While investing in a home what do you look for?
Do you know about the documentation process involved while investing in a house? If you don’t know, then worry not because we will aid you at every step.
We know that home buying can be a hectic task as it involves various factors ranging from location considerations to price to social infrastructure and most importantly the formalities.
Especially for first-time homebuyers who are new to the process, we will provide the necessary documentation involved. So, today we will make your home buying process a little easier with insightful information on essential documents which stand crucial while investing in a property.
- RERA Certificate – Goel Ganga Developments
The RERA act makes a range of things mandatory, such as project registration and real estate agent registration. A buyer would have complete access to all information about a real estate project, as well as the ability to obtain all project records. RERA ensures that the project is completed on scheduled time which acts as a huge relief for homebuyers. It creates a state authority to regulate residential and commercial real estate transactions which ensures transparency.
Any property in Maharashtra that exceeds 500 square meters must be registered under Maha RERA, according to RERA. Real estate companies must update the project progress on the Maha RERA website regularly, allowing home buyers to monitor progress and ensure transparency.
The fear of delayed possessions is the most common concern customers have while purchasing real estate. RERA does the job when it comes to keeping developers up to speed on delivering the homes to customers.
- Property Title: Goel Ganga Developments
The property title is one of the most important considerations while buying a property. It is a set of rights that pertain to the property’s possession. Make sure the seller you’re going to buy a property from has full ownership of the land and not just development rights.
If a seller’s title isn’t complete and free of encumbrances or faults, he won’t be able to pass his property to a potential buyer. A property’s title can be searched at the office of the Sub-Registrar. The buyer has the right to receive all of the property’s title documents, and title documents may be requested for extremely old properties.
For such properties, title documents prepared thirty years before the date of the title search must be traced. There should be no ambiguity in the title as to who owns the land. The title deed enables buyers to determine their ownership rights.
- The Possession Letter: Goel Ganga Developments
This letter contains the buyer’s ownership rights concerning the property in question and is only needed in the case of READY possession property. This document includes information on the official date of sale and is issued by the seller to indicate the transfer of ownership of the property during the conclusion of the transaction.
- The Completion Letter : Goel Ganga Developments
The Completion Certificate (also known as the Occupancy Certificate) is an essential document only for properties that are READY possession. This document certifies that the building has been inspected and that it complies with all municipal or local planning authority regulations. This document helps to obtain services such as water, electricity, and drainage.
- The Allotment Letter
If you are considering booking an under-construction property, you’ll need an Allotment Letter. It contains all of the information about the payment of the flat as well as any additional costs that you might require to pay for any additional services. This letter stands crucial when you apply for a bank loan since it specifies the sum that must be paid by the buyer.
- The Sale Deed of the land property
The Selling Deed is a crucial legal document that serves as proof of the sale and transition of property from the builder to the buyer. Many years after purchasing a home if the owner decides to sell the property due to several reasons this document is needed. The selling deed is normally executed before the sale agreement and after the parties involved have agreed to the terms and conditions detailed in the sale agreement.
- The Mother Deed
The Mother Deed is a crucial document that traces the property’s ownership history. When a buyer takes out a loan against the house, banks typically need this document. During the creation of this document, a person can seek assistance from the local authorities
- The Khata Certificate
This certificate goes by various names in different states and it proves that the property is mentioned in the local municipal records. It is a revenue document that includes information about a house, such as its size, location, and the area on which it is constructed, to pay property taxes. It also serves as proof of identity and is needed when applying for a home loan. This certificate stands crucial while applying for the water supply and electricity.
- The Building Approval Plan
Under the terms of the Building Bylaws, Master Plan, and Local Body Acts, the developer must obtain the required sanctions before beginning construction. The local authority approves the plan for the developer depending on the part of the city that particular project falls under. Along with this, the document can be found online on the RERA website of the project.
- The Encumbrance Certificate
Charges in the ownership or liabilities generated on a property that is held against a home loan as security are referred to as encumbrances. This document is made up of all of the property’s recorded transactions within a given time.
Fill out Form22, affix a non-judicial stamp, and send it to the jurisdictional sub-office registrar’s to apply for an Encumbrance Certificate. It can take 3-7 working days or longer to receive an EC.
- No-objection Certificate (NOC)
In real estate development, a building needs multiple NOCs from various departments such as Fire, Lift, and many others. Most of these you would not have to check personally, if the building has achieved the Completion/ Occupancy Certificate. As this certificate will not be issued unless the important NOCs are submitted to the Authority.
