ELEVEN BASIC DOCUMENTS YOU NEED TO CHECK WHILE PURCHASING A PROPERTY

-

 

AGREEEMENT TO SELL

It is the first document prepared in anticipation of a sale of the property. It contains a detailed description of the property and states the terms and conditions between the Seller and the Buyer, including the purchase price agreed upon.

SALE DEED / REGISTRY / TITLE DEED

The Sale Deed or Registry or Title Deed is the most important document that records the actual transfer of ownership of the property. It needs to be registered in the office of the concerned Sub-Registrar’s office under whose jurisdiction is the subject property.

TITLE SEARCH AND REPORT

Property title search is a process of retrieving the chain of documents relating to the history of the property that has been registered with the concerned authority. It includes a description of the property and name of the title holders at different stages. It is the most important document required for procuring a home loan.

KHATA CERTIFICATE

This document is known by different names in different states and it provides proof that property has an entry in the local municipal or revenue records.

RECEIPT OF PROPERTY TAX

The receipts of property tax hold that the previous owner or occupier has paid all the taxes and none have been left as due. They also establish the legal status of the property and therefore serve as an important document of evidence.

ENCUMBRANCE CERTIFICATE

An encumbrance certificate states that the property is free from all sorts of encumbrances / liens / charges / or loans. This document along with the TITLE SEARCH AND REPORT is the key document  required for for procuring a home loan from Banks. 

OCCUPANCY CERTIFICATE (OC) / COMPLETION CERTIFICATE (CC)

An Occupancy Certificate (OC) or Completion Certificate (CC) is given by the local municipal authority after construction of a building to establish that it was constructed according to the sanctioned plan and that the property is ready and complete in all respects and is ready for occupation.

STATEMENT FROM BANK IN CASE OF ANY OUTSTANDING LOAN

If any loan is outstanding on the property that is being purchased, it is always advisable to ask for statement of loan account so that there is full disclosure in that regard.

NO OBJECTION CERTIFICATE

It is important to ask the developer / builder to produce copies of the various NOCs that must be procured from the various departments such as Sewage and Water Department / Environment Department etc. etc. However once the OCCUPANCY CERTIFICATE (OC) / COMPLETION CERTIFICATE (CC) has been obtained, in that case this document is not of much relevance.

SANCTIONED BUILDING PLAN & SANCTION LETTER BY CONCERNED AUTHORITY

This is to ensure that the building has been constructed as per the Sanction Plan and deviations, if any has been compounded by the concerned authority.

POWER OF ATTORNEY/s, IF ANY

A Power of Attorney is required in original, if any person is acting on the authorization of the owner of the property. It could be General Power of Attorney or Special Power of Attorney, and which has to be duly registered in the office of the concerned Sub-Registrar.


 

Comments

Post a Comment

Popular posts from this blog

Introduction

-
  Dear all Hope you are doing well!! It’s my pleasure to introduce myself. I am Vinod Arora, aged 62, and I am from Delhi / NCR. I am actively involved in Realty Segment since 1986, and presently I am working as Legal Head with a renowned Realty Group, based in South Delhi. Now as the name of my Blog reflects “Documents By Vinod Arora” I am expert in the field of drafting documents for the sale and purchase of properties in and around Delhi / NCR, although I am not a Law Graduate, but with the experience of more than thirty years in the Realty Segment, I have attained this specialty, and for this I want to thank my Mentor & Guru LATE SH. RAMJI DASS CHHABRA, who was one of the renowned Real Estate Consultants in South Delhi, since 70’s and was the sole owner of RAMJI FLATSWALE,  was having his office in Greater Kailash-I, New Delhi-110048. So after attaining this much of expertise and knowledge in the field of drafting documents for the Real Estate transactions,...
Read more

ALL ABOUT PROPERTY TAX IN DELHI (for areas under the jurisdiction of MCD)

-
  MUNICIPAL CORPORATION OF DELHI – MCD The Municipal Corporation of Delhi, (MCD), which has now been bifurcated into three different corporations as South Delhi Municipal Corporation (SDMC), East Delhi Municipal Corporation (EDMC), North Delhi Municipal Corporation (NDMC), and these are primarily responsible to revises the Property Tax Rates in Delhi every year. These rates are based on the location, age and usage type of the property. Property owners can pay tax on land and property to South Delhi Municipal Corporation (SDMC), East Delhi Municipal Corporation (EDMC), North Delhi Municipal Corporation (NDMC),    according to the zonal area which is further divided into different wards and colonies. Property Tax is the major source of revenue for any Municipal Corporation. This tax is paid by the property owners on all lands and buildings, including on the vacant land. In Delhi, the property tax is maintained by South Delhi Municipal Corporation (SDMC), East Delhi Muni...
Read more

ALL ABOUT "WILL"

-
  All about “WILL” Do you intend to make a WILL? If the answer is “yes”, then you must read this. Writing a WILL isn’t the most pleasant of tasks. After all, by doing do you are not only acknowledging your own inevitable demise but actively planning for it. But creating a WILL is the most critical things you can do for your loved ones. Putting your wishes on paper helps your heirs avoid unnecessary hassles, and you gain the peace of mind knowing that a life’s worth of possessions will end up in the right hands. What is a “WILL” A WILL is a legal declaration by the testator expressing his intention with respect to his property which he desires to be carried into effect after his death. The maker of the Will expresses his intentions about distribution of his property amongst his sons/daughters/relatives/friends when he is alive, but it will come into effect only after his death. The person who makes the WILL is called “Testator” and the person who inherits property under ...
Read more