Purchasing a real estate property is a serious responsibility that can involve loads of paperwork. Generally speaking, the more documents involved with a sales transaction, the safer everybody feels. It is possible to protect yourself since the buyer by including important paperwork in your transaction will guarantee that your house meets your objectives, and the deal is carried out in a legitimate way. The following paragraphs will tell you about several of the important real estate papers to be checked while you are going to purchase a new home.
1. Sale Deed
This is going to be the key legal document which will act as evidence of the sale and also the transfer of possession from your seller to you. This must be registered compulsorily. You must note that before the implementation of the sale deed, you ought to perform the sale contract while simultaneously checking for the compliance of different conditions and terms as decided by you as well as your seller. Furthermore, you need to verify whether the property or home under the deal has a clear title.
2. Mother Deed
This is the parent document which happens to be an important legal record that would assist you in searching for the previous ownership of the house or property under deal straight away. If there isn't any mother deed obtainable, you must ensure that you obtain the licensed copies from the registering professionals. Also, it is very crucial that the references to the previous ownerships have been documented by the mother deed in an ongoing sequence. In case, something happens to be missing, you need to refer the information from the registering offices. This sequence must have been kept up to date till the present owner. This is very crucial if you are purchasing through a house loan.
3. Approval Plan of the Building
Any building proprietor must acquire an authorization plan either from the jurisdictional office or some other official who got certified by the commissioner. One is going to be needed to submit a set of real estate documents to be able to obtain a building authorization plan. Those documents include:
Title deed, property assessment extract, property PID number, city survey sketch, up-to-date tax receipt, earlier sanction plans, drawings of the property, demand drafts, foundation certificate and land use certificate.
4. Conversion Certificate
With the significant portions of the land being agricultural in nature, a conversion certificate is essential to be acquired from the legal body. It is the certificate which will be released by the revenue authority so as to change the utilization of land from farming to housing purposes. A No Objection Certificate or NOC must be obtained from the land regulatory for this particular conversion.
5. Encumbrance Certificate
This will mean modifications in the ownership of a property or home which has been held against a mortgage. This would include all the authorized transactions which are done on the property or home during the period for which this Encumbrance Certificate is filed. In basic terms, this is going to provide you with evidence of mortgages or any legitimately registered transaction which affects your property. It is the single most important documentation after the Sale and Mother deeds.
6. Power of Attorney
It is a legitimate procedure which is used in offering the authority to another individual by the owner for him/her. The POA holder will be able to mortgage, let out or sell the property for you. So be cautious before offering Power Of Attorney.
7. Tax Receipts
These would make certain that the taxes are already paid till the date of sale. You need to ensure that you ask the seller for the most recent original receipts to be able to check the information on owner’s name together with the tax payer’s name as well as the date of payment. In case your seller doesn’t have the tax receipts, you will be allowed to get in touch with the municipal body by making use of the property's survey number in order to verify the ownership. Additional bills such as water as well as electricity bills should also be checked.
8. Completion Certificate
This is going to be released by the municipal authorities saying that the building is in conformity with the regulations and is built based on the approved plans. This is essential during the time of buying.
9. Occupancy Certificate
An inspection is going to be carried out by the authorities while the builder is trying to get this certification to be able to ensure that the building is fulfilling all the rules that are specified. In basic terms, the certificate would certainly endorse you that the project is ready for the occupants.
Although it is vital that you check for all the above mentioned real estate documents while purchasing a brand new home, it is also important to have a property legal professional vetting for all these documents.