Homebuyers are always sceptical and cautious about spending their hard-earned money while purchasing a house for themselves. This buying process gets even more challenging for individuals who invest for the first time in any real estate project. Therefore, it is crucial to align themselves with the correct home buying process if anyone wants to own a property.
Having self-knowledge of the entire process and the documents that need to be verified before purchasing a home is essential. This way, you can ensure peace of mind and feel secure about your purchase.
Read ahead as we have listed down 5 essential documents you need to check and verify while investing in a property.
A title deed is a document that shows whether the builder or seller holds the legal title or ownership of the property and if he has the right to sell the property. It is crucial to check this document to help you stay away from fraudsters and connect with the authorized owner only. Give priority to checking the original title document and get it reviewed by your lawyer.
Completion Certificate / Occupancy Certificate
A Completion Certificate is issued by the municipality stating that the particular site has reached completion. The local authority provides an Occupancy Certificate once the site is deemed fit to be occupied by residents. These documents are necessary to avail various utilities such as electricity connection, water supply, or gas pipeline.
Before buying any apartment, make sure you thoroughly go through the building plan. This is a document that is approved and passed by the local municipal authority. This includes the blueprint of the houses or the project, layouts, utilities, among other important documents. Any extra or modified construction that does not align with the building plan approved by the municipality is at risk of being demolished or sealed, making it unfit for sale or purchase.
Encumbrance Certificate is yet another document that should be checked while buying a home. This certificate can be obtained from the sub-registrar’s office. This document basically shows whether the property you are investing in holds any legal or monetary liabilities.
The Purchase Agreement is a legal written document that contains detailed information about the discussion, promises, and deliverables signed between the buyer and the seller. It includes various terms and conditions, project specifications, details of the apartment, its payments, and penalties involved in case of any discrepancy, among others. This will help you acquire full ownership of the property.
Ashwin Sheth Group is a renowned and trusted name in the real estate industry with 30 years of experience in building excellent homes across Mumbai and Dubai. Till now we have successfully executed 80+ incredible projects and supported thousands of residents in owning their dream house. We understand the value of money, emotion, and time that our clients have put into acquiring a home for themselves. Therefore, we believe that everyone who invests their money in any real estate project should thoroughly understand the documentation requirements.