How to Know if a property has a clean title and is legally verified before buying it?

In the present day, the real estate sector has expanded largely, and with its growth, there has been an increase in the number of disputes over property issues. It is important to find a property free from every kind of legal tussle before deciding to buy a house in Ottawa. Following is the checklist that you must ensure before investing in any property.

Check for a clear title.

If you want to buy a property, ensure that it has a clear title and no dispute over land ownership. The title of the land while buying a house must be with a construction company. If you’re purchasing a resale property, check the legal papers carefully, or you can also take help from a professional property lawyer to ensure the authenticity of documents.

Seek bank approvals

If the bank is financing your property, most of your work is done as the bank always evaluates the property before loan approval. Banks provided on-site offers for many apartment projects that prove that the property has legal verification and has all necessary approvals. You must check each clause before signing a loan agreement with banking institutions.

Encumbrance certificate

It is a legal document that proves that the property is free from legal pending loans and mortgages. This certificate also states the name of the previous property owner. It is an important document when purchasing resale property as it shows that the previous owner has paid all dues or mortgaged the property.

Check the approved plan and rally with the actual site

If you are investing in an apartment project, ensure to get a copy of the approved map from your builder that local authorities have passed. You can get a rough idea about the actual site and construction spree. With Mls Ottawa, you can tally all the details you want in a property.

Check the property tax slips

Seek property tax slips if you are purchasing a resale property. You can get an insight about two points- if the area or the colony where you plan to buy a property is illegal/regularised and whether there are any dues pending with municipal corporations. It also helps you to know whether the property is being duly registered with the municipal authority or not.

Registered society

Apartment projects must have a resident welfare association along with a registered society. It is a legal procedure that helps you know about the project’s legalities. You must take these measures seriously before buying a property to have peace of mind.

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