“Make Sure You Have A Right Property Document While Purchasing Home Or Property”
The changing of all real estate market rates, property tax rules, regulations and other changes in the real estate market makes it difficult buy or sell a property in India. If you are looking to buy or invest in property home, you must consider or check some of the document checklists of the new property. Documentation is mandatory for buying a home or property and matter the most. Documents thus helps us to analyse and take decision while buying property. The right documents will give you confidence in investing a good and legal property having no issues for the future term. Here is the list of 15 documents you would require while purchasing or buying a home.
Sale deed is a type of document which verifies the ownership of the property. It provides the full right to the owner while purchasing the property. Check the Sale Deed if it belongs the to the original seller or not. It the sale deed is not legal you shouldn’t purchase the property. Sale deed needs to be register in the Sub-Registrar’s Office of your area where the property is located or for registration you can get the help of the property agent.
Power Of Attorney
Power Of Attorney is required to know if the authorised person has complete right over the property and selling it. It thus proves the validity of the transfer of the property. It can help to check the real owner of the property. It must be produced in original for getting and approving the home loan.
Completion Certificate can help you to get a home loan and thus this documents indicates that the building is constructed according the approved plan. Municipal authorities issues the Completion Certificate after the completion of the project.
Occupancy Certificate is issued by local government authority after the inspection and states that the building is ready to move in. It states that the building is safer for to residents. Occupancy Certificate is also important for approving home loan.
Mutation document provides the details of previous owner including the name of the owner, property size, location and other important information. It is issues by Gram Panchayat or Municipal Authority in the name of the present owner. Mutation document is not required in original but is mandatory to buy property within the Gram Panchayat jurisdiction.
Extract or Khata Certificate
Extract or Khata Certificate is required if you want to transfer the ownership of the property. This document helps us understand the property has its own proof of entry in local municipal records and the property is being constructed according to the plan. It also helps for approving and getting the home loan.
No Objection Certificate (NOC)
It is the certificate furnished by the builder from various different departments for housing project such as electricity, water and pollution authority. The number of certificates varies from state to state rules by the government. Builder should provide you with the NOC’s copies and provide you with the clearance letter from various department as said before.
Approved Building Plan
As a buyer we must possess a copy of the building plan approved by the local governing authority before starting a new project or construction and to prove that the property is built according to the rules and regulations. The developer must has to follow the plan otherwise it can create problem for the builder and those who have purchased a property there. Check according to the sanctioned plan otherwise illegal plan can create a problem.
An allotment letter is important to obtain a home loan and is issued by the builder or the housing authority describing the property details and the amount paid by the home owner to the builder. These details will include the apartment details, floors, address, room etc. Allotment letter is issued on letterhead and not on stamp paper. It is granted only to the first owner of the property and thereafter other owners who buy need to get a copy of the original.
This document provides information of terms and condition of the property, the possession date, specifications, details about amenities and facilities, payment plan, transaction details, details about carpet area and other areas etc. Sale agreement holds the builder responsible for the construction of the property and is required to approve & get a home loan.
A Possession letter is provided for granting the possession of the property to the buyer by the builder and sets a date for granting it. Original copy is must to for getting approved and home loan.
An encumbrance certificate is a document which helps to check and prove there is no pending legal dues such as mortgages, charges etc. The sub registrar issues the certificate and the certificate has all the details of transactions. Form 15 is issues if the property has any remaining legal dues while government provides Form 16 if there is no legal dues pending.
You have to collect the original payment receipt while purchasing the property for the builder and can ask for copies if you a buying a resale property. You can produce this receipt to get a loan from the bank.
Property Tax Receipts
Property owner has to present the receipt and you have to ensure that or the property taxes are paid properly and no dues are pending with it. It helps in proving the legal status of the property and failing with it the government can impose a penalty for certain amount or percent every month on the property owner.
RERA ensures and mandates that the builder should register their projects under the RERA Act. A home buyer is advised to check all the relevant information of the property and builder registered with RERA. Registration number is being provided to the developer and also can be checked on RERA official website. The web portal provides details of cases or complaints filed against the developer. RERA thus helps buyer to get a insight of the credibility of the builder and to choose the right developer.
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