The list of documents is required for buying commercial property in Kalyan.
There is a sale deed.
A sale deed is a legal document that acts as proof of sale and transfer of ownership of the property from the seller to the buyer.
A sale deed has to be registered. One should execute the sale agreement and check for compliance with various terms and conditions as agreed upon between the buyer and seller before the sale deed is executed. The buyer should check if the property has a clear title before executing the sale deed. He/she should confirm if the property is subject to encumbrance charges.
All statutory payments such as property tax, cess, water charges, society charges, electricity charges, maintenance charges, etc., should be settled by the seller before they execute the sale deed.
The mother deed was mentioned.
If the property has had different owners, the mother deed is an important document that shows the origin of the ownership. It is a document that helps in the sale of the property. If the original Mother Deed is not there, certified copies should be obtained from the authorities.
The change in ownership of the property is included in the Mother Deed. It is important that the Mother Deed records the references to previous ownership in a sequence. If there is a missing sequence, one should refer to the records from the register offices, revenue records or the recitals in other documents. The current owner should have the sequence updated.
Building approval plan.
Building plans are approved by the Corporation or Municipal Authority. A building owner needs an approved plan from the jurisdictional Commissioner or an officer authorized by them. The building approval plan is based on the road width, floor area ratio and plot depth. The owner needs to submit a set of documents to get a building approval plan.
The documents include Title Deed, property assessment extract, property PID number, city survey sketch, up-to-date tax paid receipt, earlier sanctioned plans, copies of demand drafts, and foundation certificate. The Commissioner). The building owner needs to hire a registered architect who will draw a plan for the building. If all the requirements are met, one can get a building approval plan within 4-5 working days.
The Khata certificate and extract of khata.
The word is derived from an accounting word. It's an account of a person's ownership of a property. It usually consists of (a) a certificate and (b) extract. The registration of a new property and the transfer of a property requires a Khata certificate. The property details from the assessment registrar are what Khata Extract is about. It is necessary when buying and acquiring trade licenses.
The revenue records extract is known as A Khata and B Khata. The properties listed under the jurisdiction of the Corporation or Municipality have legal property constructions while the properties listed under local jurisdiction have violated property constructions. One should not buy a B Khata property as it will be seen as illegal construction. B Khata may be converted to A Khata by paying a penalty to the Government.
There is an encumbrance certificate.
Encumbrance means charges in the ownership of a property that is held against a home loan as security. All the transactions done on the property during the period for which the EC is sought are included in an EC. It is a certificate that shows the property purchase/sale and the presence of any transaction or mortgage. A copy of the sale deed is required to get an EC. Depending on the period sought, the time taken to obtain an EC will be between 3-7 days.
Betterment charges a receipt.
Improvement fees and development charges are paid to the Corporation Authority before a Khata can be issued. The developers can pay a fixed amount to the municipal body. At the time of buying a house, a receipt of the same should be obtained.
The POA is a power of attorney.
A POA is a legal procedure used to give authority to another person. A Special Power of Attorney or a General Power of Attorney can be used to transfer one's rights over one's property.
This is the latest tax paid receipt.
Property taxes are paid up-to-date with the receipt for the bill. It is important for the buyer to inquire with the government to make sure the dues are paid by the seller. The seller should give the buyer the latest tax paid receipts and bills, as well as the taxpayer's name, date of payment, and the owner's name. If the owner of the land doesn't have a tax receipt, the buyer can contact the municipal body to find out if the land is theirs. The water bill, electricity bill, etc. should also be ensured by the buyer. They are paid up to date.
Stamp Duty.
Stamp Duty is a tax that must be paid in full and on time. A stamp duty paid document is considered a proper and legal document. If there is an agreement to the contrary, the buyer is responsible for paying stamp duty.
Stamp Duty is paid on the market value of the property.
The market value is the price at which a property can be bought in the open market. The Stamp Duty is calculated on the market value of the property or the agreement value.
The list of documents is used for buying commercial property in Kalyan. The article might be useful. You can ask a lot of questions to get a clear picture.
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