Last updated: January 14, 2023, 4:12 PM IST
The first document prepared in anticipation of a real estate transaction is the sales agreement.
The deed of sale or title deed is the main document outlining the precise transfer of ownership of the asset.
Buying a home, especially for first-time buyers, can be an exhausting and challenging process. From choosing a place to handling the money and other regulations, there is so much to take care of. Don’t panic if you’re trying to find the home of your dreams but don’t know where to start. The first step you need to know when buying a home is documentation.
But don’t worry, we are here to guide you with all the documents you need to have a dream home.
The first document prepared in anticipation of a real estate transaction is the sales agreement. It contains a thorough description of the property and outlines the parameters of the agreement between the buyer and seller, including the agreed purchase price.
Absolute deed of sale and title deed: The deed of sale or title deed is the most important document outlining the precise transfer of ownership of the asset. The office of the sub-registrar, under whose authority the property would fall, is where it must be registered.
Search and report title: Obtaining the set of records related to the history of the property registered with the relevant authority is done through the property title search process. It explains the properties and names of entitled parties, co-tenancy, etc. It
Khata certificate: This documentation, known by different names in different states, attests to the fact that the property is listed in the neighborhood’s municipal records.
Property tax receipts indicate that all taxes were paid by the previous owner or occupier and none are outstanding. They also give legal status to the property, making them crucial supporting documentation.
Certificate of no encumbrance: A certificate of no encumbrance certifies that the property is free of loans or other liens. It is a crucial document for obtaining a loan from a bank secured by a real estate property. It contains all information about all transactions related to the property.
Habitation certificate: After the construction of a structure, the municipal company issues a certificate of use, also known as a delivery certificate, to confirm that the building has been built according to an approved plan and is ready for occupation.
Statement from the bank if there is an outstanding loan – If there is an outstanding loan on the property being purchased, it is safe to obtain the loan statements so that there is full disclosure.
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