Important Document For Purchasing A Property
Purchasing a home can frequently be a mess. You may become confused by the
legalese and the jargon that is utilised everywhere. For you, we made things
simple. You can use this helpful information to assist you to avoid potential
real estate traps while buying a home. It is important to ensure that the
following documents are there. The basic documents for buying any property like
plot, house apartment, commercial land, agricultural land etc.
The first document created in anticipation of a property transaction is the
agreement to sell. It includes a thorough description of the property and
outlines the agreement's parameters between the buyer and seller, including the
agreed-upon purchase price.
Absolute Sale Deed And Title Deed
The sale deed or title deed is the most essential document that outlines the
precise transfer of property. The sub registrar's office, under whose authority
the property would fall, is where it needs to be registered.
Title Search And Report
Obtaining the chain of records pertaining to the history of the property that
has been registered with the relevant authority is done through the property
title search process. Names of title holders, joint tenancy information, and a
description of the property are all included. It is especially essential when
applying for a home loan.
This document is known by different names in different states and it provides
proof that the property has an entry in the local municipal records.
Property Tax Receipt
According to the property tax receipts, the prior owner or occupant paid all
taxes due and none were outstanding. They also provide the property's legal
standing, making them crucial pieces of supporting documentation.
According to an encumbrance certificate, the property is free of all loans or
encumbrances. It is an important document for getting a loan from a bank secured
by the property. It contains all the information on all transactions involving
The municipal corporation issues an occupancy certificate or completion
certificate following the construction of a building to confirm that it was
built in accordance with a sanctioned plan and is ready for occupancy.
Statement From The Bank If Loan Outstanding
It is advisable to obtain the loan statements if there are any loans due on the
property being purchased so that there is complete disclosure in that regard.
Certifications Of Non-Objection
It is crucial to request copies of the many NOCs from several departments,
including the Sewage Board, Pollution Board, Environment Department, Traffic and
Coordination Department, etc. from the developer. This serves as an "intimation
of disapproval" for the building's construction.
Power Of Attorney
If anybody is acting with the owner of the property's consent, an original Power
of Attorney is required. It could be general or particular.
Your property ownership is complete after it has been registered. Therefore, it
is essential that you fully comprehend the procedure before moving to your new
residence. To register your property and take legal ownership of your home,
undertake these steps:
Consider the circle rate of the area where you purchased your property when
determining the value of your property. The circle rate will be used to
determine how much stamp duty you will pay.
After figuring out the stamp duty, purchase non-judicial stamp paper. Based on
the property value at the time of registration, this is collected. The sum
varies depending on the state and the type of property (old or new). You must be
aware of this expense prior to finalising your property purchase.
All information on the property and the property transaction is written down and
used to prepare the stamp papers. The topic varies depending on the transaction.
To complete the registration process, the buyer must go to the Sub-Office
Registrar with two witnesses.
Each party involved in the registration process is required to have their
documentation, including a photo ID and any necessary property paperwork.
Make sure your name, address, and other information are printed correctly when
you register. These can also be fixed afterwards, although doing so will cost
money. A legal professional can assist you with all the fine details of the
paperwork and registration procedure.
At the moment of registration, all joint owners whose names are listed on the
property must be present. Keep your money safe and do not entertain anyone
randomly besides the person you have appointed to complete the process. These
days, all you need to do to complete the procedure is visit the lawyer's office
that your builder has designated for you. While the price may be more, the
process is simple.
You will receive a receipt for your payment after the selling deed is
registered. Within the following 10–20 days, you can obtain the sale deed with
the help of this receipt.
The Indian Registration Act of 1908 governs the procedures for registering
property, and it is necessary to do so within the allotted time frame in order
to avoid paying a penalty to the sub-registrar and to protect one's legal claim
to the property. Once the registration is complete, the buyer becomes the
property's legal owner.
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