Are you thinking of buying your own home? If yes, you should read all the paperwork carefully when buying a home.
However, if there is a situation you do not understand, you can also take the help of a lawyer.We tell you what documents you need to look out for when buying a house.
Sales Agreement:
This document provides all kinds of information about the property, such as terms and conditions, date of possession, payment plan, specifications, details about common areas and amenities.
The agreement makes the developer responsible for the construction. This document needs to be submitted in original to buy the property and get a home loan.
RERA Registration Certificate:
After the implementation of the Real Estate (Regulation and Development) Act, 2016, every under-construction project has to be compulsorily registered with the Real Estate Regulatory Authority (RERA) of the respective state.
While registering an under-construction project, the promoter has to submit and upload several documents and details/information related to the under-construction project to RERA.
Possession Certificate:
The most important document to check before signing is the Possession Certificate (OC), which is a certificate issued by the authority stating that the unit is legally permitted to be acquired by the concerned planning authority.
Such a certificate may be issued for a portion of the project and hence the buyer should ensure that the flat proposed to be acquired falls under such a certificate.
Encumbrance Certificate:
Encumbrance Certificate helps to ensure that the property is free from any kind of dispute regarding its title and that there is no debt or mortgage on the property that the buyer wants to buy.
Ownership Certificate:
A lawyer with appropriate experience, after examining the ownership documents of the owner of the land on which the project is intended to be built, claims to be the owner of such land, holding ownership without any encumbrance or encumbrance.
NOC from the local authority:
No Objection Certificate (NOC) is one of the important documents to check before buying a flat from a builder, as it serves as proof to show that the project or building has been approved by the authorities and there are no objections.