Before buying any property there is a need for complete research and a lot of time and efforts. Property buying was never an easy task and still, it is not easy. However, everyone should go step-by-step and thoroughly look into the documents that are mandatory, so that they get confident about the final decision.
- Title Deed
Title deed is a legal deed or document which acts as an evidence of a right, especially to ownership of property. This document gives the owner to claim the absolute ownership over the property. So, while buying the property, check if it belongs to the respective seller or not. You can also seek the help of a property agent if you don’t have the knowledge of the same. If the title of the property isn’t in the name of the seller, then legally the property shouldn’t be purchased unless the consent from the real owner.
- Sanctioned Building Plan
In order to build or start a construction every developer has to get the approval from the local planning authorities. After the approval is granted, this building plan becomes a sanctioned building plan and the owner has the right to go ahead with the construction. So, when you look for any property then do check if the developer has the sanctioned plan, if not then the construction is termed as illegal and will create troubles in the future.
- Occupancy Certificate
Occupancy Certificate ensures the completion of construction of the project. It is essential for the developer of the property to submit it to the buyer. Municipal authorities issue the Completion Certificate (CC) after the completion of the project whereas Occupancy Certificate (OC) is issued by the local government agency after doing the complete inspection keeping in mind the safety for the residents. So, this document is an important part and should be in the checklist.
- Tax Receipt
Do make sure that the existing property owner has completed the tax regime and paid the tax. Because failing in the nonpayment of tax imposes the penalty and other consequences.
- Encumbrance Certificate
Encumbrance certificate is an important document for the purchase or sale of a property. This document is issues by the sub-registrar and checks if there is any kind of encumbrance on the property like mortgage, charges, etc. It ensures that there is a complete ownership of the property without any monetary or legal liability. It is important for the property buyer to check whether the property is under mortgage or loan.
- Mother Deed
In any property transaction Mother Deed is needed. This is the parent document that traces the ownership right from the origin It is the main document to determine ownership of a property. This document depicts the history of the ownership. So, check them carefully as there may be fraud activities where they undertake the ownership of the property illegally and can hamper the investment.
- Power of Attorney
Power of attorney is a document where it gives right to one person to act on the behalf of another person. It is considered to be an important document when buying any property. It confirms that the seller has complete right over the property and right to sell it.
- Mutation Document
Mutation document have all the property details including the owner’s name, size of the property, location, and other important information. It is issued by the municipal authority. Mutation of property document refers that a property has been transferred from one person to another. Although it is not a legal document but is mandatory if you want to sell your property in future.
Whether you’re purchasing a newly constructed property or a resale property, do never avoid consulting with the property lawyer and seeking some expert’s guidance about the important documents of the property.T