Documents You Need To Look For While Buying Property In India


Last Updated: January 14, 2023, 16:12 IST

The first document created in anticipation of a property transaction is the agreement to sell.

The sale deed or title deed is the most significant document that outlines the precise transfer of ownership of the asset.

Buying a home, particularly for first-time buyers, may be an exhausting and challenging process. From choosing a place to handling the money and other regulations, there’s just so much to take care of. Don’t panic if you’ve been trying to find the house of your dreams but don’t know where to begin. The first step you need to know when buying a house is documentation.

But don’t worry we are here to guide you on all documents you must possess to have a dream house.

The first document created in anticipation of a property transaction is the agreement to sell. It includes a thorough description of the property and outlines the agreement’s parameters between the buyer and seller, including the agreed-upon purchase price.

Absolute sale deed and title deed: The sale deed or title deed is the most significant document that outlines the precise transfer of ownership of the asset. The sub-registrar’s office, under whose authority the property would fall, is where it needs to be registered.

Title search and report: Obtaining the chain of records pertaining to the history of the property that has been registered with the relevant authority is done through the property title search process. It provides an explanation of the property and names of title holders, joint tenancy, etc. It

Khata certificate: This documentation, known by various names in various states, attests to the fact that the property is listed in the neighbourhood’s municipal records.

Property tax receipts indicate that all taxes were paid by the previous owner or occupant and none were outstanding. They also provide the property with legal standing, making them crucial pieces of supporting documentation.

Certificate of No Encumbrance: A certificate of no encumbrance certifies that the property is free of any loans or other liens. It is a crucial document for getting a loan from a bank secured by a property. It contains all the information on all transactions involving the property.

Occupancy certificate: Following the construction of a structure, the municipal corporation issues an occupation certificate, also known as a completion certificate, to confirm that the building was built in accordance with a sanctioned plan and is ready for occupancy.

Statement from the bank if there is an outstanding loan – If there is an outstanding loan on the property that is being purchased, it is safe to obtain the loan statements so that there is complete disclosure.

Read all the Latest Business News here



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here