Buying a new property can be a challenging task. After zeroing in a property, there comes the paperwork. It is important to make sure that all the documents are checked thoroughly, and a record is maintained. As suggested by real estate experts, here is a checklist of documents that you can refer to, when buying a property.
Khata Certificate and Khata Extract:
Khata Certificate is a document enclosing the account details of a person owning a property. It consists of a Khata Certificate and a Khata Extract. A Khata Certificate is needed for registration of a new property and its transfer, while the extract is nothing but obtaining the account details from assessment registrar.
A core legal document, which acts as a proof of sale, and transfer of ownership. It is mandatory to get the sales deed registered. Checking all the terms and conditions prior to the execution of sales deed is recommended. It brings in transparency between the buyer and seller. The buyer should also check if the property is subject to any encumbrance charges.
Power of Attorney (POA):
The Power of Attorney or POA is a legal procedure that transfers the authority of a property owner to another person, on his/her behalf. A Special Power of Attorney (SPA) or a General Power of Attorney (GPA) can be given to transfer the ownership.
Commencement Certificate (For under construction property)
Once the site is inspected, a Commencement Certificate is issued by the legal authorities. The document allows the commencement of construction after checking that the project meets the given guidelines and criteria. Properties constructed without a Commencement Certificate are considered illegal, levied with penalty and also subject to eviction notice.
Building approval plan
The development authority of a particular city sanctions the approval plan. This document allows the construction of the building. The owner of the building has to seek approval from the Jurisdictional Commissioner. The aspects taken into consideration for sanctioning a building approval are zonal classification, road width, floor area ratio (FAR) and plot depth.
It is important to ask for this certificate from the builders. This is a valid proof that you are investing in the right property.
Occupancy Certificate (for a constructed property)
Before issuing this certificate, the authorities carry out an inspection to ensure that all the construction norms are met. Once the construction is complete and all the specifications are checked, the certificate can be obtained. It helps at the time of buying a property, taking a home loan, and for the transfer of Khata. It is a document stating the property is ready for occupancy.
Once you are through with these documents, you can go ahead and buy the property that you have shortlisted.