Owning a home is a dream for many, and people invest a lot of time and money into making it happen. While the end result of purchasing a house is pure joy, you need to dedicate a good amount of effort and go through many formalities during the buying process. This not only includes selecting a suitable home for yourself but also ensuring that you are going to invest in a legitimate property.
To verify if a property is legally rightful, you need to review its various documents so that you can be confident about the process and ensure a feeling of security before spending your hard-earned money. In the previous blog on the home buying process, we have already discussed a few documents that need to be scrutinised while purchasing a home.
Below is a rundown of the 5 other major documents you should consider reviewing during the home buying process.
- Sale Deed
The sale deed is an essential legal document that needs to be acquired by an individual after getting ownership of the property. It acts as evidence of the property transfer from the builder to the buyer. This document is a must have in case the owner wants to resell the home in future.
- NOC from Bank
You need to ensure that the home you are going to invest in is not against any outstanding loan. To verify this, ask the seller for a NOC from the concerned bank. This document will confirm any details regarding outstanding loans against the property.
- Share Certificate
Share Certificate is a document issued by the management of the housing society or the building in which you are purchasing the flat. It contains the names of all the previous owners of the property. Ensure that you get the Share Certificate from the seller and exchange it with the society management to receive a new certificate having your name on the papers.
- No Objection Certificate
In case you are looking to buy a resale property, ask the seller for NOC documents from various authorities and the municipality. Such NOCs will help you in checking if all the dues for different amenities and utilities are paid or not. This includes bills against water supply, electricity, gas connection, sanitation and more.
- Possession Certificate
Once the buyer has received the Title deed and Sale deed from the seller and taken possession of the property, another important document that needs to be acquired is the Possession Certificate. Unlike other documents, this certificate is not reissued. Rather, it is simply handed over from the builder/seller to the buyer.
At Ashwin Sheth Group, we find it our responsibility to educate, inform, and help keep people updated on various aspects of the real estate industry. Consequently, potential homebuyers will be able to make more informed decisions, get a suitable house for themselves, and stay away from fraudsters. Apart from this, we have a lot more to offer. Holding years of experience in developing world-class commercial and residential sites, Ashwin Sheth Group has acquired a name synonymous with leaders in the real estate market. Until now, we have served thousands of homebuyers and look ahead to continue this legacy and help people fulfil their dream of owning their dream home.