How to verify property documents before buying a flat
Checklist for buyers
1. Personal details
The agreement will need to capture the full details of the seller. This includes father's name, address, PAN number and information about bank accounts. It must also provide accurate details of the location of the property and the land record number of the municipal, tehsil (administrative division), or collector. Two people, each from the buyer's and seller's side, should witness the agreement.
2. Title documents
In the agreement, the seller must check the validity of the title documents and the transfer of ownership, "Puri explains. "He must also clearly state that the sale and sale of custody is taking place in a lawful and fully approved manner. The agreement must reflect the fact that up to the transfer date all duties related to the property have been cleared.
See Also: What is Title documents?
3. Approved building plan
Ask for the approved building plan drawings from the developer.
4. Encumbrance Certificate
This document indicates that the property is free from all legal hassles and has a clear title. It is good practice to get the Encumbrance Certificates for the past 13 or even past 30 years to be on the safer side.
5. No Objection Certificate
You should also ensure that the developer has NOCs from the concerned authorities.
6. Commencement Certificate
Once the developer obtains all the requisite approvals for the construction, he is issued a Commencement Certificate. This document is also important if you are opting for a home loan.
7. Occupancy Certificate
Issued by the civic authority of the city, this indicates that the construction of the project has been done in compliance with the approved plan and building by-laws.
8. Completion Certificate
This states that the project has been constructed as per the required norms and regulations.
9. Joint Development Agreement
If there is more than one person responsible for the development of the project, then you must take the Joint Agreement Development papers as well.
10. Allotment letter
This is given by the developer if you are opting for a home loan.
11. Letter of no dues
Once you have made all the payments to the developer, you will be issued a letter of no dues.
Other Details
- Take a glance at the title deed. confirm it's original. The bank doesn't have a lien on that. Meet the RWA or the property management company to confirm that the owner is genuine and therefore the Deed is correct.
- Check the sale deed of the apartment. If it's an apartment the first deed must be checked before it changed hands. Complete history of the apartment must be available from the builder till today.
- The building approval plan. For the apartment building as well as for plot. See if unauthorised changes have been made by the current owner.
- Conversion Land Usage. For a new colony or for a builder, verify that he has complete permission to build on the land or plan a colony
- The Certificate for completion of the house. That is really significant. You have a certificate of completion the building is finished according to schedule. Any payments for the compounding were billed.
- Certified Occupancy. It's from different agencies such as fire, water, and electricity. In the case of fire and connectivity in the case of water and electricity, everybody has cleared the building and provided the NOC. Both dues have been rescinded.