- A big step in anyone’s life, buying a home requires more than just finding the ideal location and the best price.
- Documentation is a key component that is sometimes disregarded.
- A seamless and legally sound property acquisition depends on having the appropriate paperwork in place.
- We’ll break down the crucial paperwork you require when purchasing real estate in this guide, enabling you to move through the process with confidence.
- The basis of property ownership is the title document. It serves as legal documentation establishing your ownership of the property.
- Make sure the seller has a clear and marketable title to the property before concluding any purchase.
- This document contains information regarding the property’s measurements, location, boundaries, and any encumbrances that may be present.
- The terms and conditions of the transaction are put forth in the sale agreement, sometimes referred to as the purchase agreement or the sale deed.
- The sale price, payment schedule, date of possession, and other important terms are all included.
- You should carefully read this agreement to prevent any misunderstandings or issues in the future.
Property Tax Receipts
- Don’t forget to request the most recent property tax receipts.
- This demonstrates that the seller is currently on their property tax obligations.
- It’s important to make sure all taxes are paid before closing the sale because they could become your obligation after you own the property.
- An encumbrance certificate serves as evidence that the subject property is unencumbered by any debts, either financial or legal.
- This document guarantees that the property is not mortgaged and that it may be easily and legally transferred to you.
Approved Layout Plan and Building Plan
- Make sure the building plan and layout plan have been approved by the appropriate local authorities if you’re buying an apartment or a piece of real estate in a housing society.
- This demonstrates that the construction complies with all applicable laws and rules.
No Objection Certificate (NOC)
- It’s crucial to get a No Objection Certificate from the local development authority if the property you’re purchasing has changed hands multiple times.
- This certificate guarantees that the property complies with all zoning regulations and that its intended use is residential.
- A completion certificate is essential for newly built buildings.
- This certificate, which the local municipal authorities give, attests to the construction’s compliance with approved plans and its suitability for occupancy.
- An occupancy certificate is required for properties in multi-story structures, similar to the completion certificate.
- It declares that residents are welcome to occupy the building because it satisfies all safety and quality requirements.
Power of Attorney
- A power of attorney paperwork may be necessary if the property is being sold by someone other than the owner (for a variety of reasons, such as the owner’s absence from the country).
- This document grants the person representing the owner the legal right to carry out the selling transaction.
Purchasing real estate entails considerably more than only paying the agreed-upon amount of money. A hassle-free and legally secure transaction requires the proper documentation. Each piece of paperwork is essential to safeguarding your investment and ensuring that you can enjoy your new home without experiencing any problems in the future. In order to fully comprehend the paperwork and make your property acquisition a smooth trip toward realizing your goals of homeownership, always get legal counsel.