
When it comes to purchasing a piece of property, there are a range of documents involved to ensure a legally sound and seamless transaction process. Irrespective of whether you’re a first-time home buyer, or an investor with years of experience under your belt, understanding the necessary Documents Required for Buying a Property can assist in simplifying the purchasing process. Here we will discuss the checklist of important property documents required for purchasing a new home.
Important documents for buying a property
Talking about the important Documents Required for Buying a Property, these 11 documents are imperative and should always be on your Checklist for buying a property. Let’s know them.
Sale deed
The sale deed is one of the most essential documents required to buy a property in India. This document evidences the sale and transfer of property from the builder to the one who’s buying it. It becomes crucial if you decide to sell your purchased property in the future.
For instance, when purchasing a property from a renowned builder like Northstar Homes in Hyderabad, this document will be of paramount importance. The sale deed gets executed after fulfilling the terms and conditions already outlined in the sale agreement.
Encumbrance certificate
This certificate is the very legal proof of free title and ownership and confirms that there is no pending legal or financial liability on your purchased property. It needs to be obtained from the office of the sub-registrar and covers a certain period of time, usually up to 30 years. The encumbrance certificate is essential to ensure that your purchased property is free from any due loans, mortgages, or legal disputes.
Mother deed
The mothers deed is also one of the very essential property documents required for purchasing a new home. It holds immense significance because it traces the ownership history of the property. Moreover, because it is required by the banks often for property loans, it establishes the legal ownership chain of any given property in India.
Sale and purchase agreement
This agreement is an integral part of your Checklist for buying a property and outlines the terms and conditions that have been agreed upon by both the buyer and the seller. Furthermore, it includes details such as the negotiated price and other relevant terms.
Building approval plan
When talking about legal documents required to buy a property, one cannot simply overlook the building approval plan. Every builder is obligated to ensure necessary sanctions prior to commencing construction.
This plan includes approvals for the building plan and the layout approval. One should always ensure compliance with these approvals to avoid various legal issues in the future.
Possession letter
A crucial document in the property buying checklist, the possession letter is issued by the builder and indicates the date when the buyer will take possession of the property. It is important to remember, however, that this letter is not accepted as proof of ownership in India.
Therefore, when you purchase a property from Northstar Homes in Vizag, keep in mind that while the possession letter confirms your possession date, full ownership is established only with the supplementary legal documents as previously discussed.
Completion certificate or occupancy certificate
This is also one of the Legal documents required to buy a property and certified that the construction has been in compliance with the municipal rules and regulations. It is essential for the sake of utility connections and confirms that the building has been legally constructed.
Khata certificate
The khata certificate is a revenue document that contains property details and forms an important property tax payment document. Moreover, this piece of legal document is essential when it comes to utility connections and home loans.
Allotment letter
Whenever you’re purchasing a property that’s under construction, the allotment letter will outline various relevant payment details, including additional fees for amenities. Banks often ask for this letter for loan purchasing processes.
Power of Attorney
POA is required when the property is being purchased through a representative or an agent, and it grants the authorised person the power to act on behalf of the buyer or seller in any matter that’s related to the property.
No Objection Certificates
NOCs of various types might be required, depending on the nature and location of the property. Some of the most common NOCs include the Non-Agricultural Land Certificate, Fire NOC, Society NOC (in case of buying a property in a cooperative housing society), and the Environmental Clearance Certificate among other certificates.
Understanding this checklist of property documents can help to make your property-buying journey smoother and more convenient. You should always look to stay organised and make sure you have all the required paperwork in place to ensure a successful property transaction procedure and avoid any legal issues in the immediate future.
If you’re looking for premium gated community apartments and villas in and around Hyderabad, look no further than Northstar Homes. We at Northstar Homes are equipped to provide you with exceptional gated community apartments, villas, and plots, as well as other luxurious living options in Vizag. Our properties have been designed in such a way that they deliver the best of modern-day living by combining style, comfort, and the best-in-class security to provide the ideal home environment. It doesn’t matter whether you’re looking for the interesting city life of Hyderabad or the scenic coastal vibes of Vizag, Northstar Homes definitely has something or the other to cater to your needs and preferences. So, the next time you’re Buying a Property in Vizag, make sure to check us out at Northstar Homes.
Conclusion
Developers need to register their project, under the Regulation and Development Act, 2016, with RERA authority. A buyer should verify if the property he/she is going to purchase has been RERA registered or not.
Moreover, RERA for every individual state also gives the details of any complaint that has been filed against the project. In order to operate on a legal basis, all real estate builders should also be registered with the RERA authority of their respective states.