For a property buyer (residential or commercial) it is necessary to understand the all legal ownership documents. There are two types of property transactions in India: Direct allotment and resale property. There are two types of property resale (1) Resale of the under-construction flat / plot/house/floor/shop/office space. (2) Resale of the ready to move in flat / plot/house/floor/shop/office space.
Property transactions in India are complex and the documentation/registration varies from place to place and organization to organization. But maximum transactions and regulation are almost the same.
List of 10 necessary documents to check before buying the property is given below:
- Allotment Letter.
- Allottee Conveyance deed /Property Registry and chain of all Registry or Lease Dead/GPA -(The General Power of Attorney is required to prove whether the sale or purchase of a particular property is being done by an authorized person on behalf of the owner of the property)
- Builder Buyer Agreement (BBA).
- All Payment Receipt.
- Possession Latter. (if under construction-Not required.)
- NOC (No Dues Certificate).
- Current years House Tax (Property Tax) Receipt, if under construction-Not required.
- Occupancy Certificate (in case of group housing) if under construction-Not required.
- Completion Certificate (in case of group housing) if under construction-Not required.
- Mortgage Letter (if property Mortgage with a bank or bank loan).