Whether it is an empty plot or a fully furnished apartment, property documents are imperative part of any property investment. You must always have a record of all the documents that you would need to buy a property. This can save you from any property related setback in the future. Transparency and perfectly done documentation give you peace of mind and ensures no hassles take place in the future. To guide you better, here is a complete list of Legal documentation you need to check when buying a property:
Sale Deed: A Sale Deed is the proof of sale and transfer of ownership of the property from the seller to the buyer. A Sale Deed must be mandatorily registered. Before the execution of Sale Deed, what important is to check whether the sale agreement has fulfilled various terms and conditions or not. The buyer must also check whether the property has a clear title before he executes the Sale Deed. Also it is imperative that the property is not subjected to any encumbrance charges.
Mother Deed: Known as the parent document, the Mother Deed is an important legal document which tracks the origin/precursor ownership of the property from the beginning. This document plays the key role during the sale of property in the future by helping establish the new ownership of the property. Mother Deed records previous ownerships in a continuous sequence and provides a history of ownership.
Building approval plan: If a building plan is sanctioned by the BDA (Bangalore Development Authority) or BBMP (Bruhat Bengaluru Mahanagara Palike) or BMRDA (Bangalore Metropolitan Region Development Authority) or BIAPPA (Bangalore International Airport Area Planning Authority) only then is the construction of the building considered to be legal. Without this approval, it is illegal under the Karnataka Municipal Corporations (KMC) Act.
Commencement Certificate (For under construction property): A Commencement Certificate is a legal document that is issued by BDA/BBMP (legal authorities) after the examination of the property or building site. This document includes details on how the project fulfils the given criteria and helps in the commencement of construction on a site by the builder.
Khata Certificate and Khata Extract: Khata Certificate is very necessary for the registration of a new property and the transfer of a property. Khata Extract is taking the property information from the assessment registrar.
Encumbrance Certificate (EC): It is a certificate that is required for a particular period as the proof of property purchase/sale and the presence of any contract or mortgage. To obtain an EC one has to submit a copy of the Sale Deed.
Betterment charges receipt: Betterment charges are paid before the Khata is issued as the improvement fees/development charges to the BBMP.
Power of Attorney (POA): POA is a legal procedure to transfer one’s rights over one’s property. The property owner on his/her behalf can either give a Special Power of Attorney (SPA) or a General Power of Attorney (GPA) to another person.
Latest tax paid receipt: These receipts of property tax bills are a proof that all the taxes for the property are paid up-to-date to the government/municipality.
Completion Certificate (for a constructed property): Issued by the municipal authorities, completion certificate denotes that the building fulfils all the rules in terms of height, distance from the road, and is constructed as per the approved plans etc. Also this document is essential if you seek a home loan or at the time of property purchase.
Occupancy Certificate (for a constructed property): Occupancy Certificate certifies that the project is ready for occupancy after the inspection of the constructed property meets all the specified norms.
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