Buying a home is an important milestone in your life and is a way of telling the world that you have achieved that in life which is still a dream for millions in India. It is the culmination of your years of hard work and consistent savings. Which is why you must tread cautiously all throughout the transaction for ensuring that there are no glitches in the deal and you smilingly enter your dream home. This becomes all the more important when you’re a first time buyer, as you lack any experience in property buying and the probability of you being taken for a ride is much higher. As we all know, documentation is the most critical part of any transaction and a property transaction is no different from the rest. The legal validity of your property transaction will rest on the written terms and conditions of the contract. Also, documentation will verify the title of the property and reflect all the commercial transactions which are part of the property deal. In this article, we will share with you the important documents which should be a part of your housing property transaction. crescent horizon kandivali east
Allotment Letter
When you book a home which is in the under construction phase, the builder will give you an Allotment Letter which will state details such as the booking amount and balance payment schedule. You will need to give this letter to your bank or housing finance company if you wish to avail a housing loan. passcode limitless kandivali
Sale Deed
This important document contains all the details of the housing property sale and transfer from the builder to you and is a critical element of the sale deed. After buying the house, at any point in time yo u wish to sell your property, this document will be required for smoothly completing your resale. The Sale Deed is executed after all the terms and conditions are agreed upon by you and seller in the document called Sale Agreement.
Chain of Agreements
If you’re buying the property directly from the builder, then you only need the Builder’s Sale Agreement for reselling the property or obtaining a housing loan. This is also called the Mother Deed. However, if you’re buying a property which has been bought and sold multiple times, then you will need original registered agreements of all the transaction of the property in your possession, Tomorrow, when you go out to sell the property, buyers will ask for the chain of agreements beginning from the Mother Deed.
Agreement of Sale and Purchase
This is another important document which is part of your home buying transaction, which contains all the terms and conditions mutually agreed upon by you and the seller with respect to the property transaction. The most important element of this document is the final negotiated property price between you and the seller. After this amount features in the registered agreement of sale and purchase, neither you nor the buyer can backtrack from the figure before the final payment installment.
Building Approval Plan
Before the developer can begin construction of the building, they have to mandatorily get all the legally necessary sanctions under the provisions of the Master Plan, Local Body Acts and the Building By-laws. Avoid making the common mistake made by first-time home buyers, i.e. buying the house without ascertaining that whether the builder has diligently met all the mandatory terms and conditions of the Building Plan and Layout Approval. If the builder has constructed the building without adhering to the same, you will be in trouble if the municipal authorities visit the property for checking the same.
Possession Letter
On the day you take physical unencumbered possession of your house, the builder will issue a document called the Possession Letter. This document gives you the legal permission and authority to physically possess or occupy the property.
Occupancy Certificate (OC)
This is the document issued by the Municipal Corporation to the builder, certifying that the post-completion of the building reveals that all laws under all authorities have been duly followed for availing facilities such as supply of water and electricity along with proper sewage and drainage system. You should never buy a property which does not have an OC as such a building is deemed illegal for sale and your possession may be affected.
