CHECKLIST YOU HAVE TO PREPARE BEFORE BUYING A PROPERTY.

Buying a property in India is a tedious task due to changing real estate rates, property tax rules and other changes in the industry.
Documents play a very important role when it comes to real estate scenario. In fact, documents are the sole criteria to consider before taking a further step in real estate. Having the right documents certainly gives the confidence for investing, having no problem in the long term.

There are majorly seven documents to be looked upon before investing in a property.
1.Title deed
2.Sanctioned building plan
3.Completion/occupancy certificate.
4.Tax receipt
5.Mother deed
6.Power of attorney
7.Mutation document

1.Title deed

Title deed outlines the chain of ownership of the respective property. It provides the full right to the owner to claim absolute ownership over the property. One has to check the deed to see whether it belongs to the seller, check the deed thoroughly, and if you have no knowledge about it you can seek the help of property agents or lawyers. If the title of the property is not in the name of the owner, then legally the property shouldn’t be purchased unless you get the consent from the real owner.

2.Sanctioned building plan

If you are planning to buy an apartment in Kochi or villa, this sanctioned building plan is required. Every developer at the start of the construction has to get approval from the local planning authorities. The developer had to submit the required documents for the sanctioned plan approval. So when you are searching for a residential apartment do check if the developer agrees to present the sanctioned plan, if not the construction is termed illegal.

3.Completion/Occupancy certificate

This is yet another essential document the developer of the property has to submit to the buyer. Local body authorities issue the completion certificate (CC) after the completion of the project. The occupancy certificate is issued by the local government agency after inspection and states safe for the residents. These documents are an important part of home loan and should be in your checklist.

4.Tax Receipt

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

5.Mother Deed

This document is needed when you buy a resale property. This is the parent document tracing the ownership right from the start. There are situations where the owners may do some fraud activity by undertaking the ownership of the property illegally which will certainly affect your investment plans.

6. Power Of Attorney

This is another important document while buying a property. It is required to know if the seller had the complete right over the property and selling it.

7.Mutation documents

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

Whether it is buying a plot, reselling an old apartment or buying a new apartment always consult a lawyer to verify these important documents so that you don’t have to regret it in a later stage.