Thursday, 18 June 2015

5 key documents you need while buying home

“What documents should I check before buying a builder flat?” asks Gautam Gerewal, a resident of Uttam Nagar, New Delhi.

“Recently I contacted a builder for the purchase of a floor apartment near Hebbal in Bengaluru. The builder gave so many documents that I am confused. Please help me with what documents are important,” says Anand AV.

Buying a home should be a memorable experience. Considering it is one of the expensive purchases in one’s life, therefore necessary documents should to be checked prior to avoid any legal or financial disaster.

Here’s a list of documents which is important while buying a house:

Title Deed/Check for evidence of right to ownership: Title Deed is defined as a legal document which acts like an evidence of the right to ownership of the property. Therefore, you must always check if the deed title is in the name of the person who is selling and whether he has the rights to sell it. Always insist on looking at the original copies. You can also get the deed get examined by a lawyer. Do not proceed with the purchase if the title deed is unclear.

Encumbrance Certificate: It is imperative to know that the land is not under any legal dues. Builders procure Encumbrance Certificate to show their buyers that the land does not have any legal hassle and unpaid dues. This certificate is issued by the sub registrar where the deed is also registered.

Approval on the building plan and construction: Check the approved layout document of the building. It should have the approval stamp of the authoritative body and should also be listed as government data.

Documents showing property as debt free asset: This piece of document states that the property is free from debts and that the seller has paid all taxes timely. In many cases, the seller of the property takes loan for the property, therefore, you must ensure that the loan has been paid off.

Water and power supply related documents: Water and electricity are two crucial components of the livability quotient of the property. Documents stating regular supply of supply of water and electricity is important. Issues of voltage fluctuation, power shortage along with others must also be checked before making any investment.

Buying property requires your active involvement and patience. Be cautious and scrutinize every piece of document to avoid any sort of hassle later.

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