Obviously, buying a flat is an important financial decision that you'll make, being overexcited, most of use forget to consider some crucial issues before buying a flat as a result, we have to suffer a long time and live under anxiety. In this article, we'll evaluate some legal issues that you must know before buying a flat. So, to avoid this kind of blunder, read the comprehensive guide thoroughly and make a wise decision.
Parent Deed
Parent deed is the primary document of any property that indicates the ownership history from the very beginning. This evidence helps trace any legal drawbacks and ambiguities in the property's shareholders' lineage. So, understanding all facts and factors of parent deed is mandatory for a prospective flat owner. We suggest checking all papers and documents to be verified by experts.
Title Deed
Title deed is another important document that grants the current owners' rights and authority over the property. Enforcing the title deed owner holds the right to use, sell, distribute, transfer or modify the property. Before buying a fla,t you must check the title deed by an experienced lawyer.
If you purchase a property with title deed flaws, then you may lose authority over it. Whereas the seller didn't have legitimacy, let alone yours.
Sale Deed
Sale deed is mostly known as a name transfer certificate, this deed is a legal document for transferring ownership from the seller to the buyer. This deed signifies all terms and conditions of the transaction.
Sale deed should be examined carefully to ensure the property has no legal complexities.
Proper Certification
If you are thinking of buying a flat in Dhaka, then you must have to check the Building Approval Certificate (BAC), which can be obtained by meeting all requirements of RAJUK (Rajdhani Unnayan Kartripakkha)
Generally, this certificate has been obtained before construction. Building without RAJUK certification would be banned by RAJUK in no time.
NOCs
Before selling flats in Dhaka seller had to obtain NOCs from utility service providers such as Gas, Electricity, and Water. DESCO (Dhaka Electric Supply Company) for gas and electricity and WASA (Water Supply and Sewerage Authority) for water provide NOCs to the owner.
To avoid disruption in the supply of these essentials, you must check the NOCs (No Objection Certificates) of the flat about to be sold.
Utility Bill Documents
If you buy a flat with unpaid utility bills like water, gas, electricity, telephone line, etc then you will pay all previous due bills to get a seamless supply of these services. Sometimes these bills would be in large amounts, so make sure all bills are settled by the previous owner before buying the flat.
Above mentioned points are some major issues to verify. There are issues to consider before purchasing a flat or apartment, including budget, location, security, and credibility of the real estate agency.
However, a home is not merely a place to live; it is related to dreams, hope, and emotion. So take every single step in the entire buying process wisely. Hire a real estate professional or expert to help you in scrutinizing all documents, back and forth for legitimacy.
