Feeling relaxed after finalizing the right residential property!
Then remember the journey has just begun, as now you have to collect the documents. This process involves a bank, from which you plan to avail of a home loan and other property-related documents. For many homebuyers this stage is all about running from pillar to post as gathering documents for property purchase is not easy. However, you can experience a seamless documentation process, by knowing the below-given checklist of 10 legal documents to buy property in India
1. Agreement To Sell
The agreement has all the property details/ description along with the terms and conditions on which both, the buyer and seller agrees. The selling price of the property is also mentioned in this document.
2. Absolute Sale Deed
Sale Deed is also known as Title Deed, offers ownership clarity. The document states that there is a transfer of ownership and this documentation is processed in the sub-registrar’s office under which the property falls.
3. Title Search and Report
This point is applicable only if you borrow home loan from bank. Title search and report have the record of all property owners till date, property details, tenant details, etc. It lists amongst 10 legal documents to buy property in India.Â
4. Khata Certificate
Any property listed in the municipal corporation of a State is said to have Khata Certificate. This legal document is referred by different names across India.
5. Receipt of Property Tax
Positioned at number 5, Receipt of Property indicates that the owner of the respective property paid dues.
6. Encumbrance Certificate
It is amongst 10 legal documents to buy property in India as an Encumbrance Certificate is released by the authority only when the developer/builder makes a payment towards all dues. This certificate is pivotal for homebuyers at the time of filling home loan application. Loan gets sanctioned only when the bank find a property loan free.
7. Occupancy Certificate
The municipal corporation releases Occupancy Certificate to residential projects built in their vicinity. This certificate is released only if the residential structure matches with norms led by the authority. It is amongst 11 legal documents to buy property, and it certifies building as for living.
8. No-Objection Certificate
It is mandatory for the developers/builders to get NOC (No-Objection Certificate) from various Government departments including Sewage Board, Pollution Board, Environmental Clearance, and Traffic Department to name a few. However, there are many other boards from whom the developer needs to get NOC for its residential property.
9. Sanction Plan
Statutory Authority approves this plan. The document states that the developer built the building as per the sanctioned planed and did not made any structural changes. Sanction Plan is among 10 legal documents to buy property in India.
10. Power of Attorney
Power of Attorney or PoA is the written authority given to a person to act as the property owner. There are four types of PoA which can be used as and when required.
