Legal Documents That You Must Check While Purchasing The Property

We can’t deny the fact that property buying involves a lot of administration, files and documents, and almost all of them are legally obligatory. This is important to make sure the buyer has fair rights over the property, and that there is no wrong practice involved.

However, most of us don’t have an idea about the list of those documents involved. Fret not! In this blog, we have listed all the legal documents you must know about before purchasing the property-

 

●     Land ownership proof: When purchasing a property, the buyer must make sure that the land on which the property is being built belongs to the constructor or at least there is an MoU between the property owner and the constructor.

 

●     Non- encumbrance certificate: A non- encumbrance documentation involves the name of all the owners from the previous 12 to 30 years. It also comprises the possession title transfer, mortgages etc. It also signifies that the property doesn’t involve any conflicts. Most banks or loan offering entities demand this document before approving the home loan.

 

●     Certificate of land conversion: These days, most urban projects are generally constructed on lands that were previously approved for agricultural purposes. In this case, the builder should have attained a conversion certificate from the ruling classes to commence the construction. If the builder doesn’t have this conversion certificate, it can be a red sign for the buyer.

 

●     Plan approval certificate: Many contractors or builders often get approval for a certain number of floors but despite this, they still construct more than the approved floors. So, the buyer needs to check if the building is legally built.

 

●     Land and building tax receipt: These documents are required to ensure this property is present in the government records, and it becomes easy to get the alteration of the property done in favour of the buyer. Procurement of all the bills will let the buyer know if all the dues have been compensated or not.

 

●     Commencement certificate: A commencement certificate smears to the under-construction property. The local authorities offer it after examining the site. Once the commencement certificate is obtained, the builder is allowed to start the construction of the property. Even if you are buying Ready-To-Move Shops in Noida or nearby areas, your seller shows the commencement certificate.

 

●     Agreement of sale: It is the document that speaks the terms and conditions between the buyer and the seller. The document also indicates the date of possession, arbitration clause, jurisdiction and force majeure, and all the integral terms that the buyer needs to be aware of.

 

●     Completion and Occupancy certificate: After the construction gets completed, the builders need to apply for a completion and Occupancy certificate, which is proof that the building is designed after fulfilling all the legal terms.

 

●     Sales deed: This is a vital document, which requires both the buyer's and the seller's presence. The name and details of both parties must be present at the sales deed, to ensure every deal has been performed with each other’s consent.

 

Note that if any of the above mentioned documents are not available with the seller, it is time for the switch to another one. Well, to avoid hassle and find a reliable dealer, go for Orion One32 and grab the best deals on commercial shops in Noida.