Real-estate is considered one of the most lucrative professions for those in the business of buying and selling real state, which includes both lands, residential plots, villa plots, apartments and homes. For the investor, who is looking at from a long term investment for their personal reasons, such as marriage, security for their loved ones, or a social status in society of being an owner of a property, the prospective buyer should be well-aware of the required procedures that need to be followed to make sure that tomorrow they are not running from pillar to post to safeguard their property for lack of documentation.
The changing rules and regulations, long project delays have also changed the tide in favour of ready to move-in properties with immediate ownership. There is a ton of paperwork to go through when you are availing a bank loan. So it is best practice for the buyer to be well-entrenched with the process and procedures of buying a property that clearly establishes the ownership such as the title, and the requisite government approvals.
Must Check Documents
The most basic document when dealing with properties is the sale deed. As the name suggests, the sale deed is a legally registered document that clearly establishes the proof of sale and the transfer of property to the owner. Before you sign on the dotted line, make sure you read each and every part of the documentation thoroughly, and clarify any questions you may have to ensure there are no discrepancies. Next in line is the completion certificate (CC) provided by the municipal authorities after the property has been constructed. This is different from the occupancy certification that is issued by the local government bodies, which certifies that the property is fit for occupancy.
These documents are essential in order to avail basic facilities such as water, sanitation, and electricity. Another valuable documentation is the encumbrance certificate issued at the sub-registrar’s office where your property is registered, which certifies that your property does not have any encumbrance or liability, either monetarily or legally. The building plan is yet another basic, but important document that should be verified before the final purchase. The plan provides a detailed understanding of how the property will be built, the designated spaces and dimensions in which it will be built, and the utilities that will be provided as part of the property.
The building plan should be approved by the local municipal authority and tells the buyer that the plan in which he or she is investing is not in violation of any norms and at the same time, there is an assurance of the amenities for which they are paying for. Also look up the project RERA number to verify the authenticity of the project. Finally, the mutation certificate is another must-check document that is issued by the government, clearly identifying the property owner and the associated tax liabilities that come with the property. Last, but not the least, ensure that all the documents are thoroughly vetted by a legal expert to ensure a hassle-free property ownership today and in the years to come.
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