Save Your Statutory Rights When Buying a Property
Buying and selling properties are one of the most successful investments you can go through and if you’re not aiming for investing you’re probably willing to buy your dream home. Well, in both cases you’d want to save your statutory rights and avoid the real estate fraudulence. So, in the following few lines, Murabahat will tackle the most important legal documents and papers that you should require while applying a real estate contract.
The Required Legal Documents:
- The buyer should ask the seller to activate a primary contract which is an unsecured contract between both parties. Also, it doesn’t have a legitimacy and couldn’t convey a property ownership if it’s not registered.
- The buyer has to require to see an authorization from the owner and the inheritors who have the right to sell the property. Also, if there are any other owners he must ask to see their authorizations as well.
- The buyer should make sure that the property is licensed, on a licensed land that is registered in the land registry, and with a licensed roles number. Also, he has the right to require a copy of the licensed roles number.
- The buyer must make sure that the property is registered by the owner name in the land registry and that the ownership contract contains all the information concerning the property such as space, location, and an accurate description of the property details.
If you’re a seller or a buyer you absolutely need to keep your statutory rights and avoid real estate fraudulence. That’s why you need to be aware of your rights and ask for them and if necessary you can hire a lawyer to get things done with the other party.