Important documents that you need in your home buying process

Important documents that you need in your home buying process

Buying a home is not as easy a job as it is made out to be and requires not only financial readiness but hours spent doing research about the property, finding the right location, getting the finances straightened and gathering all the right documents together before you take the plunge. In case, you decide to buy your new home this year, we have prepared a list of property documents check that you will need when you embark on this process. A little word of advice would be that there is no ultimate guide to what exactly constitutes the final list of property purchase documents and the type of documents required varies, depending upon the kind of property you plan on purchasing.

Sale deed

A sale deed is an important legal document that contains evidence of the sale and transfer of property from the builder to the buyer. It establishes the ownership of property title and is usually executed before the sale agreement and after the compliance of the terms and conditions detailed in the sale agreement as agreed to by the individuals concerned.

Mother deed

Mother deed is an important legal document that traces the change in property ownership, either through sale, partition, gift or inheritance. It helps trace the ownership of the property from the beginning, in cases if the property has had more than one owner and if this document is unavailable, certified copies should be obtained from the concerned authorities. It is imperative that the Mother deed records should be in a continuous sequence, and in case the sequence is missing, one should look at other records from the registry office, or try to find its mention in other documents so that the missing sequence is updated.

Building plan

Before the beginning of construction of a building, a developer needs to get the necessary approvals in order to ensure that the construction undertaken is legal. Many a times, first time home buyers do not take this into account and should have a copy of the building plan that is approved by the statutory body in order to ensure that the property is legal according to the rules.

Extracts or Khata certificate

Khata or Extract certificate, as it is known in different parts of the country, is a revenue document that is required for registration of new property and is one of the most important property purchase documents. It contains details of the property, like size, location and built-up area and is proof that the property is entered in the local municipal records. Banks also ask for this document before granting a home loan as it serves as a form of identification.

No objection certificates

A developer is required to collect a number of no objection certificates from different authorities in the course of developing a housing project. This number may vary, depending upon the rules prevalent in a specific state. Before purchasing a house, you must ask the developer to provide you with copies of NOCs and keep it in your personal record.

Letter of possession

This is a document provided by the developer to the buyer and states the date on which the buyer will get physical possession of the property. It is issued after the developer receives the completion certificate from the concerned authorities and an original copy of this document is required in order to get a home loan sanctioned from the bank.

Completion certificate

A completion certificate or occupancy certificate is a document establishing that the building is constructed according to plan and has completed all inspection formalities by the municipality. This document is quite important and is required to avail utilities like electricity connection, water supply and drainage system. It is strictly advised that you DO NOT buy a property which does not have a completion certificate. However, in case a developer fails to get the completion certificate issued from the authorities, the residents can approach the municipal corporation and ask for the same.

Allotment letter

An allotment letter is an important document and especially more so, if you are planning to buy an under-construction home. This includes all details regarding the payment of the flat and any extra fees that you may have to make for any additional facilities. This document is important in the loan process and it mentions the amount of money that is required to be paid by the buyer to the developer.

So, now that you have a list of the important documents in the homebuying process before you, we hope you have a smooth homebuying experience!