Buying a house is a long, complicated process and it’s all too easy to forget the finer details. In general, the more documentation involved in a sales transaction, the more safeguarded everyone feels. You can protect yourself as the buyer by including key documents in your transaction which ensure that your home meets your expectations and the deal is completed in a legal manner.
So, Let’s Take a Look at the Essential Documents You Should Have Before You Sign the Agreement.
1. Title Deed of the Property
It’s the foremost important document to ascertain your ownership of the property. You must ensure that you have all title deeds and conveyance deeds to determine the rights of the property for the last 30 years. You should insist on a registered sale deed which has been registered in the office of sub-registrar.
2. Extracts From Mutation Register
You need to obtain the relevant excerpts from the mutation register as it contains essential information about the last owner, the present owner, mode of purchase, nature of land and the total area of the land on which the property is located.
3. NOC from Government Departments
You need to have NOC (No Objection Certificate) from government departments in order to ensure that there are no statutory dues pending and also to make sure that the property is regularized and not under acquisition or demolition from any government department.
4. General Power Of Attorney
This document is required to establish whether the sale or purchase of a particular property is being done by an authorized person on behalf of the owner of the property. This has to be produced in original for getting a home loan.
5. House Tax/Property Tax Receipts
You must get the house tax/property tax receipts from the seller at least for the last 5 years in order to ensure that no house tax dues are pending and it also establishes the ownership of the seller.
6. GPA (General Power of Attorney)
If the last sale/purchase of the property was done through GPA, then you need the copy of the GPA to determine that the person who carried out the transaction was duly authorized to do so.
7. Sanctioned Building Plan
It helps you to determine that the building has been constructed as per the approved plan and no rules have been contravened by the builder.
8. Allotment Letter
An allotment letter is issued by a developer or the housing authority, stating the description of the property and details of the amount paid by the buyer to the developer. Remember that an allotment letter is not the same as an agreement of sale.
9. Possession Letter
Possession letter is provided to the buyer by the developer, and sets a date on which the latter would grant the former the possession of the property. The original copy of this document has to be produced for getting a home loan.
10. Payment Receipts
You must collect original payment receipts from the developer if you are buying a new property. If you are buying a resale property, ask for a copy of receipts from the seller to be produced to the bank.
Buying a house is one of the biggest steps in your life; however you must remember each of these points before you seal the deal. So, whether you’re purchasing a reselling apartment or newly constructed property, do consult with the property lawyer and seek guidance about important documents of the property.