear and marketable title free of encumbrances. The seller may be required to produce the following documents or information:
Property title documents include a government order for grant, a succession certificate, a sale deed, a gift deed, a will, a partition deed, and other documents evidencing the transfer of title over the period of time, ending in the vesting of property with the seller. You must know How to buy property in Pattaya
Check the seller’s identification
In addition to verifying the title to the property, the buyer should determine the identity of the seller and any specific constraints governing the seller’s capacity to pass the property. To illustrate, consider the following examples:
- In the case of jointly owned properties, all owners must be identified.
- The entity’s constitution documents are required to establish its eligibility to own and transfer property, as well as to ensure that the person completing and registering the sale deed is lawfully authorised.
- Documents that often aid in determining the identity of the seller include one’s Aadhaar number, PAN number, passport, income tax records, salary certificates, and so on.