The documents involved in the buying and selling of property require expertise, and preparing these is the job of professionals. Given below are some precautions that need to be taken while preparing documents on a property:
Names of Parties– The names of the parties involved in the agreement should be included in the document. The correct spelling of names must be verified and entered into the document. If a woman mentions her father’s name in one document and her husband’s name in another, both must be included.
Particulars of Parties– It is imperative to record the true age of both the buyer and the seller on the property agreement. The professions of both parties involved and their correct permanent addresses must also be included in the property documents.
Transaction – The money paid in the transaction must be recorded in the document in numerals as well as in words. Care should be taken to record the exact figure.
Document Numbers and Other Details – It is imperative to record the correct numbers of the documents, date of registration, registrar/sub-registrar’s office, district name, etc.
Witnesses – The details of the witnesses attesting the property deal should be recorded in the document. It is important to have respectable citizens as witnesses. A minimum of two witnesses must be present for the transaction.
Details of Payment – If the transaction is via a cheque or demand draft, the property document must include the numbers of these. Also, the amount paid, the date of issue, bank, and branch, must be detailed in the document.
Location – The location of the property and its correct address is to be included in the property document. This will include the town survey number, sub-registrar’s office, district name, extent of the property, and plot number. If the property is an apartment, the entire plot of land it is located on must be listed.
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