Though a sale contract can be signed, the property is not legally owned till the deal is fully closed and you get (symbolically) the key of the property. Thus, the property of the house is perfected when you take possession of the property and when you are legally entitled to take that possession. It’s not enough with the sale contract; you need to actually move in.
PROPERTY AND POSSESSION
When you buy property in India, transferring the ownership of came requires great formality. In order to rightfully own a house you need not only to possess it but also to have a legal title over it. This title will be the consequence of a sale contract, a donation, and inheritance, etc. On many places, it is even possible to obtain such title by the continual and uninterrupted possession of a property for a long period of time.
Thus, possession is not the same as property and even if you possess a property, there is no guarantee that you rightfully own it. Tenants recognize the ownership of property on the head of the landlord, they possess and enjoy the property but they don’t own it. The consequences of this distinction are very important when it comes to the precautions you need to take when purchasing a property. The risk in buying property in India is to purchase a property from someone that doesn’t own it or from someone that is subject to a court process.
Thus it is important for you to go through all the details before you buy property in India request information from public records and registries so as to make sure that the property is rightfully owned by the one claiming to own it and that there are no processes going on that may jeopardize the transaction or eventually put in risk your ability to keep the property. The aid of a lawyer or trusted real estate agent is a must before you buy property in India.
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