In the real estate sector, property transactions have traditionally been carried out through personal connections or real estate agents. However, with the advent of online property selling sites, the sector has witnessed a shift towards digital intermediaries. Additionally, insurance has become a critical aspect of property ownership, with commercial property insurance and general liability insurance being the most common types.
Verifying the authenticity of property documents is crucial, especially in light of developer frauds and bankruptcies. This involves checking title papers, bank approvals, encumbrance certificates, and property tax slips. Comparing the approved plan with the actual plan can also help identify any illegal encroachments.
Registering a property with the government involves several steps, including verifying the title, estimating the property value, purchasing non-judicial stamp papers, and paying stamp duty and registration charges. ProtectPay, India’s first digital payment solution, offers an escrow account to safeguard against frauds.
When purchasing a high-rise apartment, it is important to consider security and privacy concerns, fire safety, floor deviations, lifts and staircase, light and ventilation, and power usage.
In conclusion, traditional mechanisms of property transactions have evolved with the times, and it is important to stay informed about the latest trends and technologies to make informed decisions. Castler Escrow Services can provide a secure and reliable platform for property transactions.