Documents to check before buying a home

Documents to check before buying a home

Buying your own home in India is a cherished dream for most. However changing real estate rates, property tax rules etc make it difficult to when you decide to take the plunge.

Let us go through the following important documents which you must check before investing in a property:

  • Check the Title Deed

This document typically outlines the chain of ownership of the respective property. The owner gets full right to claim the absolute ownership over the property. You need to check if the property belongs to the respective seller. Check the deed thoroughly, and if have no knowledge about it you can seek help of a property agent.

If you are buying a house on a leasehold land or land owned by government, you need to obtain a no- objection certificate from the authorities. To get such a certificate, you may have to pay prescribed fees, which will further inflate the consideration for the property.documents

  • Sanctioned Building Plan

Before commencement of the construction, every developer must get necessary approvals from local planning authorities. The developer has to submit the required documents for the sanctioned plan approval. The developer must agree to present the sanctioned plan to you, if not then the construction is termed as illegal.

  • Completion/Occupancy Certificate

Post completion of the project the Municipal authorities issue the Completion Certificate (CC). Occupancy Certificate (OC) is issued by the local government agency after the inspection and states safe for the residents. These are essential important documents the developer of the property has to submit to the buyer. These are also important part of the home loan documentation.

  • Tax Receipts

The property owner has to present you with the legal tax pay receipt failing to which the government is authorised to impose a penalty of certain percent every month on the property buyer. So do make sure to check if the existing property owner has completed the tax regime.

  • Encumbrance Certificate

It is a document issues by the sub-registrar to check if there is any encumbrance on the property like mortgage, charges, etc. The sub-registrar issues the certificate with complete details about the legal dues pertaining to the property. It is important for the property buyer to check whether the property is under mortgage or loan.

  • Mother Deed (in case of resale property)

This is the parent and extremely important document tracing the ownership right from the start.  There may be situations where the owner may do some fraud activity by undertaking the ownership of the property illegally, which will certainly effect your investment.documents

  • Mutation Document:

This document contains all the details about the property including the name of the owner, property size, location, and other important information. It is issued by the municipal authority in the name of the present owner.

It is advisable to seek guidance about important documents of the property before signing on the dotted line. Be Diligent Before Becoming A Litigant !



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