Get Acquainted With the Ways That Makes Property Management Easy For NRIs
Buying or selling a property is a big deal and a hectic one too. It not only consumes your valuable time but involves a lot of documentation as well which can befuddle your mind. As an NRI, it becomes even more so difficult to deal with the situation since you're away from the place.
So, first, determine the nature of the property. According to Reserve Bank of India (RBI) guidelines, NRIs cannot buy Agricultural land, plantation land or farm land in India.
Make sure you examine all the legal documents before buying the land. There have been many cases of residential homes being built on an agricultural land without government approval. In such cases, the investment is deemed illegal, irrespective of the buyer.
Therefore, ensure that you have seen the documents thoroughly. You and your lawyer or agent goes through all the original documents. Also do check that that the original documents are solely in the name of the seller. If the seller is unable to produce the original documents and shares a photocopy, there is a possibility that a loan has been taken against the property. In that case, initiate a thorough check to avoid any later vexation.
Also, property should have clearance by municipal and against environment as well and the authority that will transfer the undivided land equally among the owners. Even for projects under construction, insist on these documents to ensure that your investment is safe.
But in order to sell a property, one must be an Indian citizen.
NRI property services are meant to provide all the help and support a client needs in order to sell or purchase a property and many other services as well.
Assistance in Buying/Selling:
These NRI services help and provide their service from the beginning to the end. They'll eye the property for you, check out the legal documentation, they'll physically check the property, cross check it with the authorities like local registrar's office to confirm the information and take the actual photographs and mail it to you. All the documents will be thoroughly checked by a lawyer and get an encumbrance certificate to you. Legal and other incidental fees for the documentation are usually charged extra. Some important documents are:
Statutory and Utility Payment:
Once you short list the property you're interested in, these NRI services will make all the payments like property taxes, municipal taxes etc.
Rental Agreement Assistance:
If you're looking to rent out the property, you'll need a rental agreement. These NRI service providers will act as a middle man between you and the tenant and will draft the rental agreement.
Tenant Management:
After you have rented out your property and you need someone to manage it. They will manage the property for you, supervise the tenant and ensure that you get your rent on time. Based on the instructions provided by you, they will also ensure you're that your property is protected through all times, even after the tenant vacates your house.
So, first, determine the nature of the property. According to Reserve Bank of India (RBI) guidelines, NRIs cannot buy Agricultural land, plantation land or farm land in India.
Make sure you examine all the legal documents before buying the land. There have been many cases of residential homes being built on an agricultural land without government approval. In such cases, the investment is deemed illegal, irrespective of the buyer.
Therefore, ensure that you have seen the documents thoroughly. You and your lawyer or agent goes through all the original documents. Also do check that that the original documents are solely in the name of the seller. If the seller is unable to produce the original documents and shares a photocopy, there is a possibility that a loan has been taken against the property. In that case, initiate a thorough check to avoid any later vexation.
Also, property should have clearance by municipal and against environment as well and the authority that will transfer the undivided land equally among the owners. Even for projects under construction, insist on these documents to ensure that your investment is safe.
But in order to sell a property, one must be an Indian citizen.
NRI property services are meant to provide all the help and support a client needs in order to sell or purchase a property and many other services as well.
Assistance in Buying/Selling:
These NRI services help and provide their service from the beginning to the end. They'll eye the property for you, check out the legal documentation, they'll physically check the property, cross check it with the authorities like local registrar's office to confirm the information and take the actual photographs and mail it to you. All the documents will be thoroughly checked by a lawyer and get an encumbrance certificate to you. Legal and other incidental fees for the documentation are usually charged extra. Some important documents are:
- Land titles from authorities/ construction permits
- Title clearance certificate
- Society clearance and membership
- Details of payment of property tax and other charges, bills, etc.
- Sale agreement
- Stamp duty and registration
- Possession letter
Statutory and Utility Payment:
Once you short list the property you're interested in, these NRI services will make all the payments like property taxes, municipal taxes etc.
Rental Agreement Assistance:
If you're looking to rent out the property, you'll need a rental agreement. These NRI service providers will act as a middle man between you and the tenant and will draft the rental agreement.
Tenant Management:
After you have rented out your property and you need someone to manage it. They will manage the property for you, supervise the tenant and ensure that you get your rent on time. Based on the instructions provided by you, they will also ensure you're that your property is protected through all times, even after the tenant vacates your house.
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