Important Documents need to be checked while buying a flat

With RERA playing an important role in the development of the property, it has become necessary for the builders & investors to check every legal document carefully before investing. 

When you step out to buy a property, you must be sure that there are plenty of documents to be verified before buying a plot. It is equally important for you and the seller to check the property related documents before finally signing the ownership papers.

However, the process of buying under construction property and the possession ready property is different and so are the legal documents.

While purchasing a 3 BHK or 2 BHK Flats in Jaipur if you are applying for the loan from the bank, you must be well acquainted with the paperwork involved in the home buying process.

Highlighted in the article below are the few most important documents to check before buying a flat.

List of documents required before ownership of flat

To ease out the process of home purchase for you, here is the list of paperwork that I did before finally getting the keys to my home.

The Building Plan copy

The buyer must ask for the copy of the approved (by the statutory body) building plan. This gives the buyer a surety that the construction of the building is legal and under the set guidelines provided by the government.

Failure to do so can put the builder at risk and the buyer can question the builder about the authenticity of the project. Although, this is the first step that most of the builders do not skip in order to avoid any hassle while construction and selling.

An allotment Letter

If you are thinking of getting a home loan then allotment letter is a must. The allotment letter is used by the developer or the builder which states the description of the property and the amount paid by the buyer.

Please note that the allotment letter and the agreement of sale are two different papers and the buyer needs to acquire both of them. The former is issued on the letterhead of the developer and the latter is produced on the legal stamp paper.

The Sale Deed

A sale deed is by far the most important documents to be verified before buying a plot, the sale deed must be original as it shows the ownership of the title of the property.

The sale deed will then be registered in the sub-registrar’s office of the same area in which the property is located. 

The Sale Agreement

Different from the sale deed, a sale agreement has all the information about property. This includes terms and conditions of the sale, the possession date of the property, the payment schemes, and the specifications, the details about the common areas, amenities or facilities and so on.

The agreement of sale needs to be verified before the purchase of property as it holds the developer responsible for the construction of the property. This document, along with the allotment letter has to be produced in the bank while applying for a home loan.

The document stating General Power Of Attorney

This type of property documents to be verified before buying a plot is required to verify the authorization of the possession. It states whether the sale or purchase of a particular property is being done by an authorised person on behalf of the owner of the property. 

The document of general power of attorney has to be produced in original in the bank while asking for a home loan.

Letter of possession

A Possession letter in simple terms is a letter is provided by the developer that has a set date on which the developer would grant the possession of the property to the buyer. 

Receipts of payments

If you are a first time home buyer or are buying a new property make sure to collect the original payment receipts from the seller. 

On the other hand, if you are buying a resale property, do not forget to ask for a copy of receipts from the seller to show in the bank.

Also, do not skip this step of keeping the payment receipts safe as these are the only proof in paper that you will have unless the property is registered in your name

Tax Receipts

The property tax receipts are an important part of documents verification before property purchase. It is necessary to check that the previous or the current property owners are paying taxed and there are no pending dues.

The property tax receipts not only keeps you safe from unwanted/overdue expenditure but also determine the legal status of the property.

Occupancy Certificate

The local authority issues this document to the developer to state that the building is finally ready for possession. It also makes sure that all the construction has been done in compliance to the sanctioned plan. 

In the end I would like to say that,

Now that you are aware of the documents to check before buying a flat, make sure you keep this list of documents handy to avoid any legal hassles. You should also keep these papers safe if you are looking forward to selling out the property in the future.

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