Property Documents to Check Before Buying a new Flat
At the time of Booking
1. Land Records
When you wish to book a brand new property, make sure that the builder owns the land wherever he’s proposing the project. Land Records explicate regarding possession, rights, obligations and mortgages of the property. you’ll be able to check land records with the Survey Nos. Nowadays, land records for many states area unit created out there on-line. For additional details, cross-check Land Records Guide.
2. Land Use Certificate
Before developing any property, a builder wants Land Use Certificate or modification of Land Use (CLU) certificate from the urban authority. Residential comes can not be inbuilt an advert or industrial zone or on agricultural land. you’ll be able to raise the builder to supply a duplicate of Land Use or CLU Certificate.
3. Layout Approvals
Many builders sell properties underneath soft launch while not obtaining layout and building approvals. can|they’re going to|they’ll} tell you that rates will go up considerably once all approvals area unit received. however ne’er fall under this lure as approvals might not return anytime shortly and you’ll grind to a halt for an extended time. you must ne’er invest in an exceedingly project that has not received approvals. If any builder avoids showing you the copy ofapproved layout, you must refrain from investment in such project.
4. Master Plan
Builders and property consultants can typically show you approaching infrastructure comes like airfield, Metro, Expressway, SEZ etc. on the folder. once more a word of caution here. A item ought to ne’er be the premise of such claims. you’ll be able to cross check these with the approved plan of the town. within the plan, you’ll be able to additionally check whether or not the project falls into residential zone or not. look into Master Plans of Indian Cities.
5. No Objection Certificates & Clearances
The builder has to get clearances from Electricity, Water, fireplace and Safety authorities and surroundings clearance etc. make certain that the builder has received all clearances.
6. Certificate of Commencement
A Certificate of Commencement, given by the planning Department, is obligatory to start any construction of a property. This certificate is given just one occasion all alternative approvals and clearances ar obtained by the builder.
7. Allotment Letter
Once you offer the booking quantity, the builder can sign associate degree allotment letter with you. it’ll mention payment set up and alternative necessary agreement clauses. Before you relinquishment booking quantity cheque, confirm that payment set up and alternative clauses ar clear to you. you must make sure that there’s a penalty clause for any delay in possession.
8. Builder-Buyer Agreement
Once you pay 20-30% of basic value of property, the developer can signBuilder-Buyer Agreement with you. this may be an in depth agreement that may have layout arrange, elaborate specifications & options of the property. it’ll mention the possession time & penalty quantity just in case of delay. confirm that you just undergo the agreement fully before you sign in it.
9. Completion Certificate
Completion certificate is issued by Municipal Corporation once the project is completed as per the approved layout arrange.
10. Occupancy Certificate
Occupation Certificate is additionally issued by Municipal Corporation when guaranteeing that basic amenities like Electricity association, installation, waste material association etc. area unit provided as per the approved arrange.
Before you’re two-handed over possession, ensure that the builder has received Completion Certificate and Occupancy Certificate.
At the time of Possession
11. Sale Deed Registration
Once the project is complete altogether respects and has received Completion and Occupancy Certificates, the Builder can transfer the property in your name by corporal punishment a procurement Deed that may be registered at the Registrar’s workplace. Sale Deed is that the main possession document and you must keep it safely. In case, you have got taken a home equity loan, original copy of Sale Deed are going to be bimanual over to the Bank until the time you retire your complete loan.
12. Possession Certificate
Once, Sale Deed is registered in your name, the builder can offer you possession certificate once turning in physical possession of the property.
Ready to Occupy Property
1. Original Title Deed
In a ready to Occupy property, the primary document that you simply ought to see is that the deed. make sure that the property is within the name of the vendor and he has the total right to sell it. continuously put into effect seeing the initial deed to form certain that the property isn’t encumbered. you have got to conjointly certify that the property isn’t already sold-out partially or full to anybody else. don’t obtain a property if the title isn’t clear. you’ll be able to rent a attorney for title verification to make sure.
2. No Encumbrance Certificate
You should conjointly make certain that the plot or house doesn’t have any legal dues. associate encumbrance certificate, obtainable from the sub-registrar workplace wherever the Sale Deed is registered, states any legal dues and complaints against the aforementioned property. you’ll be able to raise merchant to supply “No Encumbrance Certificate” for minimum thirteen years or to own a lot of clarification, you’ll be able to get encumbrance certificate for last thirty years.
3. NoC from Bank in case of Bank Loan
In case the vendor has taken a home equity credit and also the property is encumbered with a Bank, the vendor ought to take a No Objection Certificate from the Bank or if all dues square measure cleared, then a No Dues Certificate.
4. Share Certificate
In case you’re buying a Cooperative cluster Housing Society Flat, you ought to check the initial Share Certificate issued by the Society that mentions the name of the owner.
5. Entire Chain of Documents
You should raise marketer to point out you the whole chain of documents right from the initial allotment to this seller. The transfer of property will either happen either by approach of Sale or Gift or Inheritance. just in case of sale transfers, the vendor ought to be ready to manufacture all Sale Deeds since original allotment. Similarly, he ought to be ready to gift any gift deed, can or nominations etc. you ought to additionally check Share certificates right from the initial allottee.
This will offer you a good plan of the titles and title transfers.
6. Utility Bills & Tax Receipts
You should make sure all Utility bills like Electricity, Water, Gas & telephone bills and Society Maintenance Dues area unit paid up thus far and carry the name of gift owner.
Property taxes area unit as a result of the govt. and area unit a primary charge on the property. you ought to examine latest land tax receipts. make sure that they carry the seller’s name which all taxes area unit paid since the start year of possession. you’ll additionally check land tax dues from the Municipal Corporation workplace. just in case of any dues, raise the vendor to clear them before you get the property.
7. Society Related Documents
At a convenient time, the vendor will facilitate your visit to the society wherever you’ll be able to examine society registration documents, property card, occupation certificate and approved layout plans etc. In case, you’re taking a home equity credit, the bank might raise a replica of layout plans or the other documents. you’ll be able to collect a replica of any such document throughout your visit to the society.
8. Possession Certificate
In case, you’re shopping for a property developed by a non-public builder, you must check the possession certificate and collect it at the time of sale deed registration.
9. No Objection Certificate (NoC) from Society
You will additionally got to get a No Objection Certificate from the Society stating that they don’t have any issues in transferring the flat to your name subject to any or all payments and agreements between client and trafficker.
10. Sale Deed Registration
Once you’ve got checked all property documents, you’ll be able to change payment to the vendor. Then you may need to execute the Sale Deed and find it registered at the Registrar’s workplace upon payment of acceptable stamp duties.
11. Change in Share Certificate
Upon execution of Sale Deed, you may got to submit a replica of Sale Deed along side membership transfer kind punctually signed by each client and vender to the society. The society can then issue new share certificate together with your name because the new owner.