Property Law Videos - Indian Kaanoon - What is Property verification/due diligence of property (In Malayalam)

Due Diligence of a property is of utmost importance for any individual before buying it, to avoid any kind of future legal nuisance that might arise due to the same. It is conducted mainly to verify the ownership of the property and any restraints over the property, so as to protect the buyer against already existing claims over the property. These claims can either impact the ability of the seller to transfer the property or attach the claims of the property with the buyer even after it is transferred. Due diligence of property of vacant plots of land or of constructed residential/ commercial/ industrial properties is the appropriate mode for ensuring that the risks are identified and minimized.
 
Here is the checklist to keep in mind before buying a property-
1.    Check for the clear title on the papers of the property.
2.    Check for legal capacity (right and title) of the seller selling the property. For example,
     - whether the seller is the owner of the property,
     - not a minor and not of unsound mind,
     - in case the person is capable of entering into a legal contract for sale, lease or mortgage of the   property.
3.    Check if the property is registered.
4.    Check if it is approved by Banks.
5.    Check if there are any mortgages on the property.
6.    Check for the legality of the construction on the property if any.
7.    Check the constructed area and the sanctioned area.
8.    Check for occupancy certificate.
9.   Check if property tax has been paid regularly.