Buying and selling properties is common in our country. It can be the most valuable thing for some and life-saver for others but showing negligence while going through related documents can cost you for a lifetime! So, in order to avoid such a situation, verify these key documents to stay safe, secure and happy –
Title Document
This includes Sale Deed, Gift Deed, and Conveyance Deed. Sale Deed is the most important document by which the seller transfers his possession of the property to the buyer. Gift Deed refers to the document required if the property is being transferred or being gifted by someone to the seller. The name of the current owner is clearly mentioned in such documents. A property obtained by a developer or development authority, entitling you as the first owner is known as Conveyance Deed. Always remember to verify original documents as forged ones are presented most of the time.
Chain of Title Documents
It means you should verify all the details of documents pertaining to the property from the first owner to the current one, which is you! Record of the last 30 years should be checked thoroughly. If not 30 years, verifying the record of the last 12 years is a must. Even one of them missing can create a problem for you in the future. You should file these record and keep it post purchasing the property.
Tax Receipts
There is always a possibility that the owner who is selling you his property forgot to pay the municipal tax. So, keep in mind to check the tax receipts until the current date to avoid confusion.
Encumbrance Certificate
It serves as evidence to show that the property is free from any monetary and legal liabilities. In this aspect, it is a mandatory document. Asking for a record of up to 30 years is absolutely fine!
Allotment and Possession Letter
Allotment letter is issued during the construction or as an initial purchase confirmation whereas the possession letter is provided after the property is in a ‘move-in’ condition. Both the certificates are issued by the development authority concerned.
Mortgaged Documents (If Any)
In a situation where the property is under any mortgage, all the submitted documents to the bank should be checked along with the latest loan statement to check whether the seller is able to pay back the loan or not.
Utility Bills
Before you move into your dream home, check all the utility bills like electricity, water, gas supply, etc. to ensure there are no outstanding dues.
Car Parking Allotment Letter
This is mandatory to access the position to park your vehicle.
OC, CC, and NOC from RWA
Completion Certificate, also known as CC, is issued by the municipal authority post completion of a project whereas Occupancy Certificate (OC) is given when all the services like electricity, water, sewage are provided to the flat owners of a particular society or apartment.
Similarly, NOC (No Objection Certificate) is essential for the sale deed agreement that shows that there is no maintenance charge or any other charges due in residents welfare association’s (RWA) accounts.
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