It may be noted that many properties are sold on fake/fabricated documents and unfortunately, the real estate market is not regulated properly and many unqualified, unprofessional, and sometimes anti-social elements are working as intermediaries. Hence one needs to tread cautiously and hire the services of qualified professionals to ensure proper deals and a smooth sale/purchase process.
Like many, you may be thinking that the funding Bank/HFC (Housing Finance Company) will undertake the ‘Due Diligence’ before sanctioning and releasing the loan amount, there is no need for getting the verification done from a third party, such as an Advocate and an Engineer. In fact, it is half the truth. Although funding Bank/HFC does verification on the property to be funded, it is only a superficial approach, and as such, no Bank/HFC guarantees the title or technical soundness of the property. In case of title disputes, Court attachments, building collapse, demolition by authorities, etc., the borrowers after losing the home will have to continue to pay EMIs till the loan is fully repaid.
One mistake of selecting the wrong property may turn out to be a lifelong misery, as it may entangle you in legal disputes running for years in Courts, sometimes losing the dream home, becoming shelter-less, and continuing to pay EMIs.
When you are spending lakhs/crores, investing lifelong savings, and creating a debt that may last up to your earning years, please don’t take a chance and hire the services of independent professionals, as it may not cost more than half a percent of the purchase cost.