Do you want to buy a property? Here in this article, we shall discuss what documents you need when buying a property to avoid tricky affairs.
Table of Contents:
- Purchasing Plots for Sale
- Carefully Examine the Following
- Bills and Property Tax Receipts
- The Deed Title
- Encumbrance Certificate
- Documentation
- Seller’s Documentation
- Buyer’s Documentation
- Construction Cost Factors
- Smart Saving Idea
Buying land and constructing a house on it is a dream of many of us. But purchasing a piece of land has become very difficult. Especially with the apparent corruption associated with transactions, including the creation of forged documents. And the demand for half cash payment as well as in controversial cases of the sale of land. Therefore, if you are ready to purchase a plot for sale to build your first home, we advise you to be thorough and cautious.
In addition, the dealings and steps are very different from buying an apartment and therefore require vigilant analysis before setting off.
Purchasing Plots for Sale
Vacant lands are limited in big cities, although you can get a good piece of land in small towns or even on the outskirts of cities. If you plan to get a loan, the bank-provided land loan can be used to buy residential plots. Some banks have a clause whereby the Buyer must start construction within six months after purchasing the plot. Therefore, we advise you to plan your future training. You can get a personal loan, but it can be a bit costly.
Carefully Examine the Following
The real estate sector in Pakistan often adheres to the laws that govern it. Therefore, land buyers are advised to carefully check the following factors and even ask them to check with a lawyer before actually buying a plot for sale.
Bills and Property Taxes Receipts:
Go for the original documents again and make sure all payments are made because if not, this could lead to legal complications and additional future costs.
The Deed Title:
Please make sure the document is in the seller’s name and whether he has full authority to sell it. Insist on looking at the original documents and not just a copy of them.
Encumbrance Certificate
This document can obtain this document from the sub-registrar’s office where the document was registered. It is reported that the land is free from any legal problems and unpaid fees.
Besides this, you should also ensure that the land loans are repaid with a permit issued by the bank. Moreover, get an appraisal of the property based on the exact size of the plot.
Documentation
To buy a plot for sale, the seller must provide the following documents
- The ‘original land deed’ for the current owner is known as a document dated 7/12 and the previous owners with their names mentioned in the title deed.
- Encumbrance of a certificate from the office of a subsidiary registrar for at least the last 30 years.
- Certificate from the bank that the loan is fully paid for the land.
- Invoices related to the land and Original property tax receipt.
The documents needed for the Buyer include
- Stamp Duty Receipt: You can now register your land with the sub-registrar’s office or add your name to the village government records, as appropriate.
- Title deed upon transfer in the purchaser’s name, signed by a licensed government official on documents.
- Home Approval Plan: State municipal law requires prior authorization from a person wishing to start construction activities to build a new home or modify an existing home. In most states, the process is automatic and does not take long.
Construction Cost Factors
The construction cost for the project includes:
- Contractor / Architect Fees
- Labour cost
- The cost of building materials.
- Indoor equipment such as tiles, lighting fixtures, plumbing fixtures, etc.
These will be the actual costs; however, the escalators’ cost will depend on your choice; for example, on the construction plan, the materials required to construct a home will differ depending on your project, quality of materials, etc. At times it is better to pay extra during construction and provide repairs and maintenance later.
Saving Ideas
Surpassing your budget plan is inevitable while constructing your own home, and there are sporadic unheard-of cases where this hasn’t happened. You can apply the following tricks to cut corners, though:
Going beyond your budget is unavoidable when building a house, and there are very occasional unheard-of times that never happened. However, you can use the subsequent techniques to cut corners:
- Keep a simple construction plan and do not make too many changes after construction starts.
- Get fixtures and materials and fixtures with a long-term savings perspective.
- Choose products at low prices, even if you order them later.
As a final point, get what you need, not what you want. Reducing costs is very important on your part as there are many unexpected costs involved. Sticking to the original building plan as closely as possible is the best way to complete a project early or on time
