381939 SIP myths you must know!

When it comes to buying a property, documentation is a tedious process. Buying a house can be a challenging task for many individuals, especially first-time homebuyers. The type of documentation required varies depending on the type of property you wish to purchase.

There might be a slight difference in few documents due to variations in the laws governing property sales in different states.

Here we take a look at some of them:

Agreement to sell(ATS)

This document is the first document prepared at the time of a sale, containing a detailed description of the property with the terms and conditions between the buyer and seller including the agreed purchase price.

The Sale Deed

The Sale Deed is an essential legal document that contains evidence of the sale and the transfer of property from the builder to the individual. It is an essential document that the current buyer would have to show whenever he would plan to sell.  Registration of the property needs to take place at the sub-registrar’s office.

Mother Deed

It acts as the main legal document and evidence of ownership of a property. Also, it serves as the main document for further sales by the buyer, proving his ownership. It provides information on the origin of property and all other relevant conveyance deeds.

Building Approval Plan

Before the commencement of construction, the builder is required to get the necessary sanctions under the provisions of the Building Bylaws, Master Plan, and Local Body Acts. This sanction is based on A) the Building Plan and B) the Layout Approval. The construction will be illegal without the building approval plan.

Allotment Letter

An Allotment Letter is crucial if you plan on booking a home that is currently under construction. It contains all the information regarding the payment of the flat and any additional fees that may have to pay.  You should possess this primary document by all means as the bank asks to represent while opting for a loan.

The Possession Letter

It is the document that is issued in favor of the property bought by the builder.  This document will state the possession date for the property and also has the time period prior to which the final payment has to be made by the buyer who can then take possession of the home.

Completion Certificate

It is a document is also known as the Occupancy Certificate is issued by a local government agency or planning authority only once the building has been completed in all respects and is ready to be occupied. It indicates that the property is in a suitable condition for occupancy and had followed all the laws under the municipal corporation or the local development authority. The document is required to access services such as water supply, electricity, and drainage.

Khata Certificate

It is an important revenue document that provides details about the property, such as its size, location, and the land it is built on. to pay property taxes. It is also required for home loans and identification. As part of the home buying process, a Khata Certificate must be obtained to apply for the electricity and water supply.

Sale and Purchase Agreement

It contains a list of terms and conditions that are agreed upon by both the buyer and the seller. An excellent example of this would be the price negotiation for the apartment. An agreement would include both buyer and seller’s mutually agreed upon price.

Receipt of property tax

The receipts of property taxes demonstrate that the previous owner or occupier paid all the taxes, and none remain unpaid. They also prove the legal status of the property. Thus they are an important piece of evidence.