Documents That Ensure A Property Transaction Is Complete
A property transaction is successfully completed only when the paper work is done in a right manner. At the end of the process, you should have all the document to prove your ownership.
Here is a list of must-have property documents when you ink the deal:
Mother deed or sale deed
This is the most important legal document, which is the proof that the property was transferred from the former owner and the current owner. It also includes the terms and conditions of the sale and executed after the sale agreement. However, it has to be registered within four months of the sale, without which a penalty is levied.
Khata certificate & extracts
This certificate is known by many names across various states. It is an entry in the local municipality, confirming an account or khata in the said name. This is obtained after paying the tax.
Allotment letter & possession letter
An allotment letter is given by the developer or the co-operative society after the completion of the home purchase. A possession letter also lists the date of expected delivery of the home by the developer. This document is required to obtain a home loan.
Receipts of payment to developer
A home buyer should always collect receipts of payments to the developer. This should state the down-payment amount paid and other charges, if any. It is an important evidence and is necessary for loan processing.
Latest tax receipt of property
The latest tax receipt of the property is important to ascertain many details like the owner of the property.
This certificate can be obtained from the sub-registrar's office. It tells if there has been any transactions or mortgages on the property.
Construction plan & sanctioned layout plan
The developer should have an approved construction plan. It should have to be approved by the local authorities. The developer should also be able to produce sanctioned building plan with all the necessary permissions in place for the construction of a property to begin.