Key Checklist You Should Consider Before Buying a Property

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  • Published date: January 13, 2021
    • Mumbai, Maharashtra, India
  • [ #55570 Ad Views - 23 ]

If you are planning to purchase a new residential property for sale on SV road, get ready to do some vital paperwork because the process of buying a property involves showcasing, providing proof, and verifying several documents needed to complete the registration of the property. And if a person makes any kind of mistake during the process, it can cause them a great deal of trouble. Thus, one can hire a good lawyer to avoid the constant stream of paperwork that might seem daunting for a person who has no legal experience. But the buyer should also know about the legalities of buying a property; therefore, here's a look at the complete legal checklist required to purchase residential property for sale on SV road in India.

• Sale deed -
 It is considered to be one of the most important papers to purchase a property. The buyer should have the original copies of the sale deed as it establishes the ownership of the title of the property. The buyer should also register the sale deed documents in the Sub-Registrar's Office of the area where the property is located as it needs to be produced for finalizing the purchase.

• Khata certificate -
 Khata certificate or extract is a document that is required for the registration of a new property. This certificate is also required if a person wants to transfer the ownership of the property at a later stage. This document is referred to as the proof that the property has an entry in the local municipal records and the construction has been done according to an approved plan. If a person is applying for a home loan, the bank usually asks for this paper before granting you a home loan.

• General power of attorney -
 Power of attorney is required to prove whether an authorized person has done the sale or purchase of a property. It also confirms the validity of the transfer of the property. This document needs to be submitted in original for getting a home loan.

• Possession letter -
 This document is generally collected by the buyer from the builder or the seller of the property. This letter place a date on which the builder or seller would grant the former the possession of the property.

• Sale agreement -
 This document consists of all types of information about the property ― the terms and conditions for the lease or sale of the property, the possession date, the payment plan, financial details of the transaction and details about facilities, etc. The agreement also holds the developer responsible for constructing the property and is essential for acquiring a home loan.

• Construction approvals -
 If a person is buying a property, they can question whether this building plan is sanctioned by the local municipal authorities and approvals issued by the government? They can get their answer with a completion certificate. This document confirms that the building is constructed according to an approved plan.

Signing Off

In a nutshell, before purchasing residential property for sale on SV Road, Make sure you check whether the person from whom you are buying the property is genuine or not. The buyer should also check the documents carefully that he or she furnishes. You should also go through the history of the property agreements as that gives you an idea of how the property has been handed down.

If you are looking for residential property for sale on SV Road or are interested in purchasing smart 2 BHK Apartments on S V Road or Smart 1 BHK Apartments on SV Road, visit Chandak Group - They also offer you some of the best property deals in your budget.

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