Buying a house anywhere is a huge investment and especially, in a country like India, it is an important step that calls for a lot of consideration and research. Out of all the aspects involved in getting a home, the one that ranks above all is the assurance that appropriate documentation is done to serve your interests and also give you a clean title of the property.
In every property transaction, prior to the concluding of the deal, it is essential to scrupulously check and verify the different categories of property documents that will be required in the practice to avoid wrongful litigations or conflicts seeking redress in the future.
In the present article, we will discuss the essential documents which potential buyers are advised to go through before buying a flat/apartment in Trichy especially the primary documents to be checked while buying an apartment from a builder.
List of Property Documents to Check Before Buying a Flat / Apartment:
Title Deed:
An essential document establishing the ownership of the land is known as the Title Deed. It is important to make sure that the owner has a vested and insurable title to the real estate in question and there are no outstanding debts, mortgages, or threats of litigation regarding this title.
Sale Deed:
A sale deed is a legal document which affects the transfer of ownership of the property from seller to buyer. It is imperative to consider the sale deed since it describes the transaction and states whether or not the sale agreement is enforceable.
Mother Deed:
The mother deed is a title document tracing the ownership of a property from its first owner down to the current owner. This deed is important for examining the current state of the property since it helps in tracing the ownership history and in figuring out any potential outliers which may affect the property.
Building Plan Approval:
At all times ensure that the building plan is approved by competent local authorities prior to purchasing any type of apartment from builders. The approved building plan provides a guarantee that the project will adhere to the construction and zoning regulations.
Occupancy Certificate:
The certificate of occupancy is a legal document provided by the local municipality at the end of construction, stating that the particular building is fit for use. It is crucial to obtain and check the occupancy certificate in order to ascertain that the apartment in question can be legally inhabited.
Completion Certificate:
This is a document that is provided by the local authorities after the building has been constructed in lines with the approved building plans. The contents of the completion certificate are assessed so as to make sure that the building has been erected as per the approved plans and within the stipulated regulations.
Encumbrance Certificate:
This is the verifying document that the property has no financial or legal obligations such as mortgages, loans or court cases. Hence, it would be very important to look into the encumbrance certificate in order to determine if there is any debt or claim on the property in question.
Tax Receipts:
Before the purchase of a property, it is crucial to confirm that the seller has no unpaid property taxes, maintenance costs, or any other payments due against the property. Moreover, it is also advisable to procure the recent tax receipts and examine them in order to eliminate any outstanding debts on the property.
No Objection Certificates (NOCs):
To buy a flat from a developer one must collect No Objection Certificates (NOC’S) from various authorities such as local development authority, water supply board, electricity board and fire department. These NOC’s state that the structure has passed all the required safety and standard checks.
Agreement to Sell:
The agreement to sell is the initial contract that outlines the different provisions of the sale of the property. It is important to confirm the agreement to sell as it will provide details on all the important aspects of the deal like the cost, mode of payment, date of transfer occupancy and any other conditions.
Allotment Letter:
In order to get a housing unit in a housing project, the allotment letter has to be obtained from the builder/investor. This allocates you a specific flat as the buyer. The allotment letter will contain information regarding the flat, its price and payment terms to the builder.
Builder-Buyer Agreement:
The Builder Buyer agreement is the one that spells out in detail the rights and obligations of the builder and the buyer in the course of real estate transactions. In this case, it is advisable to go through the builder-buyer agreement to a great extent in order to understand the terms of purchase, the date of handing over possession, construction timeliness, penalties for construction delays and so on.
Power of Attorney:
If you are considering selling a property via an attorney or any other legal professional, it is prudent to check the power of attorney for such transaction. The review of the power of attorney will therefore ascertain that the seller is duly allowed to sign the sale deed on behalf of the owner of the property.
Receipts of Payment:
Make sure to document all the expenses incurred towards the property purchase including the down payment, monthly repayment, registration charges, stamp duty and any other additional fees. Documenting all the evidence of payments makes it easier to maintain check and balance within the course of the transaction.
Local Development Authority Approvals:
Ensure that the relevant permissions from local authorities or municipal executives are in place for building construction depending on the land location. Adhering to the rules regarding the building construction helps to minimize the risk of future disputes.
Society Membership Documents (For Apartments):
When buying a flat in a high-rise building, it is essential to go through the society membership papers like the share certificate, maintenance agreement, and the by-laws of the society. Familiarizing yourself with the norms of the community’s apartment building also aids in easing living adjustment within the premises.
Survey and Land Records:
In order to develop a clear understanding of the land size, the border limits, and any intrusions or contention over the property, it becomes imperative to analyze the property survey and land records. As such, such verification of the property survey and land records helps in corroborating the details concerning the boundaries and other features of the property.
Conclusion:
A complete checklist of the documentation requirement must be studied in order to safeguard one’s investment and to carry out the process in a convenient and legal manner, before buying flat/apartment in Trichy. With the help of this predefined sample of property documents, prospective buyers might be able to mitigate future legal disputes, purchase or encumbrance issues or even financial risk exposure.
Herein document verification takes a proactive stance which safeguards the interests of the buyer as well as upholding openness and assurance in the transaction with the caveat of the buyer’s trust. Buying a house is a great achievement for every individual and therefore, it goes without saying that one must do the necessary groundwork to ascertain all the possible documentation, which is crucial to making a sound investment in the real estate market of Trichy, especially in the home buying process.
