Important Property document: Buying a house, land or any property is a big investment for anyone. It takes a lifetime’s savings. In such a situation, it is very important to be careful while buying a property. Because your life’s earnings can be wasted due to a small mistake. Whenever you buy a new property, check every document related to it thoroughly. Today in this news, we are going to tell you about the important documents related to property. Let’s know in the news below –
At this time, people across the country are investing the most in houses, plots, flats and commercial properties. Due to the increase in investment in property, there is a wave of happiness among builders and people working in real estate. That is why before buying any property, it is very important for you to know the government rules and legal documents. So that you can avoid fraud.
Some important things to remember while buying property:
1 NOC or No Objection Certificate: Before buying any property, it is very important to get its No Objection Certificate. If you are buying a flat, then you should know the NOC of its society and tower. Without NOC, that property cannot be in your name. Legally, you are not entitled to that property.
2 Loan papers: Before buying any property, the loan papers of that property should be checked thoroughly. The loan running on that property from the bank should be thoroughly investigated. Many times the owner of the property gets a third party loan on his land. In such a situation, if you do not do a complete investigation, you can become a victim of fraud.
3 Title deeds: The most important thing while buying any property is the title deed. You can get the title deed certified from a lawyer. Mainly, the title deed tells whether the property you are going to buy is not caught in any legal trouble. There is no problem in its transfer, division etc.
4 Commencement certificate: The commencement certificate is known as the construction clearance certificate. Through this certificate, you can know what the experts related to buying and selling of property have to say about it. It is very important to know the opinion of experts and specialists before buying any property.
5 Layout Papers: Before buying any property, you should be careful about its layout papers and take all the information about whether its map, map of the open area is approved or not.
Information given by property expert –
1 Layout plan: Layout plans should be approved by the appropriate planning authorities. Home buyers need to be cautious as there have been cases where developers have deviated from the approved layout by adding extra floors or reducing open areas. This is an important aspect that should be cross-checked before finalising the property purchase.
Usually, a building plan is approved by the local municipal authority. It is also known as the site plan and this document includes a blueprint of the project, equipment layout and utilities. Any unauthorised or additional construction carries the risk of being demolished later or denied possession.
2 OC Certificate: This certificate is also issued by the local authorities only after the completion of the project’s construction. This document certifies that the property has been constructed in compliance with the permissions granted. It also ensures that the building is suitable for business purposes and can be occupied by the people buying the property.
3 Check the ownership of the property: Before buying, it is important to research the ownership of the property. The title deed is one of the most important documents that must be verified before buying a home or anything else that helps to indicate the actual ownership. It also states the rights and obligations of the owner and the rights of a mortgagee, if required by the owner to verify that there are no issues with regards to ownership transfer, partition, conversion, mutation, etc.
It is also mandatory to verify if the land on which the property is built is legally purchased and if its construction is done in compliance with the permissions granted. It is advisable to get the ownership document reviewed by a lawyer. Thankfully, with the help of online legal assistance by proptech firms like No Broker, this service has now become hassle-free.
4 Verification of Encumbrance Certificate: Property is a tangible asset and over the years it incurs certain taxes by the local municipal corporation. Thus it is essential to verify that it does not have any dues for which a buyer must check the encumbrance certificate. An encumbrance certificate proves that there are no monetary and legal liabilities on your property. It can be obtained from the sub-registrar’s office.
Undoubtedly, buying a property is a lucrative investment. It is essential to be a savvy home buyer as it will help avoid legal hassles in the future. Make sure you take the help of a legal expert to check all the above things before buying it.
