Though buying property is complicated with the hundreds of documents and legal procedures, it is important to study the imperative documents first before buying the Villa
Imagine you are chilling at the roof top and breathing nature's purest air in the Greenland near mountains, oceans or forests. The raw house with the antique touch of the ancient houses we have only seen in the movies. And buying your own villa is a dream of once a decade.
Though buying property is complicated with the hundreds of documents and legal procedures, it is important to study the imperative documents first before buying the Villa. The above documents are important before buying the villa or investing in any real estate property.
In real estate, when you buy the property, you are given the legal authorization over the asset through the formal process called property registration. After the process, the "title" of the house is transferred in the name of the property buyer. The Document through this procedure is called the Sale deed.
It is mandatory that the sale agreement should be executed first before the sales deed, and should check the important terms and conditions which are between the buyer & seller. And one should reconfirm the title of the property.
Encumbrance Certificate (EC):
How would you confirm whether the property is guaranteed by the Bank loan or if there are any legal implications linked with the property. You will get all the answers through one legal certificate- Encumbrance Certificate (EC). The EC is a crucial document you should before buying any real estate.
EC is the document which certifies that there are no legal or financial bindings to the property. It includes all the records of all the transactions which are made to the property. For example, if the owner has taken any loan on the property, or the property caught in some legal issues, these all will be displayed in the EC. Therefore, the certificate ensures that you are dealing with the authorized property deal.
The RERA is the Real Estate Regulatory Authority was established under the Real Estate Act in 2016 to regularize the real estate issues. The Act will be implemented at the state level which is responsible for the approval for the commercial and residential properties and regulating the transactions of the sale & purchase of the real estate properties.
It applies to the commercial & residential properties & plots developed & managed by the real estate promoters & agents which includes builder, contractor, developer and other involved people in the real estate.
Conversion certificate is the document issued when the agricultural land is transformed to non-agricultural property. The agricultural land cannot be converted to the industrial, residential or commercial property until and unless it gets the permission from the government and authorities involved. The Conversion certificate is issued after the approval from the authorities.
If you buy this type of land without the Conversion certificate, you can end up leading yourself in the big penalties or authority has a right to demolish it anytime in future.
The NOC is the No Objection Certificate from various departments for the confirmation. Before the beginning of the construction of a project, the developer has to take permission from almost 19 departments. These includes the airport authorities, electricity,water, environment, and several others. This is the mediocre process where if one doesn't give the confirmation, the construction work will be on halt.
The occupancy certificate is built to verify the property is built according to the laws, basic amenities are present and all the NOCs certificates are verified. It's the builders responsibility to get the OC from the authorities and display to the property buyers.
The OC examines & certifies the property by laws for the civic amenities, electricity clearances and sanitation clearances and others.
It is a legal document which certifies that the building is constructed according to the master plan of the city. This document has all the project information such as building plan, building height, and building material used etc.
Latest Paid Tax receipts:
For properties coming under the government, it is mandatory that the taxes are paid up to date so a buyer could get the property in his name. Therefore, buyers should ask for the receipts of latest paid taxes and bills and if the receipts are not present, they can contact the regulatory bodies to confirm the ownership of the land.