What are the documents you need to check before buying?
2June 8, 2020
Check for the proper conveyance of Title in favor of the builder.
Check the license/development right/approvals of the builder.
Check the clear and marketable title of the project.
Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
Ensure whether reputed financial companies approve the project. This will help you in getting financial loans.
Check the tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference between the plinth area and the carpet area is reasonable.
Ask for Occupation/Completion Certificate.
Ensure the Conveyance Deed is registered after the entire payment has been made.
For buying a property you need to check Deed of Conveyance, Mutation Certificate (for the complete property), Land Registration Status, Sanction Plan, Search Report and Payment Schedule (for under construction). It is a must that you go through all the documents relating to the origin of the property, chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, fire safety and Completion Certificate.
For re-sale property, check demand notice relating to renovation, tax dues and latest receipts of payments made towards various out-goings such as water, electricity and ground rent.