Make Sure you Have these 8 Documents Before Home Purchase

Written by Wilona Baldwin | April 17, 2021

Luxury apartments

For the majority of individuals, buying their home is a lifetime dream and not many get success with it. This is because there is a large chunk of the amount involved with it and an individual ends up spending their life savings to buy their home. However, the process of buying a home is not as easy as it sounds and even trickier for the first-time buyer.

There are various types of documents that would be needed in the process and if you are looking to buy the same quickly then ensure you have all the documents ready beforehand. Today with this segment we will talk about the documents a home buyer would need to say you are interested in The Medallion Mohali, and get done with the process in no time.

Home Purchase

  • Deed Of Sale 

Deed of sale is a very important legal document you would need since it carries evidence of the sale and the transfer of property stating from the builder to you. Most of the time, after several years passing by an individual often decides to sell their house for any reason possible. For the same reason, this document would come in handy as an essential thing. The sale deed is put forward before the sale agreement and once the terms and conditions are briefed properly the sale agreement tends to be agreed upon by the concerned individual.

  • Deed Of Mother

Another very important document required now is the mother deed which provides the proof of ownership of the property. This document is usually required by the banks in case an individual is trying to avail of a loan for their property purchase. To get one on your hand, an individual has to get in touch with the local authorities that will allow them to create this document

  • Agreement Of Sale And Purchase

In this certain document, there is a complete list of terms and conditions where an agreement is set by both the buyer and seller. A general instance would be there for the negotiation for the price of the flat. The specific amount would be mentioned on the agreement made final by both the seller and the buyer.

  • Approval Plan For The Building

If you are going along with new construction, your builder will ask you to get the clearance for all the necessary sanctions under the provisions of the existing Building Bylaws, Local Body Acts, and Master Plan. The necessary sanctions here are made up of two factors:

  • The building plan
  • The layout approval

A common mistake seen by first-time buyers is that they skip the need of a builder to meet the requirements with all the terms and conditions for layout approval and building plan before purchasing the Medallion Mohali 3bhk flat price is very attractive. Not ensuring to meet the terms and conditions can put you in the negative limelight with the local authorities and you can also get in trouble during spot checks.

  • Letter Of Possession

The document containing the possession letter is often prepared by the builder that has a mention of the date the buyer got possession of the property. The builder’s name would be carried on this document and the document is prepared once the receipt of the completion certificate is also prepared. However, you cannot rely on this document completely since it is not solid proof stating that you are the owner of a certain property. This is because the occupancy certificate serves the purpose of that for the buyer.

  • Certificate Of Completion

The occupancy certificate or the completion certificate is a document where a mention is made that a specific building has undergone the inspection and all the municipal corporation or the local development authority laws have been followed. The same document would allow you to get your hands on all the necessary utilities such as drainage systems, electricity supply, and water supply.

  • Khata Certificate

This is mostly known as the revenue document in which the content mentions all the property details such as the area where the construction was made, size details, the location so that the property taxes are paid. It also serves as the form of identification and you will need while applying or availing the home loan.

  • Letter Of Allotment

A very crucial document now will be the allotment letter which is a must-have if you get your hands on a house that is still going under construction. This will include all the small details with your house payment and if there are any extra fees associated with all the additional amenities with the house. The letter of allotment is also very important once you go out looking for a home loan with the bank that will cover your stress.

April 17, 2021 | 175 Views

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