Buying a property is not just making a huge investment in buying a dream home but it also involves a lot more things than spending years in saving up that money. Contemporary speaking, new construction projects have a swimming pool and a clubhouse built into the design at the time of launching the project, but gradually disappears when the time to deliver nears.
Take for instance, a few days prior to the registration of your property, you may feel worried about whether the property will be in your name or not. The best option would be buying a house in resale property, where you don’t have to spend much as rent, unlike a flat. This is cost efficient enough to save money as you don’t have pay many taxes, as in the case with under-construction properties.
Things To Keep In Mind While Purchasing A Property
A good lawyer will help guide you in a systematic manner, right from the type of legal documents you need to possess, till the moment you purchase the property.
Here is a list of documents required to buy a property:
- Sale Deed in the present seller’s name.
- Katha certificate & an extract from BBMP.
- Latest tax paid receipt.
- If there is any outstanding loan, a latest statement from the bank is required.
- Agreement of sale & construction executed by the developer in favour of seller.
- Latest electricity bill along with the receipt for the said property.
- No Objection Certificate from Apartment Association.
- Sanctioned building plan.
- Possession/occupation certificate from the builder.
- All title documents of land owner.
- Joint developer agreement & sharing agreement between land owner and builder.
- Copy of all registered previous agreements.
- Conversion order issued by the concerned authority.
- In case it is a Joint Development Property, a registered development agreement is needed.
- Power of attorney, if any.
- A photocopy of Society share certificate & Society registration certificate.
Ensure A Clear Title
This is the most important aspect that you must consider before buying a house. In case you are buying a land on a leasehold land or land owned by the government, then you need to obtain a no-objection certificate from the authorities. To get an NOC you will have to pay prescribed fees. The other most important thing is researching on the entire history of agreements pertaining to that property. The whole chain of agreements should be made available to the buyer. It is advisable to always insist on chain of documents.
Points Before You Seal The Deal
- All documents that are required in the primary sale of property (Sale deed, Gift deed, Partition deed, Allotment letter) are required in the resale of property. It is important to ensure that the seller produces all the relevant original documents.
- If you are buying an apartment in a housing complex, an original sale deed and society share certificate is required because the property transaction cannot take place without them.
- Apart from sale deed , there are other papers that are needed in the sub-registrar’s office. They are, a letter from the society giving details about the number of floors in the building, year of construction, area which it is built and the number of elevators.
- It is also important to check whether the seller is the true owner of the property. The buyer should seek clear ownership history if the property has changed hands many times.
- Ensure that the seller does not have any dues pending to the society or against the house which you may have to pay later.
- An assessment bill must be provided to the society from a local civic body including a copy of the property card and a receipt for the payment of the registration fee.
- In cases the property is mortgaged, the owner needs to give an undertaking to the bank, that he has agreed to give property documents to the buyer upon the home loan foreclosure.
- When you transfer the money to the sellers account, the bank will release the original property documents along with a no-objection certificate (NOC).
- Other challenges that a buyer of a resale flat may face, includes the absence of proper chain of documentation, especially in cases where the property has changed hands a couple of times in the past. In case the property is over 30 years old, it is possible that could never be formally registered. Registering it at the current point in time would bring the burden of paying stamp duty which the buyer has to pay.
Be Diligent Than Regretting To Be Litigant
Planning to sell or buy a property and don’t know how to go about it? Well, We help you with all kinds of legal drafts, be it sale deed, power of attorney, will, gift deed, etc. Just create the document of your choice and lay back and stay digitized. You can also opt for our Print-N-Deliver feature and print your document on Stamp Paper and get it delivered it to your address. Go ahead and draft a document now!