With the increased number of frauds in the real estate sector, people have been reducing their investments in real estate. This has also led to security problems and this becomes a reason as to why many people tend to not rent out their property or even sell it for the different types of problems that might be incurred.
If you are also concerned about your property or buying / renting someone else’s property, you should consider the following points.
Don’t Hurry
The biggest mistake that many people make is that they sell or rent out their properties right away for a good offer which leads to many problems later on. A good offer may look good on the table but could be disastrous in a practical manner. For example, if you are selling a house for 7 Crore and someone agrees on the amount, don’t just sell off right away without evaluating the credibility of the buyer as well as involving the concerned authorities such as the Bank, and Police before selling it off. In many incidents, due to a quick acceptance of an offer, many buyers are not credible enough and could seize the property by just paying the down payment (Biyana). The same could happen for a rented accomodation as well that a tenant might be staying in a house but not paying the rent. Consider doing a background check before giving away your precious property to someone.
Go Legal
You should save costs on everything else but not when it comes to legalizing a property deal. Get your dealing done on the essential stamp paper that is challengeable at the court. Some buyers or tenants may offer a high price for not using the legal documents and it may appear to be a good option but it is never the one. Why? Because in the long term, going illegal could create problems for you and there are not any kinds of law enforcement agencies that could be asked to resolve the matter because of no legal evidence. Therefore, spend a few bucks extra, but get the right deal done.
Involve Multiple Witnesses
The more, the better. Having witnesses is the primary responsibility that should be fulfilled by both, buyer and seller or landlord and tenant. However, to secure a deal, add more such witnesses to strengthen the integrity of the contractual dealing and have no problems in the future as well. This approach is already being used in many European Countries.
