HomeTriangle Guides: The Document Checklist For Homebuyers

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Buying a home is probably one of the biggest and most expensive decisions you’ll ever make in your life. It's so exciting to finally own your dream home that even the seemingly endless years of paying Equated Monthly Installments, (EMIs) cannot dampen your joy. While buying a property is cause for celebration, don't forget to be extra careful and do your due diligence while going over the legal property documents to save you from heartache and legal problems in the future.

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Buying a property is an expensive decision

Buying a homeis probably one of the biggest and mostexpensive decisions you’ll ever make in your life. It's so exciting to finallyown your dream home that even the seemingly endless years of paying EquatedMonthly Installments, (EMIs)cannot dampen your joy. While buying aproperty is cause for celebration, don't forget tobe extra careful and doyour due diligence while going over the legal property documents to save youfrom heartache and legal problems in the future.

In additiontoscrutinizing all the documentsyourself, it is advised that you get legal helpto makesure you havethe all required documents in place including the ones listed below.

Title Deed

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The title deed must be verified by a lawyer

Thetitledeed is a legal document that provesownership of the property. As a buyer you need to ensure that the title deed ofthe property is in the seller’s nameand that he has the legal righttosell it. Make sure that theseller gives you an original deed and as soonas you have access to it takeitto your propertylawyerfor inspection.

Encumbrance Certificate

An encumbrance certificate is issued bythesub-registrar’s office. Itstates that theconcernedproperty is free from all encumbrances like leases, easements, mortgages andmonetary and legal liabilities. The encumbrance certificate is essential tocheck that the titleof the property you are planning to buy isclear.

Sanctioned Layout Plan

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Your property should be built according to sanctionedplans

If you are buying a house or an apartment, you need to makesure that the builder has the proper sanctions from the appointedgoverningauthorities. A sanctioned layout plan includes the buildingplan, layout approval,list of basic amenities providedand acompletion certificate. If the builder deviates from the plan, there may be apenalty payment imposed on the builder andthe governing authority caneven demolish the house/building without notice.

Tax Receiptsand Bills

You need to make sure that the seller has paid all propertytaxes.You can make enquiresin thegovernment or municipalofficeand check that the tax receipts are up to date. You can also findout if there are any notices and requisitions that still need to be cleared.Make sure that all outstanding bills for amenities, like electricity and water,have been paid and if there is an unpaid pending amount, have the seller clearall dues prior to purchasing the property.

No Objection Certificate

If youarebuying an apartment in a building thathas a registered society,the society should be requested to give you a noobjection certificate. This document states that they have no issues orobjections regarding the transfer of the apartment to your name.

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All documents should be checked by a property lawyer

Property Registration

Registration of a property involves stamping and paying allthe registration charges for a sale deed. The saledeed then needstobe recorded in the sub registrar’s office. Once this is done, you are thelawful owner of the property and are fully responsible for it.

Verifyingpropertydocumentscan beatime consuming process but itis an extremely important one. Makesure you are hands on and involvedthroughout, do your ownresearch,and don’t compromiseon hiring the best lawyer and other property expertsto guide you through the entire process.


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