We all dream of buying or building our dream home at some point in time in our life but the legal matters related to owning property may give nightmare to any sane person. In this blog, we will try to make your lives a little bit easier and list down all the necessary documents which one should take care of while purchasing a property.
- A sale deed is one of the most important legal documents which validate the change of ownership of a property from a seller to buyer. It is one of the necessary documents, and the sale deed gets executed once the sale agreement gets executed.
- The Mother deed is another important document which helps in tracing the ownership of the property from the initiation. It is a vital legal document which plays a major role if you wish to sell your house in the future.
- The approval plan of the building follows after the documents mentioned above. A building is deemed illegal without proper approval plan from the concerned authorities. The paper needs to be collected by the buyer from jurisdictional Commissioner.
- Commencement Certificate is another legal document issued by local authorities after stringent inspection of the site.
- Conversion certificate is the next document which follows the commencement certificate. This document is applicable only on the properties which get converted from agricultural purpose to non-agricultural purpose.
- Account certificate and account extract: The document keeps track of the details of the owner. The details play an essential role in property transaction trade license. It is one of the necessary papers when it comes to the registry of property.
- Encumbrance Certificate is a document which states liabilities created by the owner on the property. In other words, whether a person during the ownership of a particular property used the said property as security for loan or mortgage.
- Betterment Charges receipt is the receipt of all the money spend related to the development of the property, and the receipt gets issued once the buyers pay off the entire fee.
- Power of Attorney is a legal document which authorizes a person to act on behalf of the owner.
- Latest tax paid receipt is generally issued by the government bodies on clearing all the tax debts of a particular property. The document is essential from the buyers' point of view.
- A completion certificate is issued by the developer who states that the said property is ready for possession and fit for human habitation.
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