Safeguarding Property Transactions

Consumers need to be fully aware of the legal intricacies involved in sale/ purchase of residential property to avoid any potential unfair deal

From a legal standpoint, the transaction of buying or selling a property involves various steps. Generally, the first and foremost consideration for the buyer is clear title of the seller to the property, and for the seller it is the capacity of the buyer to pay the sale consideration timely. Both of them should address their concerns – the buyer should verify the title of the seller to the property and that the property is free from any encumbrances such as mortgage, charge, unpaid dues, etc at the time of the sale. The seller may demand to see the loan approval letter (in case of buyer opting for financing the property) as also payment of earnest money by the buyer to confirm seriousness.