Legal Documents Needed To Buy Property

There is a massive difference between searching for a property and purchasing it. But do you think you can purchase a property just by signing a document? This is not true at all. The genuine process starts when you start looking for all the legal documents.   

According to the Centre for Policy Research, In India, 66% of civil cases are related to properties. Also, there are 25% of the cases are with the Supreme Court out of which many are about land acquisition.   

If when purchasing a property or land, anyone who runs a property business or is looking for a property, needs to know what legal documents are required.  

Here are the main documents required if you want to buy a property:  

1. Agreement to sell-  

This document includes a description of the property or land. All relevant sales information, the terms and conditions that the customer and vendor have agreed upon. The sale price is also mentioned which was discussed and decided upon by the buyer and seller.  

2. Absolute Sale deed and Title deed  

This document serves as a record of the actual transfer of property ownership. The documents that describe the actual transfer of “Ownership” are the absolute sale deed or title deed. This must be registered with the relevant region’s sub-registrar.  

3. Title Search and Report   

When applying for a home loan, this documentation is very important. The title search document contains details on past owners, renters, the property’s description and many more.  

4. Khata Certificate  

Various states have different names for the “Khata certificate”. This document serves as evidence that the property has a record in the local government files.  

5. Receipt of Property tax  

This paper serves as proof that the previous owner paid all taxes. This receipt confirms that there are no outstanding debts and establishes the property’s legal standing.  

6. Encumbrance Certificate  

This certificate includes all the transactions related to the property. This one is a key document when applying for a loan as this certificate states that no loan dues are unsettled. This also ensures that the property is free from any loan.    

7. Occupancy certificate  

This certificate is given by the municipal corporation after the construction of the building. This verifies that the construction was according to the approved plan and is ready to be occupied.   

8. Statement from the bank loan  

It is safe to ask the dealer for a bank statement on the property when the customer is purchasing a property. As this statement serves as proof of any unpaid loans, this serves as the loan against property transparency proof.  

9. Non-Objection certification  

The building’s developer asks for numerous Non-Objection Certificates (NOCs). The Environmental Department, the Traffic and Coordination Department, the Pollution Board, the Sewage Board, and other departments have a few NOCs. As a result, construction will receive “Intimation of Disapproval.”  

10. Sanctioned building plan by statutory authority  

This document contains a set of drawings and statements submitted under building code will for the purposes of sanction by a competent authority. While investing in a real property business, it is intended to make the buyer aware of any developer deviations from the sanctioned plan and is approved by architectures. 

Conclusion  

Whether you are buying, selling or even starting a property business, it’s important to gain all the crucial information. There are many other important things to keep in mind before buying or selling a property. For more information Property business has lots of information about Vastu, Commercials, and Residential properties.

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