Buying a home is often synonymous with a lot of paperwork, and rightfully so. Purchasing your own residence is one of the most significant investments in your lifetime. As such, compiling all the required documents should not be taken lightly.
But don’t worry, it doesn’t have to be as complicated as it appears. With the right understanding of the key elements, you can make the entire documentation process go smoothly for you.
The following are 8 important documents that need to be in your home buying process, which will facilitate the transaction of buying your new home:
Deed (Sale deed/ title deed/ conveyance deed)
These are possibly the most valuable legal documents that are needed to initiate the process of buying a home in India. As per the Registration Act of 1908 – a buying or selling transaction is not valid until both the parties involved (the buyer and the seller) sign the sale deed in the presence of third party eye witnesses. On doing so, you can establish ownership over the purchased property.
Extracts
These documents contain information about the previous owners, details on the property, and additional details that are mandated by the government of India. Extracts need to be obtained from the mutation register and are necessary for banks to grant you the loans you need for making your purchase or investment. At times, extracts are also needed if you are buying properties in areas that fall under the jurisdiction of Gram Panchayats.
No Objection Certification
This is one of the most crucial legal documents when it comes to investing in real estate. Issued by the government of India, it signals the green light for the property to be bought or sold. It is essentially a statement of permission for a person to proceed with the purchase or construction of a property. It ensures that the property is regularized, there are no statutory dues pending for it, and it does not cause any violation to any government department.
Encumbrance certification
An encumbrance certificate consists of all the details relating to all registered transactions that took place within a given time frame. It gives the assurance that the property is free from any legal or any monetary liability. Moreover, it is a mandatory document for the bank to process before giving out home loans.
Possession Letter
As the name suggests, this letter pertains to the possession rights of the buyer with respect to the property in question. This document is provided by the seller to signify the transfer of ownership of the property at the end of the transaction, which includes details like the official date of transfer. An original copy of this document is required for procuring a home loan from the bank.
Payment receipts
Receipts are the documented proof of the financial transaction taking place between the buyer and the seller, and as with any receipt from any other payments – these receipts are important for keeping the proof of the transaction for future reference.
Sale Agreement
This is the agreement between the buyer & seller which constitutes the terms and conditions relating to the sale for the property. This document also contains all the financial information with respect to the transaction, and makes the owner accountable for the property from that point onwards.
Occupancy certification
The final document that is given in the whole process of purchasing a home, an occupancy certification basically certifies that the property is ready to be occupied by the buyer. It is issued at the end of the transaction usually by a local government agency, and is a proof of the buyer’s agreement with all the government laws regarding the real estate investment. Legally speaking, a buyer cannot move into the home which they have bought without the occupancy certification!
Now that you know of the important documents to buy a home, it’s time for you to take a step closer to purchasing your new home.
When it comes to purchasing a new home, you cannot go wrong when making a choice with Valmark.
Some of our major properties include:
Valmark Orchard Square – Affordable homes that do not compromise on all the amenities you want for a fulfilled lifestyle.
(Ready for interiors)
Valmark CityVille – Luxury villaments that redefine the standard of sustainable home living amidst nature’s beautiful embrace.
(Phase 1 nearing completion)
Valmark Apas – Uber luxury waterfront homes in front of Hulimavu lake that elevate you to a new level of grandeur.
(OC Received)
Make your address a landmark, with Valmark.
