Do you want to buy an apartment? Due to the under-construction project delays, there has been a rising demand for ready-to-move flats. Buyers need to be prepared before taking the crucial step. You have to verify the property documents before you proceed with the purchase.
With the implementation of the Real Estate (Regulation and Development) Act, buyers are skeptical about investing their hard-earned money in under-construction projects. Demand for ready-to-move flats has increased because of project delays.
One of the benefits of buying a possession- ready property is that you can let the property out for rent or move in whenever you want. Unlike an under-construction property, a ready-to-move unit will allow you to save your expenses on current accommodation, which can be used to pay installments for your home loan.
Prospective buyers are advised to be aware of certain procedures when making their purchase decisions. Buyers need to be familiar with the paperwork involved in the home buying process. If you are going to get a home loan, you need to check certain documents to make sure you have a clear title of ownership.
Before buying a ready flat, what are the documents to be checked?
Here is a list of important documents that need to be verified when buying a ready-to-move property. The sale deed was sold.
A sale deed is the top of the list to verify documents for your new home. The core legal registered document is a proof of sale and transfer. It is advisable to read the fine print before signing the deed.
There is a completion certificate.
The completion certificate is issued by the municipal authorities. Once a project is deemed fit for habitation, an Occupancy Certificate is issued by a local government agency. This certificate shows that the property has been built in accordance with the approved codes and other laws. While applying for water, sanitation, and electricity connection, both these documents are required.
The plan for building.
The building plan is a document that needs to be cross- checked before finalising a property purchase. The local municipal authority usually approves a building plan. A site plan is a document that contains a blueprints of the project, equipment layout, and utilities. The layout of the building or project must be approved by the local authorities. There is a risk of being denied or demolished any additional construction.
A certificate of encumbrance.
It's important to verify that the property doesn't have any dues for which a buyer needs to check the encumbrance certificate. Evidence that your property has no monetary or legal liability can be provided by an encumbrance certificate. The property can be registered at the sub-registrar's office. A certificate of change.
The owner of the property can be identified in a property document. As it will help avoid legal hassles in the future, it is necessary to be an informed homebuyer. Buyers are advised to get help from a legal expert.
Recent comments(0)