Checklist Of Legal Documents Before Buying A Property

Summary- Owning a real estate property is on the list of almost everyone. But do you know about the documents required to seal the deal? Read more to find out!

Do you know about the safest and secure way of investing your money? Your answer lies in understanding the intricacies of real estate investment. Once you grasp the essential requirements and knowledge about this field, all you need to do is play smartly. In no time, you will be earning high return-on-investment than the ones who advanced with the stock market or mutual funds. So, what is your responsibility while handling real estate property deals? What would the top developers in Kolkata advise you if you are a newbie in this profession?

Your obligations would lie towards identifying the type of property you would like to invest in. You have a pool of options to select from, so perform a thorough competitor analysis, visit the sites and carry out a background check. Almost every real estate company in Kolkata would suggest you negotiate so that you may get to close the agreement in your favor. After which, get ready to indulge in a process that requires heavy paperwork and documentation steps to ensure your ownership over the property. To ease your apprehensions, we have compiled a list of legal documents that must be taken care of before buying a real estate property-

Mother Deed

If you are purchasing a property, you must verify the legal document called Mother deed, referred to as the parent document. As the name implies, it is the only proof of acquiring and transferring the property in your favor, that is, the purchaser. In scenarios wherein the mother deed is not available, certified copies would also work. Certified copies could be brought via the registrar’s office personnel. On a simple note, mother deed signifies the lineage of ownership changes that might have happened through gift, inheritance, or partition.

Title Documents

It includes the Government order for grant, progression certificate, sale deed, gift deed, will, partition deed, etc., demonstrating the relocation of title over the years, culminating in the estate's vesting with the dealer. Once you are sure of the current owner, only then introduce the sales deed's role or the gift deed. It helps in legally transferring the ownership to the buyer.

Encumbrance Certificate

The encumbrance certificate allows you to successfully execute a background check of the property. Ensure that there are no legal dues and mortgages. It must be free from any such third part intrusions also. Present a copy of the sales deed at the sub-registrar’s office so that you can finally acquire the encumbrance certificate. This can be handled while simultaneously working with the title documents.

Khata Certificate or Extracts

The khata certificate is used as a piece of evidence to state that the property has been viably entered the municipal records. It also confirms that the building’s construction adhered to an approved plan. It serves to help during the later stages when you might want to transfer the property ownership to someone else. If you are seeking home loans, then banks would ask you for the khata certificate of the estate before granting it.

Agriculture To Non-Agricultural Land

Before contacting the construction company in Kolkata, check if the land falls under the agricultural category. If it does, then any kind of construction would be designated as illegal. With the help of the Conversion land use certificate obtained by the town planning authority, you may file to change the property's allotment.

General Power Of Attorney

A power of attorney would acknowledge another person as an authority to legally act on behalf of the owner. Such representatives hold equal power over financial decisions and may even make lawful amendments on the asset. He or she has been granted permission to sell or purchase the land if it comes to it.

No Objection Certificate

A real estate company in West Bengal must acquire as many 19 no objection certificates or NOCs. It has to be obtained via various authorities working on a real estate project. The seller is required to issue to the NOC and hand over the copy to the buyer after that. You must provide NOCs of electricity, environmental clearance, safety agreements, sewage systems, and water. Keep it safely in your personal record.

Allotment Letter

Are you counting on your home loan for purchasing a real estate property? It seems like you must pay attention to the allotment letter, that is, the asset's description along with every other detail like the total money you paid to the developer. Bear in mind that an allotment letter is not similar to a sale agreement. The former has to be issued on the agency’s letterhead while the latter is written on a stamp paper. The initial owner obtains the allotment letter. Other owners might ask for a photocopy of

the original letter from the seller.

Possession Letter

Any real estate company in India would provide you with the possession letter. It records the date on which the property's possession is granted and transferred to you, the buyer. Afterwhich, issue a copy of the letter to the bank to avail of home loans.

Commencement Certificate

The property developers like Siddha Group Kolkata or Godrej Properties Kolkata accept the Town planning authority's commencement certificate. Once you have cleared all the required NOCs, this letter will be issued to you.

Time To Wrap Up!

Real estate investment might not seem like a direct sailing route, but once you get the hang of it, it will provide you with the best returns. By now, you have a clear idea of the essential legal documents that go into while buying properties. In case you still have doubts, contact the nearest lawyer for swift guidance. You may even get the contact number of promoters in Kolkata through various business listing service portals. They will take care of your requisites and offer amazing deals based on your budget!

Tony is a freelance wedding consultant and has around 10+ years of experience in India. He continues to plan and organize budget-friendly weddings in India.