5 documents you need to check before buying ready-to-move in flats

According to experts, potential buyers should be aware of certain procedures and norms while finalizing their property purchase. Buyers must be familiar with the paperwork involved in the home buying process. Buyers have to produce details and documents to authorities and the bank if they are availing a home loan. To ensure the clear title of ownership and government approvals, they must also check certain documents.

Here are some of the important documents that must be verified while purchasing a ready-to-move property:

Sale deed

A sale deed is the most important document while verifying documents for a new home. It is the most legal registered document, which defines as proof of sale and transfer of the property. Before signing the deed, it is advisable to read the fine print and check all terms and conditions.

Completion/Occupancy Certificate

A Completion Certificate (CC) is issued by the municipal authorities after the completion of the project. However, the Occupancy Certificate (OC) is issued by a local government agency once a project is completed and considered fit for habitation. OC reads that the property has been built in compliance with the approved codes and other laws making it suitable for occupancy. Both these documents are compulsory while seeking loans from banks and financial institutions or while applying for water, sanitation, and electricity connection.

Building plan

The building plan is also a document that needs to be cross-checked before finalising a property purchase. The building plan is usually approved by the local municipal authority. Also known as a site plan, this document contains a blueprint of the project, equipment layout, and other utilities. Buyers must make sure that the layout of the building or project has been correctly approved by the local authorities. Any unauthorized or additional construction has the risk of being demolished or denied occupancy later on.

Encumbrance certificate

It is also important to confirm that the property does not have any dues for which a buyer must check the encumbrance certificate. An encumbrance certificate provides evidence that the property has no monetary and legal liabilities. The certificate can be acquired from the sub-registrar’s office where the property has been registered.

Mutation certificate

Mutation certificate helps the owner of the property to get identified in government records and establishes their tax liabilities.

It is necessary to be an informed homebuyer as it helps avoid legal hassles in future. Buyers can seek help from a legal expert for vetting all documents.