Buying A Property In Thane? Make Sure You Go Through This Documents Checklist

Buying A Property In Thane? Make Sure You Go Through This Documents Checklist

Purchasing a home is more than a fantasy for most individuals, and people devote a substantial portion of their life to purchasing a home in metro cities. In fact, the home-buying process can be more difficult, especially for first-time buyers. Depending on the type of property you want to buy, you`ll need different kinds of documentation. One might find themselves helpless in understanding the clause around each paperwork. As a result, this article acts as a house buyer`s guide for those of you who are embarking on your first property purchase to buy a residential property in Thane.

The Sale Deed

The Sale Deed is an essential legal document that serves as proof of the sale and transfer of a property from the builder to the buyer. A Sale Deed is one of the most critical documents you require to buy a property in Thane. Many years after purchasing a home, the proprietor may decide to sell it for a variety of reasons, and in such cases, this paperwork is necessary. The Sale Deed is typically executed before the sale agreement and after the individuals involved have agreed to the terms and conditions outlined in the selling agreement.

The Mother Deed

A home loan commonly finances the purchase of residential properties in Thane, and the Mother Deed is an instrument necessary to reach out for financial assistance. Banks will typically request this document when a home buyer takes a loan against a property. During the drafting of this document, a person may seek assistance from the local administration. The Mother Deed is also an important document that establishes the property`s ownership.

The Sale And Purchase Agreement

The Sale and Purchase Agreement includes a set of obligatory conditions that both the buyer and the seller agree upon while investing in a property in Thane. The negotiation for the price of the property is an essential element of the use of this agreement. Both the buyer and the seller would settle on a specific value of the apartment in the arrangement.

The Building Approval Plan

Under the provisions of the Building Bylaws, Master Plan, and Local Body Acts, the builder must obtain the requisite sanctions before proceeding with the development. This approval is determined by two factors: A) the Building Plan and B) the Approval of the Layout. One typical mistake made by first-time real estate investors is failing to inspect that the builder complies with the terms and conditions of the Building Plan and Layout Approval before purchasing the property. If the local authorities step in for spot checks, a typical occurrence in newer developments, failing to follow the terms and conditions could result in unfavourable consequences.

The Completion Certificate

Upon completion of the construction, the builder or owner of the building must apply to the local municipal government for a Completion Certificate. The concerned authority will issue the Completion Certificate if the structure is completed according to the building approval form and satisfies relevant development criteria such as the distance from the highway, the height of the construction, the installation of a rainwater harvesting system, and so on. It is not recommended for first-time buyers of residential property in Thane to buy a property without a Completion Certificate because the construction is considered illegal without it, which can result in a penalty or even eviction. In the event that the builder is unable to obtain a Completion Certificate, the buyer may approach the municipal corporation directly and request one.

The Occupancy Certificate

After receiving the Completion Certificate, the applicant must apply for an Occupancy Certificate from the local municipal authority, according to Maharashtra State`s regulations. The Occupancy Certificate determines that the structure complies with all applicable building laws and regulations for residential properties in Thane. This certificate is issued by the local municipal authority or the urban development and housing department. It confirms that the building can be occupied according to the norms. Only after the construction has been completed in all respects is an Occupancy Certificate issued. This paperwork is required in order to access services such as water, electricity, and drainage.

The Possession Letter

A buyer must ensure to look for the Possession Letter while purchasing a property in Thane. It is a document prepared by the builder that specifies when the buyers will take possession of the property. After receiving the Completion Certificate, the Possession Letter is created in the builder`s name. On the other hand, this letter does not constitute proof of ownership of the residential property in Thane. The home buyer must obtain an Occupancy Certificate in order to do so.

The Allotment Letter

If you intend to book a home that is still under construction, you`ll require an Allotment Letter. It contains all of the information on the payment of the apartment as well as any other costs that you may be required to pay for any additional services. This letter is crucial when applying for a bank loan for residential properties in Thane since it specifies the buyer`s amount.

Encumbrance Certificate

You must verify that a property has a clear title before purchasing it. Obtaining an Encumbrance Certificate guarantees that the property you seek to purchase is free of any financial or legal obligations. If you discover a charge on your Encumbrance Certificate, it is critical that you correct it before proceeding with your transaction. It will also assist you in determining whether there are any existing owners who are legally entitled to claim the estate. It is a crucial document for acquiring a bank loan secured by real estate as it contains all of the information on the property`s transactions.

No Objection Certificates

It`s imperative to insist that the developer produce copies of numerous No Objection Certificates (NOCs) from several departments, such as the Sewage Board, Pollution Board, Environment Department, Traffic and Coordination Department, and so on, before investing in a property in Thane. Not complying with the necessary requirements from the authorities serves as an `indication of disapproval` for the building`s construction.

Real estate purchase is a complicated process requiring the buyers to be well informed about all the formalities to score a successful and efficient deal. Therefore, ascertain that you file up the documents mentioned above in the process of purchasing your ideal estate in projects in Thane.