Document checklist tops the priority list when it comes to home buying. Of course, residential property with immediate registry sounds lucrative. But, documents checking lower the chance of duping because of fraudulent activity.
Usually, homebuyers are familiar with property purchase terms. However, some terms are not that famous. So, being anxious about the process is a normal phenomena. But, don’t be afraid. As, we here define all terms under the document checklist.
Scroll down the post and know the important documents to check before buying a ready to move in apartment.
1. Completion Certificate
The document is issued by the local authority or the respective municipal corporation. Often known as Occupancy Certificate, it states that the construction has taken place while adhering to the laws. Also, the building has access to basic civic amenities and is ready for possession.
Check this paper in the document checklist, as it is important to procure for home loan sanction.
2. Sale Deed
It is must to check for Sale Deed when it comes to property purchase. Sale Deed is a legal paper which states that a person is entitled to sell the respective to the buyer. The deed exhibits that the owner sold property to the new owner. The document is also important to attain for home loan sanction.
3. No Objection Certificate
Commonly, known as NOC, this certificate states that the property has clear title. The Electricity Department, Water or Jal Board, Fire and Safety Department also issue this certificate. It is an important paper to check in the document checklist to ensure everything is sorted.
4. Encumbrance Certificate
Before a property purchase, it is necessary to check if the property is debt-free or not. The office of the Sub-Registrar provides Encumbrance Certificate. This certificate assures that the property is debt-free. Thus, it is important to procure the said paper as a part of document checklist, when it comes to buying a ready to move in apartment.
5. General Power of Attorney
Find if the earlier sale/purchase of the respective property is done through the General Power of Attorney (GPoA). In case, the deal was carried out via GPoA, then ask for a copy of the same to verify the sale was genuine. This is one essential paper in the document checklist to look for.
6. Mutation Certificate
This legal paper ascertains the property owner in the Government database and lists tax liability due in his/her name. Commonly known as Possession Letter, this certificate is linked to property title transfer to the new owner.
Conclusion
Cross-check all these papers in the document checklist. This verification of documents prior to buying an apartment keeps the risk of duping at bay. Also, it ensures a fair property deal and you do not need to pay anything extra from your hard-earned income.
