Buying A New Property – Arrange these Crucial Documents

  • Posted by: Yatri Ajabia
  • 13th July, 2018

Buying A New Property

When you set your mind on buying a new property

It is actually the crucial documents that are a big headache. Paperwork, in terms of buying a property, is very important. It may happen that if you miss any important document, you will end up doing a lot of back and forth for the same. So, in order to not be in such a space, here is a list of crucial documents you will have to arrange before buying a new property:

Sale Deal

A sale deal needs to be produced in original. This is one of the most crucial documents when buying a property. This document establishes the ownership of the title of the property. This deal will have to be registered in the Sub-Registrar’s office of the area where the property is located.

Khata Certificate or Extract

This document is known by different names in different states. It is also a very important document. In order to register a new property, you will need this document. Later on, if you want to transfer the ownership of the property, this is the document that you will need. This document works as a proof that the property has an entry in the local municipal records. This document also helps ensure that the construction is done according an approved plan. If you are looking to get a home loan, you will need this document.

Mutation Register Extract

If the property you are buying is under Gram Panchayat jurisdiction, then this document is mandatory. It provides the details of previous ownership.

General Power of Attorney

In order to verify and ascertain that the sale or purchase of a given property is being done by an authorised person on behalf of the owner. Again, if you are applying for a home loan, you will need to produce this document in original.

Copy of Building Plan

If you are buying a property, it is quite important that you acquire the building plan approved by the statutory body. This will establish that the construction of the property is done legally and according to set rules and regulations.

NOC (No- Objection Certificate)

A developer has to acquire as many as 19 NOCs from different authorities while building a housing project. However, depending on your state, this number will vary. It is an important thing to ask your developers for these NOCs and to keep them in your record.

Allotment Letter

It happens to be one of the most important documents required for getting a home loan. This document is issued by a developer or the housing authority and it states the description of the property and details of the amount paid by the buyer to the developer. Make sure you know that this is not the same as agreement of sale.

Apart from these, you will need the following crucial documents:

  • Sale Agreement
  • Possession Letter
  • Payment Receipts
  • Property Tax Receipts
  • Encumbrance Certificate
  • Completion Certificate
  • Occupancy Certificate

Make sure you have all the documents before you purchase a new property.

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