Documents To Be Verified Before Buying A Home
Buying a home is a dream come true for many.
After years of planning and saving up, signing the agreement feels no less than
a milestone in life, especially for Indians. Given that you are emotionally and
financially invested so much in the home-buying process, it’s essential to
ensure that the transaction is legally free from any complications. To avoid
disputes in the future, here’s a comprehensive list of essential documents you
should check before buying a luxurious
flat in Vile Parle.
Let’s go through the important documents to be
verified before buying a flat.
List
Of Documents To Be Verified Before Buying A Home In India.
- Allotment letter
An allotment letter serves as an official
confirmation from the developer or seller to the buyer, indicating that the
flat has been allocated to them. This letter includes details such as the
property description, unit number, payment schedule, and terms of sale. An
allotment letter is essential for securing a home loan, as financial
institutions often demand an allotment letter to process mortgage applications.
Allotment letter provides more clarity on the terms of property purchase.
- Possession letter
This document is made by the builder stating
the date of the buyers’ possession of the property. The document isn’t
indicative of ownership.
- NOC and building approvals
A No Objection Certificate (NOC) from the
society confirms that the society has no objection to transfer ownership to the
buyer and that there are no pending dues from the seller. NOC is required from several departments, such as the fire, environmental, and water
supply departments. A builder is also required to get necessary sanctions under the
provisions of the Building Bylaws, Master Plan and Local Body Acts for building
plan and layout approval.
- Sale deed
A sale deed is evidence of sale and transfer
of property ownership from builder to homebuyer. The sale agreement should be
duly signed by both parties and witnessed by a third party. This document
serves as a legal safeguard in case of disputes. A sale deed is of utmost
importance when you want to sell the house to someone else in the future. This
document ensures you can sell the flat without any legal troubles.
- Title deed
The title deed is the most crucial document
when purchasing a property. It ensures that the property’s title is free from
disputes and claims. Check if the seller has a clear title and if the property
is not mortgaged or involved in any litigation.
- Clearance certificates
This includes two certificates: Completion
certificate and encumbrance certificate. Completion certificate proves that the
building was constructed in adherence to authorized guidelines. The encumbrance
certificate proves that there are no outstanding debts and liabilities related
to the property.
Document verification is an important step in the
process of buying a home as it ensures a hassle-free transaction. Always take
legal assistance if you are unable to manage document verification
independently. By doing your due diligence, you can protect your investment and
enjoy peace of mind as you get your property transferred to your name.
Article authored by: Team Bajaj Realty
Date: 31th July, 2024