Let's start with remembering the golden words of the literary giant T.S. Eliott, “Home is where one starts from.” Since the time immortal, with the first ray of civilization, the human race has always sought a haven in the form of home. The importance of a home can also be felt in this time of crisis- when the entire humanity is trying to self-quarantine in their homes in order to cope up with the pandemic spread by Covid-19.
Buying a home is exciting as well as challenging, more so if you are a first-time homebuyer. So, just to aid you, especially if you are involved in a first-time home buying process the rule of thumb is that you must inspect the following documents thoroughly.
Sale Deed
The numero uno in the list is the Sale Deed, and rightly so as it is the main document that acts as evidence for the transfer of the property from the seller to the buyer. In a way, its inspection lets you confirm the ownership of the property. It aids you to check the clarity of the property title. Moreover, it also lets you gauge whether the property has any kind of encumbrance charges.
Mother Deed
Mother Deed, otherwise called the parent report, is a significant legal record that tracks the record of ownership of the property. The Mother Deed must showcase ownership records serially and continuously. You may seek the records from the registration offices or revenue records in case of a missing sequence. The record should contain information until the latest owner of the property.
Building Approval Plan
The documents pertaining to the building approval plan acts as proof of the building being constructed by the approval of relevant authorities. Without this document, the entire building can be considered an illegal structure. It is generally the responsibility of the builder or promoter of the building to get the plan approved by providing all the requisite documents.
Commencement Certificate
The Commencement Certificate is crucial if the property you are interested to purchase is currently under construction. A legal document is issued by the local authorities after the inspection of the site. This document denotes that the construction project meets all the requisite criteria.
Completion Certificate
Usually issued by the municipal authorities, a Completion Certificate confirms that the building complies with all their relevant rules. It is a must-have for you to benefit from the utility services- electricity, water, and drainage. You may approach the authorities in case your builder cannot this one for you.
Latest Tax Receipt
The latest tax receipts on the property act as proof that the property taxes are paid up-to-date to the authorities. In many municipal authorities, property tax payments must be up-to-date for you to get a Khata issued in your name. You must ask the seller for the latest tax receipts in original to verify the details of the owner, taxpayer, and the date of payment on the receipt.
Khata Certificate
As you can gauge from the word (Hindi) itself, 'Khata' denotes the word ‘account’. It here signifies the account of the property owner. A Khata Certificate is the document containing the details of the property, generally used to calculate the property taxes. Being issued by the revenue department, this document aids you to secure a property loan. And, it is also required to get the benefits of utility services.
Encumbrance Certificate
Encumbrance denotes the liabilities created on a property, for example- a home loan against the property. In layman's terms, it informs you of the existence of any type of loan or mortgage against the property. To obtain this certificate, you have to submit a copy of the Sale Deed to the jurisdictional sub-registrar office.
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