Buying a property in UK can be a little more complicated because it involves numerous
legal documents which include promissory documents for loans and mortgages etc. Proper legal paperwork provide a complete protection cover to the buyer, the seller and the agent involved with the deal. A number of legal formalities are needed from the beginning to till the registration of the property. Always check the all legal documents before buying a property because it can help you to avoid falling into legal hassles.
The legal process of buying a property consists of multiple legal steps, that can be little difficult but with proper knowledge you can get the best property deal for you. In this article we provide you right information about legal documentation which will help you to buy a property with legal formalities.
Property Title Deeds
Title deed of the property is first and one of the most important steps in real estate. In simple words a title refers to a guarantee that a person actually owns the property described in a deed. It can also refer to the person's rights in the property, such as usage rights so its very important to check the Original Deed examined by a lawyer.
Property Tax Document and Bills
Carefully check the official tax documents because its very important to confirm how much the owner will pay in yearly taxes to the government or municipality. Second important thing to consider the electricity and water bills are up-to-date and if there any is balance payment to be made, ensure that it is made by the seller with in right time.
Encumbrance Certificate
Before buying any commercial and residential property, it is important to confirm that the land does not have any type of legal dues. It can be possible with Encumbrance Certificate it is a type of record that showing registered transactions pertaining to a property and property does not have any type of legal dues and complaints.
Pledged Property
Some land owners may have pledged their property previously for taking a loan from the bank. In this type of case make sure the land owner has paid back all the amounts due and also dont forget to check the "Release Certificate" from the bank that is necessary to release all debts over the land legally and its also important to take a loan in future.
Property Agreement & Registration
Once all these formalities are completed between the both seller and buyer, it is better to give an advance and write an agreement which ensure the property owner does not change his word regarding the cost. After preparing the title deed including all the relevant information register your property in a sub registrar office.
If you are looking for a best possible deal to buy any commercial and residential property with proper legal documentation at right cost ensure these tips should make the journey less troublesome and a little less stressed. At Redstones the real estate agents can make it easy to sell and buy a home online so if you have any query about property for sale in Willenhall visit at - http://www.redstones.co.uk