What are the Legal Documents Needed to Purchase a Property?
When searching for a house, there is a significant distinction between the two stages of the process. The first is looking for one and the second stage, documentation, is the most critical step in the process. This article provides an overview of the legal documents necessary for the acquisition of a property and its ownership. Here is a list of the 11 documents necessary for the purchase of a property.
Non-Objection Certificate
A Non-Objection Certificate (NOC) is a document requested by the developer of the property. These NOCs come from various sources, such as the Department of the Environment, the Department of Traffic and Coordination, the Department of the Pollution Board, and the Department of the Sewage Board. The purpose of these NOCs is to guarantee that the developer’s construction plan is approved by the relevant authority.
Absolute Sale Deeds and Title Deeds
Absolute sale deeds or title deeds are the documents that show the actual transfer of “Ownership” of the property.
Agreement to Sell
This document includes all the information related to the sale of the property, including the description of the property and the conditions agreed upon by the buyer and seller, including the sale price.
Khata Certificate
This document is known as a “Khata certificate” in different states. It serves as evidence that the property has been entered into the local authority records.
Title Search and Report
This document is needed when you are applying for a home loan. It includes information related to previous owners, tenants, description of the property, etc.
Occupancy certificate
The municipal corporation will issue the occupancy certificate after the building has been built according to the approved plan.
Property tax receipt
This document provides proof that the previous owner paid all the taxes due and that there are no outstanding taxes on the property.
Encumbrance certificate
This document contains all the information about the transactions that have taken place on the property. It is a very important document when you apply for a loan because it shows that no loan dues are pending.
Sanctioned Building Plan
A Sanctioned Building Plan (SBP) is a document issued by a statutory authority that ensures that the buyer is not allowed to make any changes to the Sanctioned Plan.
Bank statement
When you are buying a property, it is okay to ask the seller for a bank statement. The statement acts as proof that the loan is not outstanding. It is the transparency of the loan on the property.
Power of Attorney
A Power of Attorney (Power of Attorney) is a document that must be used to prove that an individual is acting on the owner’s authorization.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
