Purchasing a house is much more than a dream for most individuals. A person devotes a considerable portion of their life to the purchase of a home. However, the home-buying process can be more difficult in practice, especially for first-time buyers.
In case you are planning to buy a property in
Mumbai or any metropolis for that matter, get ready for a lot of paperwork
because the process entails various documents that you need to be aware of.
Let’s take a glance at them:
The
Sale Deed
It is an important legal document that
records the sale and transfer of property from the developer to the buyer. The
sale deed must be provided in original form because it demonstrates ownership
of title to the property. The sale deed must be registered with the
Sub-Registrar's office in the region where the property is situated.
The
Mother Deed
It is an essential document that traces
property ownership. Banks typically request this document when a homebuyer
applies for a home loan against the property. Homebuyers
can seek assistance from local authorities for this document.
The
Sale and Purchase Agreement
This document contains all of the
property's information, such as the terms and conditions, the occupancy date,
the payment schedule, the specifications, information about the common spaces
and facilities, and so on.
The
Building Approval Plan
Before starting construction work, the
builder must get the requisite sanctions under the terms of the building
regulations, master plan, and local authority acts.
The
Letter of Possession
It is a document that specifies the
date on which the buyers will take possession of the property. This document,
though, is not evidence of property title. For the same, an Occupancy
Certificate is required.
The
Completion Certificate
Also known as Occupancy Certificate, it is
a document that confirms the building was inspected after completion and
complies with laws defined by the municipal corporation or local development
authority. It is important to obtain utilities like water, power, and sewer.
The
Khata Certificate
A Khata is simply a revenue
paper containing property particulars, like its size, location, and
the area on which it is built, in order to pay property taxes.
The
Allotment Letter
If you want to book a property that is
presently under development, you must have an Allotment Letter. It contains all
of the information on the payment of the flat as well as any other costs that
you may have to pay for any additional facilities.
It doesn’t matter whether you buy a property
in Godrej Horizon, Wadala or Godrej Ascend, Kolshet Road, Thane
or any other residential project in any location, make sure to check all these
documents.
No comments:
Post a Comment