Legal documents for purchase of property : Buying a home is one of the most essential choices you can make in your life. And, for some, it could be a significant life achievement.
The process of buying a home is both exhilarating and emotional. But, because you’re putting your money into it, don’t let it overwhelm you. Instead, make sound and deliberate decisions that you will not be sorry for later.
We are going to give a list of things to think about before buying an apartment in India to assist you make an informed decision. There are some legal documents for purchase of property one should get validate.
There are two kinds of purchases. And based on that respective legal documents for purchase of property must be required. The first is a first purchase, which means purchasing a home in an under construction project, and the second is a resale purchase, which means purchasing a property from the prior buyer. Here is a list of items to think about when buying a property.
First Purchase (Home Legal Documents)
- ENCUMBRANCE CERTIFICATE
A necessary legal document that provides total property ownership with no financial or legal liabilities. (Inquire about the last 30 years.)
- LAND PURCHASE DEED
The Sale Deed is an important document which contains the details of land purchase from the party by Developer. The sale deed is usually executed before the sale agreement and after the compliance of the terms and conditions detailed in the sale agreement as agreed to by the individuals concerned.
- LAND SATBARA
The Satbara is simply a revenue document that contains information about the property, such as its size, location, and the land on which it is built, among other things. Hence this is important legal documents for purchase of property.
- DEVELOPMENT AGREEMENT
The Development Agreement may execute between the Developer & land Lord or any of the individual concerned. This document required to understand the terms & condition set between the Developer & land Lord or any of the individual concerned.
- TRI-PARTY AGREEMENT
The Tri-party agreement may used in the third party purchased land develop by Developer. (Only applicable in some of government hold lands.)
- BUILDING APPROVALS
Before commencing construction, the Developer must get the requisite sanctions under the terms of the Building Bylaws, Master Plan, and Local Body Acts. A common mistake made by first-time home buyers is failing to ensure that the Developer follows the terms and conditions of the Building Plan and Layout Approval before purchasing the house. Noncompliance with the terms and conditions may result in negative consequences if the local authorities conduct spot checks, which are relatively prevalent in modern buildings. List of legal documents as follows:
a) Commencement Certificate
The certificate is approved by the concerned authorities to start the construction.
b) Building Approved Plans
The Plans (Building Layout & Floor Plan) are approved by the concerned authorities to start the construction.
c) Aviation NOC
The Certificate required for Height Clearance of the Building.
d) Fire NOC
The Certificate required before start the Building Construction.
e) Enviormental Clearance Certificate
The Certificate required before start the Building Construction.
f) Various approvals required to start the construction.
- ALLOTMENT LETTER
The said letter indicates the confirmation of the details of Purchased flat. Buyer must have get this legal document when purchasing home or property.
- AGREEMENT FOR SALE / SALE DEED
The Agreement for Sale, also known as the Sale Deed, contains a set of terms and conditions agreed to by both the buyer and the seller. The agreement would include the agreed-upon price for the flat by both the buyer and the seller.
- ARCHITECT COMPLETION LETTER
The Architect’s Completion Certificate is required in order to pay the instalment to the Developer.
- THE COMPLETION CERTIFICATE/ OCCUPANCY CERTIFICATE
The Completion Certificate or Occupancy Certificate is a document that shows that the building has been examined upon completion and that it complies with all municipal corporation or local development authority rules. This paperwork is required in order to obtain services such as water, power, and drainage. It is not recommended for first-time home buyers to buy or take possession of a property without the Completion Certificate or the Occupancy Certificate, as doing so is illegal and can result in a penalty or even imprisonment. In the event that the Developer fails to obtain a Completion Certificate, the buyer may visit the municipal corporation and request one.
- THE POSSESSION LETTER
The Possession letter is a document prepared by the developer that specifies the date on which the buyers will take possession of the property. This document is generated in the Developer’s name after receiving the Completion Certificate. This letter, however, is proof of property title. To do so, the house buyer must get the Completion Certificate or an Occupancy Certificate.
- CAR PARKING ALLOTMENT LETTER
Though those who purchased Car Parking may receive an allotment notice for the Car Parking No.
- PLANS & ELEVATION DRAWINGS
The drawings for the interior of the flat would be essential for an architect or the agency to choose you to design the interior.
- DETAILS OF ELECTRICITY, WATER AND POWER BACKUP, WARRANTIES IF ANY
- AGREEMENT BY MAINTENANCE AGENCY
Resale Purchase (Home Legal Documents)
All the above mentioned documents are mandate from the first buyer, Apart from that below additional documents required.
- SOCIETY REGISTRATION CERTIFICATE
The Society Registration Certificate mandate to avail the loan or any further documentation.
- CONVEYANCE DEED
Conveyance deed is the legal document by which the Developer willingly transfers ownership of a property to the buyer / Society.
