The one area that comes to mind when we think about how too many choices make our decision hard is Real Estate. There are too many options available in terms of commercial and residential property. Whether it is a flat, independent house, villa, booth, plot, etc., there’s something lucrative and appropriate for everyone. Many people buy plots for commercial purposes. They may want to build a shop or a booth there, or a place for their tuition or dance center. Endless business ideas culminate in buying a plot as the first step. But it is not a joke. Serious consideration and effort must go behind the purchase of a commercial plot.
Commercial plots are much harder to look for and buy as compared to residential ones. The location for your business must be a prime one, the transportation should be such that your place of business is accessible and I should be financially viable. Once your money is given away for the purchase, it could a real hassle for you if the choice turns out to be the wrong one. To avoid all that, you must make sure that you do research on your plot, compare with others, ascertain the market rates and ensure that your location suits your business and company as well. A wrong choice could harm your business. So take your time, there is no hurry.
The legal hassles involved in buying a plot are many. The seller should give you all the original legal documents beforehand so that you can scrutinize properly. Some of the legal tips are –
* Make sure you acquire the services of a good lawyer who can help you avoid some major or minor loopholes that property documents entail.
* Confirm the legal status of the plot before even thinking of purchasing it.
* You must know who the plot belongs to. The ownership should not ever be a grey area.
* Make sure nobody else is involved in selling the property. You should opt to see the plot’s previous deeds as well.
* Make inquiries in all the official places to see if there is something that has been hidden from you.
* Beware of being handed over a liability by checking if all the taxes have been paid so far or not.
* Any balance payments, in fact, must be paid already by the seller like the electricity and water bills. No notice or requisition related to your property should be outstanding.
* Check from the registrar office if your plot has any dues or complaints of the legal nature.
* Make sure that if the seller had bought the plot on loan, then he should have returned the whole amount that was due.
* Measure the plot. This is important. Many property dealers exploit the trust you put in them. You select a plot and are content that is exactly what you will own after the purchase. But before the purchase, ascertain the size that you had specified. Keep visiting your plot location regularly so that nobody can rob you of even an inch of your property.
Buying a plot is a decision taken with patience and calm. Start off your commercial success by buying a safe and good commercial plot.