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Things to Check before Buying Property in Kerala

One of the most beautiful states in India and one of the most picturesque places on earth, Kerala is rightly named as “God’s Own Country”. With so many things to offer, Kerala seems nothing less than a heaven for someone who loves to be around the natural pleasures of life. It is the pristine beaches, the coconut palm-fringed seashores, and the lush green mountain regions of Kerala that have drawn honeymoon couples, family groups as well as adventure lovers to Kerala time and again.

In recent times, the number of investments in real properties is increasing rapidly. Often people like to invest in real estate as they are less insecure and chances of a better return are higher. Following this trend, residential projects are developing almost everywhere in Kerala. People are choosing apartments to live in as these homes come with more amenities, increased security, and less maintenance, and a superior lifestyle. While it is very easy to buy an apartment, it is better to check the following before proceeding further.

Investing in a new house or flat is one of the most crucial decisions in our lives and is probably an idea you have been nurturing since a very young age. Years of saving and years of planning cannot be let go when you make the final decision. Hence, you are required to keep all possible points in mind before you take the leap and make a selection. As buying a house might also involve taking a good amount of loan, followed by monthly installments flowing out of your income, you need to be extra careful. Although some of the key factors to be considered while zeroing in on a new flat or home is location, possession date, and price, there are some more parameters that need to be looked in to, while purchasing a new flat.

Important Things to Remember Before Buying A Home

There are chances that the apartment you are buying could be mortgaged, in that case, you need to gain a release certificate from the bank ensuring that loan repayment is done. You must check the property doesn’t comprise any legal dues, with the help of the Encumbrance Certificate. If the builder is funded by a bank, you must get the details of the banks that agreed to finance the project, before you buy the property. Generally, builders emphasize the super built-up area which usually comprises common areas. Whereas the core area of the flat could be lesser than the area mentioned. It is always advised to go for the core area, defined as the area enclosed by walls and you should first explore. Below, we are going to mention some guidelines that will help you with the property registration.

Identify The Right Property For You

Check the right location and right property as per your choice. Choose the property within your budget frame and get the best price negotiated and finalize the mode of payment and the tenure within which you will make the complete payment.

Get The Legal Advice Before You Finalize The Property

To get the basic checks done and to get the clean chit from the legal front you need to consult a lawyer.  Clarify the details about the property, documents, and regulatory compliance. Complete research from the legal point of view is a must requisite before buying a property. 

Title Deed

Even after you have found the right apartment, there are certain documents that you should possess the absence of which can turn your life into a nightmare. Get the details of the owner of the land. While choosing an apartment to buy in Kerala, check the title act of the property to ensure that builder owns it fully. The most important of them is the Title Deed. It is a document that shows the ownership of a piece of property. The holder of this document is conferred with certain rights including the right to transfer ownership of the property. One can also go to a lawyer to gain the details of the act. Also, get the information about the land status and check if the builder owns the land or he owns rights for the development of the apartment.

Check Release and Encumbrance Certificate

While going to buy an apartment for resale, there are chances that it is pledged to acquire a bank loan. In such cases, one will have to gain a release certificate from the bank to ensure that the loan is repaid in full. It is also vital to clarify that the property doesn’t comprise any legal dues, an Encumbrance Certificate ensures you about it.

Get The Agreement Signed

The agreement is signed between buyer and seller in presence of some witnesses. The conditions are mentioned for the seller agreeing to sell and the buyer agreeing to buy the property. The property value, a period of documentation, property extent, the advance amount paid, terms related to possession, property encumbrance, etc. all details related to the property are mentioned in the agreement. A brief description of construction, furniture, common area, amenities, etc can also be mentioned based on their presence in actual. The agreement is done on stamp paper and includes the legal penalty if any of the parties violates the terms and conditions mentioned in the agreement.

Banks Funding the Project

When a real estate developer doesn’t have enough money to build their projects, banks assist them by funding the project. So, before buying the property get the details of banks who agreed to finance the project.

Get the Agreement Registration Done

Registered agreements are legally enforceable and can have interest value. Register the sale agreement at the sub-registrar’s office so that it can reflect in their records. Registering a property agreement involves stamp duty and registration fees. Know the right property registration charges before you go through this process.

Purchase The Stamp Paper And Get The Stamp Duty Paid

The stamp paper needs to be bought from the state treasury in the name of the buyer. The stamp value depends on the transaction value. 

Get The Fair Value Of The Land

Know the detailed fair value in Kerala. The stamp duty is based on the actual value of the property. But one thing is mandatory, that the sale value cannot be lower than the fair value of the property which is determined by the government.

Register The Land in Registrar’s Office And Get The Receipt

Get the land registered in sub-registrar’s office. Pay as per the property registration charges in Kerala. The registration must be done within a time limit as per the sales agreement. The documents which you need for registration are:-Previous Deed, Original deed, Possession certificate, Original title deed, Encumbrance Certificate, Tax receipts for land and Property, passport size photographs for seller and buyer, PAN card and Adhaar card of both the parties for identification and two witnesses.


Get The Mutation Of The Property Done

Submit the relevant documents in the village or corporation or municipality office to get the mutation done. To change the revenue records it is essential to submit the documents with your name in the property. Change of owners name from seller’s name to buyer’s name is known as ‘Pokkuvaravu’ or Thandaper Pidikkuka’ and you will get a ‘Thandaper’ against your name once the mutation process is completed.

Pay The Property Tax

Once you receive the mutation documents pay off the property tax in the subsequent property office.

Follow all the above-mentioned steps to have an easy buying of property. The process needs patience and attention, so be calm and complete all the steps carefully. Remember it’s your asset for a lifetime!