Tips And Legalities For Buying Agricultural Land!
There is a growing demand for agricultural land for the construction of smart
cities and other mega township projects of the real estate companies. While
purchasing ay agricultural land the investors must remember the following facts
for smooth business transaction of the land. These facts are mentioned below:
- Ownership: While purchasing any land the investors must ascertain the
identity of the landowners from whom they shall engage in negotiations.
Fake owners often invite trouble for the investors and the matter is then
dragged before the court for ultimate verdict. So the proper identity of the
owner must be checked at every level of business transactions. Before
dealing with any such person the investors must check their valid
documents for further transaction of the business.
- Current status of land: At the time of purchasing land the exact status of
land must be ascertained. If the land is disputed and a case of ownership is
going on then it is wise to avoid such agricultural lands. If the land is
reserved for any social infrastructure project and is already undertaken by
the government then the investors may have to face the legal
consequences. Therefore, for detail information of any land must the visit
the office of the local administration to know the current status of the land.
- Exact price of the land: Investors purchasing any particular cottah of plot of
land may be deceived because of the market value of the land charged by
its owners. Landowners often try to deceive the investors through selling
the land at a comparatively higher market value than the actual to earn
more profits. Investors planning to purchase any agricultural land need to
check the actual value of the land in collaboration with local administrative
authorities of the village. On knowing the exact price the investors can
bargain the land price with the owners accordingly.
- Information on the land tax: While purchasing any agricultural land
investors must ask for the documents of latest tax payment. Otherwise
after purchasing the investors have to pay the due tax with fines to the
local administrative authorities. Besides, the investors need to ascertain
other pending property duties that are attached with the land. In that
scenario it is ideal to abandon such lands whose property taxes are not
being paid or pending. Many investors due to lack of proper information
have ended in purchasing lands whose taxes and other duties are either
pending or not paid by such owners.
5. Actual size of the land: It is essential to have a proper measurement of the
land. Mere information provided by the owners about the land area can
often be misleading. So it is better for the investors to check the land size
with the help of professional agencies. Price of the land is also based on its
surface area and perimeter. As a result many landowners aiming to grab
more profits give a false measurement of the land to the investors.
Knowing the proper land area also enables the investors to bargain with the
farmers to reach at a consensual level for purchasing the land.