Property purchase is one of the most important decisions in someone’s life. People spend all the hard-earned money on buying a dream house or a commercial property at the desired location. But only a few buyers are aware of the fact that one should cross-check various legal documents while buying a property.
It is your legal right to verify the authenticity of the documents and the targeted property. However, you can take the professional help from a trusted real estate consultant like; “Cascade BuildTech”. The team of experienced and well-versed professionals with the latest market trends will help you verify all the legal documents before you make a final buying decision.
Invest In 3BHK Flats In Zirakpur
You can invest in affordable 3BHK flats in Zirakpur with all the latest amenities and modern infrastructure. Be a smart buyer and invest in the premium-quality properties in North India after verifying all the legal documents. Zirakpur is a strategic location that connects Ambala and Chandigarh through a National Highway. It is a junction for various cities and sub-cities.
Why is Cross Verification Of The Legal Documents Necessary Before Buying A Property?
Legal documents are the proof of authenticity, and they are investing in the right real estate project. A list of documents needs to be verified before buying any property. In the past, it has been observed that many builders, realtors, and even property dealers were involved in the misrepresentation of properties they had sold. Several property dispute cases are pending in civil courts.
Investing in a property that is not legally registered, for which no proper documents of the property are maintained, and without any tax clearance from the authorities, will be a total loss. It is suggested that, even being a first-time buyer, you must take more time to cross-verify all the legal documents of a targeted property. It will keep your investment safe against any fraudulent activities.
- Key Legal Documents To Be Verified
Let’s discuss about some key legal documents that need to be verified before buying any property in India. These documents are approved and issued by the local government authorities.
- Completion Certificate
It is suggested that one should always cross-check for the completion certificate of a pitched real estate project. Being a buyer, you need to verify if the newly constructed project is completed, and the authorities are issuing the certificate of completion to the builder.
- Encumbrance Certificate
An EC or Encumbrance Certificate is another important document to be verified by the buyer in the pre-purchase stage. This certificate clarifies if the property is free from any loans, mortgages, or legal dues. Many properties in India are registered under legal disputes because of these conditions.
- Khata Certificate
The Khata Certificate or KC is a necessary document to be verified. You need to get the Extract and Khata Certificate of the targeted property, as these documents will verify the tax history.
- No Objection Certificate
No Objection Certificate or NOC is a legal document issued by the principal bank (in case of a loan or mortgage), or the housing society. NOC is being issued once all the legal formalities and financial dues are cleared against the targeted property.
- Occupancy Certificate
This document clarifies whether the property is ready for occupancy. The property is cross-examined based on various safety and other factors, and an OC (Occupancy Certificate) is issued by the authorities if the property is in a healthy condition for living.
- Plan Approval Of The Building
This document ensures that the construction plan of a real estate property or project is approved by the government after examining that it does not violate any mandates. The plan approval of any building is subject to clearance against the passing of all the legal instructions & violation clauses.
- Power Of Attorney
You must cross-verify if the POA or Power Of Attorney document is made available by the seller or a professional representative at the time of the deal. POA is issued if the ultimate owner of the property is not physically present at the time of the sale or purchase of a property. It authorises another legal person to make all the decisions on behalf of the true owner of the targeted property.
- Property Tax Receipts
This document verifies that all the property taxes have been paid timely, and every tax transaction is updated. You need to cross-verify this document to avoid any unwanted future liabilities to be paid by you or the previous owners.
- RERA Registration
RERA registration certificate ensures that the real estate project or a property is registered under the RERA Act, and it fulfils all the necessary parameters directed by the authorities. The Real Estate Regulatory Authority (RERA) ensures the quality development of society.
- Sales Agreement
Sales Agreement or Agreement To Sell is a legal document issued by the local authorities that indicates various terms & conditions under which the property will be sold. The buyer and seller agree upon all the listed clauses under the sales agreement.
- Sales Deed
A sales deed is a legal document that represents the transfer of ownership from a seller to the buyer under the acceptance of all the mentioned clauses and agreed points. A buyer must get this document for future reference of the mentioned property.
- Title Deed
This document represents the title of legal ownership under the name of a buyer. A Title Deed safeguards the rights of a legal owner of the property, and it serves as a legal document for the records.
- Other Documents
Some additional documents are to be verified and must be collected under different conditions referring to different types of properties. Commencement Certificate, Use Of Land Certificate, Possession Letter, and Sales Agreement.
Conclusion: Mohali is the Investment Destination of Today
You can work out all these legal documents under the guidance of an industry professional. Don’t miss any property-related documents, as it may cause a future challenge. Invest in high-quality flats in Mohali that are RERA-registered and approved by GMADA. Let your investment incur higher profits and ROIs for you, and make you financially stable in the long run.