Documents You Need to Verify Before Buying a House

Introduction

Ready-made apartments and housing properties in India attract buyers who want to take immediate possession of their purchased property. Like the projects under construction, these are also without any delay. Buyers can save time. Avoids the hassle of waiting for construction to be completed. Move-in-ready properties are often fully furnished. Makes the transition smoother for new homeowners. Openplot lists the documents required to be verified before buying a house in India.

Table of Contents

• What Are the Documents to Be Checked Before Buying a House?
  • Sale Deed
  • Occupancy Certificate
  • Building Approval Plan
  • Encumbrance Certificate
  • No Objection Certificate
  • Bank NOC (No Dues Certificate)
  • Title Deeds
• Buying A House: Last Thing on Legal Property Documents

Ready-to-move flats offer the added benefit of immediate rental income. This can be especially advantageous for investors looking to generate passive income. Without the hassle of finding tenants. The ready-to-move flats often come fully furnished. Make them attractive to potential renters looking for convenience.

Furthermore, the turnkey nature of ready-to-move flats allows investors to start earning rental income right away without any additional time or effort required. This can result in a quicker return on investment compared to properties that require renovations or tenant searches.

What Are the Documents to Be Checked Before Buying a House?

If you want to be buying a house, you must check these documents. It would be best if you were very careful not to act carelessly. Here is a list of key documents to verify while buying a ready-to-move-in property:

Sale Deed

A sale deed is an important document that contains evidence of a sale. This acts as legal proof of ownership. It includes details of the property, the buyer, and the seller, as well as the terms and conditions of the sale. Both parties typically sign it. Registered with the appropriate government authority. This acts as legal proof of ownership. The transfer of the property’s title from the seller to the buyer. This is usually executed before the agreement.

After compliance with the terms and conditions, it is an imperative document for a first-time home buyer. This document outlines the responsibilities and rights of the buyer in the home purchasing process. It also provides important information about the property being purchased. Understanding the contents of this document can help the buyer make informed decisions.

• The sale deed must be registered within four months from the date of execution
• It must be registered in the sub-registrar‘s office
• It can be an important document in the future for the sale of the property
• It acts as documented proof of property ownership
• A sale deed will be invalid if it is not registered within the given time frame.

Occupancy Certificate

Municipal authorities issue a Certificate of Completion (CC) after the completion of the project. Meanwhile, an Occupancy Certificate (OC) is issued by a local government agency after a project is completed and deemed fit for habitation. This is useful at the time of purchase or sale of the certificate.

Building Approval Plan

The building plan is another important document that needs to be cross-checked before finalizing a property purchase. This document outlines the layout and structure of the property. Ensuring that it aligns with your needs and expectations. It also provides valuable information on any potential renovations or modifications that may be required in the future.

By reviewing the building plan, you can ensure that the property meets your specific needs and that any future improvements are possible. Any unauthorized or additional structure is liable to be subsequently demolished or denied occupancy. This document also provides insight into the overall condition of the property. Helps you make an informed decision.

Encumbrance Certificate

It is also important to verify that the property does not have any dues. For this, a buyer must check the encumbrance certificate. This document will show if there are any outstanding debts or legal claims against the property. It is crucial to ensure that the property is free from any financial liabilities before making a purchase.

An encumbrance certificate proves that there are no legal encumbrances on the property. The certificate can be obtained from the office of the sub-registrar where the property is registered. It is important to obtain an encumbrance certificate before purchasing a property to ensure there are no outstanding debts or legal issues attached to it. This certificate is typically required by banks and financial institutions when applying for a loan against the property.

No Objection Certificate

Various government authorities and departments, like electricity, security, gas, and water boards. The builder or seller will issue a No Objection Certificate (NOC) to state that the necessary approvals have been provided. Such a certificate assures the buyer that the property is in order and that no possession or demolition claims are pending.

Bank NOC (No Dues Certificate)

Whether there is a loan in the name of the property should be carefully considered. If the flat is subject to a loan, determine its loan status. To ensure that all dues are cleared on time, ask the seller to provide a no-dues certificate from the bank.

This ensures that the loan is paying in full and there are no arrears on the property. It is important to have this certificate to avoid any legal or financial complications in the future. With this document, the property can be sold without any difficulty.

Title Deeds

A title deed is considered the foundation of a home purchase. It is a legal document that proves ownership of the property. Includes important details such as the property’s boundaries and any restrictions on its use.

Having a title deed ensures that the buyer has full rights to the property and can protect against any potential disputes in the future. Without a title deed, there may be uncertainty regarding ownership and potential legal issues. It is essential to have a title deed in order to establish clear ownership of the property.

Buying A House: Last Thing on Legal Property Documents

Buying a house involves significant investment and legal procedures that require thorough documentation. To ensure a smooth property transaction, it is important to keep all the necessary documents. These documents typically include proof of identity, proof of address, financial records, and property-related paperwork.

It is advisable to consult with a real estate agent or legal professional to ensure all required documentation is in order before proceeding with the purchase. Failure to provide the necessary documents can result in delays or even cancellation of the transaction. Having all the documentation ready can help expedite the process and minimize any potential complications.

Conclusion

While understanding the importance of these documents is important, it is equally important to seek professional advice and follow legal procedures in property transactions. All the factors mentioned above should be considered when you buy or sell a property. This can avoid legal problems while selling or buying a house.

Frequently Asked Questions