When it comes to buying property, there is no doubt that it is a task that requires a lot of research, and this is still true when it comes to buying a home or flat on resale. It is important that homebuyers acquaint themselves with all the obligations that come with buying any property on resale. The fact of the matter is that a resale property is almost always as good as a ready-to-move unit, which means that you can immediately move into the flat or put it up for rent, as compared to under construction projects. This does help the homebuyer save a little on their current expenses, and given this advantage, it is not a surprise to see that the demand for resale flats has increased quite a bit in recent times.
However, apart from checking out your loan eligibilityfor a resale flat, there are several legal documents that you as a prospective homebuyer should be verifying before signing the agreement to purchase a flat on resale. Plus, it is always a good idea if you are well-acquainted with the procedures and norms related to the purchase process before you make the final decision.
If you plan to buy a resale flat, here is a list of documents that you must verify to ensure that the property has a clear title of ownership and all the required approvals and authorizations.
The sale deed is probably the very first document that you should verify when you plan to buy a resale flat. This is the core legal document. It acts as proof that the sale and transfer of property were conducted in a proper manner. Also, before you sign the flat purchase agreement, ensure that you read the fine print and understand the terms and conditions of the sale deed.
Check whether the resale flator home has a sanctioned building plan. A building plan includes a blueprint of the property/project, including the layout of the equipment and utilities, and is required to be approved by the local municipal authority. If the building plan is unauthorized, you may be denied occupancy and the property may carry the risk of being demolished.
Completion and Occupancy Certificate
The Completion Certificate (CC) is issued when a project is completed, while an Occupancy Certificate (OC) is issued after completion once the local government agency deems the project fit for residential purposes. You will need both these certificates to avail a loan for the property and when you apply for electrical, water, or sanitation connections.
This is a certificate that shows that the property has no dues on it; that the property has no legal or monetary liabilities. You can get this certificate from the office of the sub-registrar where the property is registered.
Tax Paid Receipts
Make sure that you check all the latest tax paid receipts when you buy a resale flat to ensure that there are no outstanding dues on the property.
Some Other Documents to Check
There are some other documents that you should check before you buy property on resale or sign a flat purchase agreement for a resale flat:
Document for Home Loan Approval along with the latest statement from the financial creditors are two of the most important documents that you must verify.
No Objection Certificates (NOCs) will need to be acquired from all respective departments. This includes the electricity or water boards as well.
Possession Certificate: This is a certificate that builder issues to the first owner. Attain possession papers when buying a resale property. This is not a document that is re-issued on resale; it is the seller who is required to hand over the certificate to the buyer.
A Conversion Order: This certification should be acquired in case there is a change in the property status (from agricultural land use to residential use or commercial use). Make sure you get the document verified as well to avoid legal hassles in the future.
It is important that you are able to avoid any legal hassles in the future when it comes to your purchase of a resale flat. Part of being an informed homebuyer is being aware of all the documents that are required for the purchase of a resale unit. As property buying can be quite confusing, it may be a good idea to seek legal advice from an expert for vetting the required documents.