Hi
I'm buying a property and it's 100sq yard out of 217 sq yard. The seller is 3 people who are composite owners. I wanted to ask what all things I should keep in mind while registering or property or should add extra in the sale deed so that I should not have issues in future as it's part of the plot.
Hi,
While purchasing a property with joint/ composite ownership following points must be kept in mind:
- If you are purchasing the property from only one of the joint owners, please ensure that the property deed is registered with the sub-registrar and clearly demarcates each joint owner's share in respect of the area of land owned by them.
- It is desirable to have a consent agreement for slae signed by the remaining joint owners in case the property is being sold by only of the joint owners
- If the property is being sold by one of the co-owners on behalf of the others, make sure a valid No Objection Certificate (NoC) and a notarised Power Of Attorney (PoA) to this effect is given by such co-owners
- Make sure the property is free from encumbrances from any of the joint owners ie not pledges as a collateral to any loan or not declared as an NPA by a bank
Best regards,
Megha
