Buying a property or an apartment in Mumbai is a dream. If you are ready to buy a house in Mumbai, then it is important to keep a checklist in mind. Proper documentation is an important part of the purchase.
If you don’t receive relevant documentation at the time of purchasing a flat, then it may cost you later in life. Most people suffer when the transfer of title is not clear or the OC is not obtained. So, a checklist of documents ensures that the process of buying a flat is simple. There are many documents to be verified before buying a land or an apartment in Mumbai. Here is the complete list!
A] What Document Proves Ownership of a Property/Real Estate?
- Sale Deed: The sale deed is the most important document that is required for property purchase. The sale deed is produced in the original form as it establishes the ownership and title of the property. You need to register the general sale deed in the registrar’s office of the area where the property is located. A sale deed acts as a proof of sale and transfer of ownership.
Before the sale deed is executed, the sale agreement also has to be executed. There has to be an agreement in terms and conditions by the buyer and seller of the property. Before executing the sale deed, the buyer should check about the clear title as well.
B] What Documents Need to Be Checked Before Buying a Flat?
- No Objection Certificate: While building a housing project, developers acquire 19 different types of NOC’s from different authorities. The number varies according to state rules and location of the building or the land you are buying. You need to ask your developer to provide you with all the copies of NOC’s for your record.
- Occupancy Certificate: The local authority issues an occupancy certificate to the developer to establish the building. This states that the building is ready to be occupied, and the construction is done according to the sanctioned plan.
C] What Are The Documents Required From The Seller’s End?
- Allotment Letter: An allotment letter that is issued by the seller is the most important document required for getting a home loan. The developer or the housing authority, stating the description of the property and complete details of the amount paid, issue the document.
Allotment letter is different, so don’t confuse the document with the agreement of sale. An allotment letter is always issued on the letterhead of the authority. While the sale agreement is issued on the stamp paper. An allotment letter is issued to the first owner of the flat. Owners can also ask for an extra copy of this letter.
- Sale Agreement: This document lists every kind of information about the property. It lists the possession date, conditions, payment plans, specifications, and details about other common features. This agreement holds the developer responsible for the construction of the property. This document has to be produced in the original form to avail home loans for the purchase of the property.
- Possession Letter: The developer provides this document to the buyer. This document sets a date, stating when the developer will grant the buyer the actual possession of the property or the land. The original copy has to be produced if the buyer is taking a loan.
- Payment Receipts: A developer must produce original payment receipts on the buying of the property or land. For a resale property, the seller should give a copy of payment receipts. Payment receipts must be kept along with all the relevant papers, as its an important piece of document.
- Completion Certificate: This document ensures that the builder completes the building or project as per the approved plan.
- Encumbrance Certificate: An encumbrance certificate is an imperative document that states the property or the land does not have any pending legal dues or any kind of mortgage issues. Banks ask for this document before they grant a loan. The document also has complete information and details related to transactions of the property purchase.
Form 15 is issued if the property has any kind of encumbrance registered. If not, then form 16 will be given to the owner stating that there are no encumbrances. This relevant document features in the set of house documents.
D] How To Check if The Property is Legally Verified?
After you check for all the title papers, you need to check for a complete set of agreement and documents that are produced by the builder or the seller of the property.
You can then tally the approved plan with the actual site of the property. Check out all the related property tax slips and purchase documents. Then check if the said project has a registered society. Every apartment that you purchase should have its registered society with the resident welfare association. This is a legal process in itself.
MahaRERA stands for Maharashtra Real Estate Regulatory Authority. For a builder or a developer, it is compulsory to register their project before constructing it. It was introduced to provide time-based construction and delivery of residential properties to end-users. Before buying a flat, you can check the developer’s construction and approval status on the MahaRERA website.
To sum up;
The purchase of a flat is not a tedious affair as people think. If you know about all the important documents, the process becomes much easier. Also, if the document list is complete, there won’t be an issue if you want to sell your apartment in the future. Keep a note of all the documents and certificates and ask your seller to provide you with relevant ones at the time of final purchase.
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With flexible payment plans, you will be able to buy an apartment of your choice. Choose from 2/3 or 3.5 BHK apartments. Also, make a checklist of all the above documents when you purchase a flat.