Planning to buy a property in Mumbai anytime soon? Everyone has a dream to own a house, it is one of the luxuries beyond reach for many people. However, property buying is a tedious task. With ever-evolving real estate industry and change in rates of various types of properties, tax rules imposed on properties and many other changes in the real estate industry makes it difficult to buy a property. When you finally find a property where you would want to invest, there are certain important pointers to be taken care of before you finalize the deal. Since you`re investing a huge amount of your hard-earned money, it is very important to understand that documents matter the most when it comes to the real estate industry. Documents are the most important criteria to consider before you take one step closer to fulfill your dream. When you invest in property, be it an agricultural land or a ready-to-move-in apartment or an under-construction flat, property documents are considered to be a vital part of your investment. Be ready with several important documents as the whole process of buying a property involves a lot of paperwork.
Homebuyers sign an enormous heap of records before closing the deal. The loan process which you apply for buying your dream home alone can add up to many pages or more. A large number of these records are for the loan specialist`s advantage. They need to stay away from potential future claims. You`ll need to keep these records for future reference and for your own survey, or if you need to document for a legal case against the vendor, your expert portrayal group, or contractual workers. You don`t really need to have original documents, yet you ought to at any rate have duplicates of completely executed documents with everyone`s signature on it who are involved in this buying process.
Carefully check for the following important documents before purchasing a property.
Sale Deed - Sale Deed is the final process of your property purchase. These documents set the terms and conditions based on which all other remaining transactions will take place. It is a legal document with evidence that the sale of a property has been made in favor of the buyer. When it comes to purchasing a property, the deed of sale is one of the most important documents a person can possess. This document should be original as it denotes the ownership of the title of the property. It is necessary to register the sale deed in the Sub-Registrar office of the area where the property is located. For a homebuyer, the feel of owning their dream home is followed by the execution and registration of the sale deed.
Mother Deed - This document is required when you purchase a resale property. This is the parent archive following the proprietorship directly from the beginning. There are circumstances where the proprietor may do some extortion action by attempted the responsibility for property illegally, which will surely have an impact on your investment.
RERA mandates - RERA demands that real estate developers should enroll their upcoming projects with the power comprised under the Act. A purchaser, aiming to purchase a property in a venture going under the ambit of RERA, is encouraged to confirm whether the property has been enlisted with the authority under RERA. Data accessible on the official web portal of RERA for each state likewise gives subtleties of any bodies of evidence/protests documented against the developer of the venture and default by engineer, assuming any and in this way, gives valuable understanding into the credibility of the developer and the project and enables the purchaser to settle on an informed decision.
Completion/Occupancy document - Occupancy Certificate (OC) is issued by the local government only after the proper inspection and after stating that it is safe for the residents. Municipal authorities submit the Completion Certificate (CC) after the completion of the project to the developer. These documents are essential documents which the developer of the property has to submit to the homebuyers and should be included in the list of important documents while buying a property.
Non-objection certificates - It is essential to solicit the developer to produce copies from different NOCs that must be acquired from different divisions, for example, the Sewage Board, Pollution Board, Environment Department, Traffic and Coordination Department, and so on. This structures the `implication of objection` for the construction of the building.
Conversion certificate - With huge land parcels available in several parts of Mumbai, a conversion certificate is compulsory to be obtained from the legal body for the property. The necessary documents which are required to obtain a conversion certificate are location map, land sketch, the certified copy of the land tribunal, title deed and Mutation Record (MR) copy. This certificate is basically issued to change the use of the land from agricultural to non-agricultural purposes from the competent revenue authority.
It is always advisable to obtain proper legal advice, scrutiny of documents and verification of information regarding the property you wish to buy, the buyer can enjoy a smooth process while purchasing a property which eventually brings peace of mind and a sense of security.