Are you planning to buy an apartment which has ready to move flat? Somya Buildcon lists the ownership documents that you must verify before proceeding with the purchase. With the implementation of the Real Estate (Regulation and Development) Act (RERA), buyers question their hard earned money being invested in projects under construction. Given that the continuing delays in the projects have tarnished the projects under construction, the demand for ready to move flats has increased across the board.
Another benefit of buying a property ready for acquisition is that you can choose to move anytime you want or leave the property to obtain rental income. Unlike property under construction, the ready to move unit will allow you to save on your current residence, which can be used to pay off home loan payments. Experts advise that potential buyers should be aware of certain procedures and criteria while finalizing purchasing decisions. Jaipur real estate dealer states that buyers should be well aware of the paperwork involved in home buying. Buyers will not only have to provide details and documents to the authorities and the bank, if they are benefiting from a home loan, they must also check some documents to ensure a clear address of ownership and government approvals.
Below is a list of important documents to check while purchasing a ready to move flats –
- Sale Deed
The sales contract tops the checklist while checking documents for your new home. It is the basic legal document registered, which serves as evidence of the sale and transfer of ownership. It is advised to read the exact details and verify all terms and conditions before signing the contract.
- Completion/Occupancy Certificate
The completion certificate (CC) is issued by the municipal authorities upon completion of the project. Meanwhile, an Occupancy Certificate (OC) will be issued by a local government agency once the project is completed and considered suitable for housing. This certificate states that the property has been constructed according to the approved laws and other laws making it suitable for occupancy. These documents are mandatory when requesting loans from banks and financial institutions or while applying for water, sanitation, and electricity delivery.
- Building Plan
The building plan is another document that must be reviewed before completing the purchase of a property. Usually, the construction plan is approved by the local municipal authority. Also known as a site planner, this document will contain project outline and equipment and facilities planning. Buyers should ensure that local authorities agree to properly plan the building or project. Any unauthorized or additional construction runs the risk of demolition or deprivation of occupancy at a later time.
- Encumbrance Certificate
It is also important to verify that the property does not have any fees that the buyer must verify the mortgage certificate. A mortgage certificate provides evidence that your property does not have any financial and legal obligations. The certificate can be obtained from the branch registrar’s office where ownership has been registered.
- Mutation Certificate
This document identifies the property owner in government records and specifies his tax obligations. It is imperative that you be an informed home buyer because it will help avoid legal trouble in the future. Buyers are advised to seek the help of a legal expert to examine all documents.