What documents should be There at the time of buying the house?
For the general public, buying a home is just like a dream. Needless to say, everyone, today wants to purchase a home. Though the home buying process may sometimes be time-taking SIG RealTech makes the work real easy.
They take care of the entire process, documents, etc, and make the entire work a lot easier. Listed under are the various chain of documents needed if you wish to buy house in South Delhi.
1. The Mother Deed
This is very important document that is required for tracing the ownership of the property. It is needed by banks when a buyer gets a loan against the property. First procurement/allotment is known by this document. One gets to know about the owner and the existence of the property in the public domain through this deed.
2. The Sale Deed
This is one of the most essential legal documents which incorporates evidence of the sale and also serves as a document for the transfer of property from the builder to the individual. Mostly when the individual wants to sell the house and this document is essential in such a case. The sale deed is usually executed before the sale agreement and post compliance with the terms and conditions listed in the sale agreement. The current title deed should be in the name of the seller of the property.
In the case of residential property, it should be registered as residential and if it is agriculture property, it should be registered as agricultural property in the sale deed. The deed should be registered in the Registrar’s office.
With this comes the chain of documents, if there are any more deeds/ property transfers between the mother deed and the current deed; in that case, the chain should be completed for all the registries that happened in between.
This is important as if you wish to take a loan on the property you buy in the future, the bank will audit the entire chain of documents and it should match.
3. The Sale and Purchase Agreement
The Sale and Purchase Agreement has an entire list of terms and conditions and the agreed amount that is agreed to by both parties.
4. The Building Approval Plan
Before the construction starts, the builder has to get necessary sanctions as per the provisions of the Building Bylaws, Master Plan, and Local Body Acts. Not adhering to the terms and conditions could end up in negative results if there is a sudden authority check.
Miscellaneous Documents
a. The Possession Letter
It is a document which is made by the builder and contains the starting date of the buyers’ possession of the property. This document is created post receiving the Completion Certificate and is in the builder’s name.
b. The Completion Certificate
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