People need to consider some factors and take several crucial steps while buying a flat. Keep reading this article to learn about the documents required for a flat purchase.
Allotment Letter
An allotment letter is issued to the property’s first owner, and the buyer needs to ask for a copy of the original letter. These documents are considered one of the most important documents in property transactions. This allotment letter contains all the necessary details, including the schedule for the payments to be made, the agreed amount, and the already deposited amount.
Sale Agreement
Another essential document in the process is the sale agreement. This document contains all the details about the property, like the date of possession, the payment plan, details of common areas, facilities, and terms and conditions. This document is required if the buyer wants a home loan, and they must produce the original for a home purchase.
Payment Receipt
When buying a new home, one needs to collect all the receipts for every minor payment that is made throughout the process. These receipts are evidence of the payment they have made.
Property Tax Receipts
Every property owner must pay taxes and receive a tax receipt. When a person purchases a home, they must ensure that the previous owner paid all the taxes and returned all the dues. For that, one needs to see the tax receipt record of the previous owner.
Sale Deed
The sale deed claims ownership of the title to the property. One should begin with these documents. These documents need to be taken from the seller, and they need to sign them off.
Completion Certificate
A completion certificate is proof of the finalization of the construction work. This is one of the important documents one must submit for a home loan.
Copy of Building Plan
If a buyer is keen to invest in real estate, they must have a complete picture of the property. They need to ask for a copy of the building plan that needs to be approved by a statutory body. This document is required to prove that this construction is legal.
Proof of Payment of Stamp Duty
This is an important document on the property documents checklist; one must keep it handy. A stamp duty is a percentage of the total transaction value that is levied by the State Government on each registered sale.
Possession Letter
Remember to take the possession letter from the seller. This document sets a date of possession of the property. The buyer needs to provide these documents to acquire a home loan.
To Conclude
These are the required documents if someone wants to possess property in India. It would be best if they went through the home buying process checklist to close the deal.
Frequently Asked Questions
What is the legal process for Purchasing a flat?➕Firstly, the buyer needs to confirm the existence of the property with a valid property title. The property must be free of any mortgagees or previous unpaid dues. You need to scrutinize all the documents for a minimum of the last twelve years. If you are going for any legal discrepancies, you must go up to thirty years.
What are the most important documents for phone shopping?➕If you are considering buying a home, then you must prepare all the required documents as written below,
- The Sale Deed
- The mother’s deed
- The sale and purchase agreement
- The building approval plan
- The possession certificate
- The khata certificate
- The allotment letter
What is the most important document at the closing?➕Deeds are the most critical documents in your closing package. The deeds carry the final statement of the seller, in which they transfer all the rights and stakes in the property to the buyer.
What document can prove you own the land?➕The land registry is a public register of property information. Every property ownership transfer is registered here. You can prove the property is yours by submitting the land registry documents.
How long after the deposit can you take the key to the place?➕Generally, after completion, you can get a hold of your new property within two weeks. But you can get the key as soon as you deposit the money.
Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
