House Buying Tips: Check these 12 important documents before buying a home, otherwise you could get into big legal trouble..
Home Buying Tips: Buying a home is one of the biggest investments in life. Therefore, it's crucial to keep several things in mind when making this investment. Even a small mistake can lead to significant losses down the road and leave you embroiled in years of legal disputes. Property fraud and ownership disputes are on the rise these days, making it crucial to conduct due diligence before making a purchase. Here, we're telling you about 12 essential documents. By checking them beforehand, you can avoid future problems. Let's learn about them:
Pay attention to these documents.
First, check the original title deed. This determines whether the seller is the actual owner. This document should be registered in their name.
Chain of Title Documents
Chain of Title documents reveal the property's entire history, including who originally owned it and how it was transferred. If the record is clear and consistent, the chances of disputes are reduced.
Encumbrance Certificate
The third important document is the Encumbrance Certificate. This shows that there are no loans, mortgages, or legal claims on the property.
Sale Agreement
Read the sale agreement carefully. It contains the price, payment date, possession date, and responsibilities of both parties.
Property Tax Receipt
Check property tax receipts. This shows if there are any outstanding taxes.
Approved Building Plan, Completion Certificate (CC), and Occupancy Certificate
If you are purchasing a flat or a new building, be sure to check the approved building plan, Completion Certificate (CC), and Occupancy Certificate (OC). These documents prove that the building is safe to live in and that all regulations have been followed.
RERA Registration
In today's times, it is also important to check the project's registration with the Real Estate Regulatory Authority (RERA). By visiting the RERA portal, you can view project information, approvals, and details of any legal cases.
NOC, Possession Letter, and Closure Certificate
Besides these, be sure to obtain NOCs (No Objection Certificates), possession letters, and, if you have a loan, a loan closure certificate.
If these documents are not properly verified, you could get into serious trouble. This could lead to court cases, illegal construction, bank repossession, and even problems with electricity and water connections.
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