The Importance Of Property Documents In Real Estate Investing

By Author: Saloni Mehta
Total Articles: 65
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The proof of ownership of a property is in the documents that are certified by the government authorities. It is vital to have these documents in place with the requisite validity. There is a list of documents that an owner is expected to have while buying property in Pune real estate.
 
Let us look at the checklist of these documents:
 
1. Title Deed
 
The title deed establishes the ownership of the flats in Pune making it the most important document. For example, if you are keen on buying a flat it is important to know information like the current owner, dimensions of the property, and rights and liabilities associated with the property. The seller should have a clear and marketable title to the property.
 
2. Sale Deed
 
The Sale Deed is a critical document required for the sale and purchase of the property. It is proof of the transaction where the ownership is transferred from the owner to the buyer. It contains important information like the ...
... terms and conditions of the agreement between the two parties, important clauses like the sale price, payment schedule, possession date, and other relevant clauses.
 
3. Mother Deed
 
This document provides information on all the previous owners of the property and the transactions thereto. If you are seeking a loan, this document is a necessary part of the due diligence procedure of the bank. The document is available at the Registrar's office after paying the relevant charges.
 
4. Encumbrance Certificate
 
The Encumbrance certificate proves that the property is free from any pending litigation and liability. Check the encumbrance certificate for the past 15 to 20 years to be on the safer side for the 2 BHK flats in Pune.
 
5. Occupancy Certificate
 
The Occupancy Certificate commonly referred to as OC is a certificate issued by the local municipal office after the construction of the building is complete. It is proof of the building's safety for living and compliance with the necessary regulations.
 
6. No Objection Certificate
 
The No Objection Certificates are issued by the Fire Department, Pollution Control Board and Highway authorities, and Aviation Clearance for all projects. The developer should have the relevant NOCs depending on the location of the 2 BHK flats in Kharadi.
 
7. Property Tax Receipts
 
The project should not have any property tax dues to the municipality. The municipality office of the location can be approached to find out the status of the property tax payments. The investor or buyer is liable to pay the taxes due, if any.
 
Any buyer interested to buy property must demand these documents from the developer. These documents must be checked for their authenticity by legal experts and authorities. The buyer should purchase the property only after they are sure that the documents are legitimate.