If you intend to purchase real estate in India or are currently in the process of doing so, there are some property document details that you must know. These few documents will ensure a smooth transfer of ownership from the seller to the buyer of the property. So, it’s good to be prepared with these documents as they’ll help you avoid any delay in your property purchase, especially in crowded property markets like the housing sector in MMR. Even if you are new to the market, do not fret and scroll down the house purchase documents checklist mentioned below for an easy home purchase.
Document Checklist for New Home
- Sales Deed
A sale deed is a primary lawful document that serves as evidence of a sale and the transfer of ownership of the property from the seller to the buyer. Before signing the sales document, the seller of the property must pay all required payments, including property taxes, society dues, maintenance fees, etc. A sale deed must be registered.
- Power of Attorney
A Power of Attorney, often known as a POA, is a legal process used by the owner to assign authority to another person on their behalf. To transfer one’s rights to one’s property through this procedure, one may either grant a Special Power of Attorney (SPA) or a General Power of Attorney (GPA).
- NOC (No Objection Certificate)
A NOC, or “No Objection Certificate,” is needed from government agencies to confirm that there are no unpaid debts and to confirm that the property is not being acquired by the government or scheduled for demolition.
- The Khata Certificate
A Khata is a document that attests to the fact that the property was constructed following legal rules. A khata certificate is necessary for the registration of a new property and the transfer of any property, as it is important to validate the legal aspects of the property in question. The document checklist for new home is incomplete without the Khata certificate.
- Property Tax
Receipts for property tax bills guarantee that the government has paid the most recent taxes due on the property. To confirm that no outstanding fees exist and to prove the seller’s ownership, the buyer must obtain home tax or property tax receipts from the seller for the last five years at the very least.
- Allotment Letter
The pending payment must be financed by the bank based on the allotment letter. The buyer must get an allotment letter throughout the purchasing process in India to know how much money is still owed to the builder or society on account of the purchased property. Additionally, it explains and describes all pertinent information regarding the property, including the description of the particular property that the two parties are selling or purchasing.
- Latest Electricity Bill
Simple records like the buyer’s and seller’s most recent electricity bills can be very helpful in determining the financial standing and ownership of both parties. These documents greatly simplify and streamline the legal and transition processes.
- Possession Letter
The builder creates a possession letter that includes the date the buyers took possession of the property. This document is made in the builder’s name post receiving the Completion Certificate receipt.
In a nutshell, the above-given property document details are important when purchasing 2 BHK apartments for sale in Vile Parle or any other property in India. You can simply hand over these documents to make your property purchase quick and more accessible, especially in crowded markets like Mumbai or Delhi.
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