Date : 11-07-2018 14:09
Documents to Check before Buying Property
Having a property in India is considered to be a sign of sound social status. Buyers invest all their hard earned money in acquiring a property or a flat. The buyers before buying any property should be aware of certain procedures before finalizing the deal. The buyers were left at the mercy of the builders if they invested in an under-construction project.
In order to protect the home buyers from the builders, Real Estate (Regulation and Development) Act (RERA), 2016 was brought by the government. Therefore before investing money, the buyers should be well acquainted with some documents. They must especially check documents related to the title of ownership and government approvals.
List of documents which must be verified before buying any Property:
1. Title Deed: This document contains whether the builder owns the property which is being sold, has the right to sell it or not and free to transfer the ownership. The original deed needs to be checked to get ensured that no one else has the right to sell it.
2. Sale Deed: It is a legal registered document which acts as a proof of sale and transfer of property.
3. Intimation of Disapproval (IOD): At various stages of construction the builder has to obtain a set of permissions which include No Objection Certificate (NOC) from various departments such as Sewage department, Environment department, etc.
4. Commencement Certificate: It is a document issued by local authorities that legally allows a builder to start the construction work. The construction work is carried on without acquiring this certificate is illegal.
5. Completion/ Occupancy Certificate: Completion certificate is given by municipal authorities on the completion of the project in the meantime occupancy certificate is given by local government authorities once the project is completed and fit for occupancy. These certificates tell the buyer that property has been built in compliance with the given permissions.
6. Encumbrance Certificate: This is to confirm that there is no legal proceeding in progress with regard to the property being sold or any monetary liability. This document can be obtained from the office of the registration authority.
7. Building Plans/ Approved Layout Plans: The plan has to be approved by local municipality authority. Caution needs to be exercised by buyers as builders can deviate from approved plans. It contains the blueprint of the project and equipment layouts.
8. Mutation Certificate: This document tells the buyer about the identity of the owner of the property from the government records and also establishes their tax liabilities.