Overview

Are you planning to buy a flat or land? Be careful about the growing forgery in real estate transaction! Before you buy the property, you need to get it vetted by a legal expert. There are certain property antecedents that you need to check before you jump into bandwagon. We at Your Property Doctorcan also help you vetting of property.

The Antecedents You Need to Check

Sale Deed

This document tops the checklist in the vetting of the documents of your new home. Sale deed verificationworks as a proof of sale and transfer of the property. It is suggested that you read the fine print and go through all the terms and conditions before you sign the deed.

Completion/Occupancy Certificate

Municipal authorities issue anoccupancy certificate for property, when the project is completed. Meanwhile, a local government agency issues an occupancy certificate, when the project is completed and fit for habitation. This certificate proves that the property has been built as per the approved codes and laws, making it suitable for occupancy. Both documents are mandatory for you when you are applying for sanitation, water and electricity connection.

Building Plan

This is another document that you need to get cross-checked before you buy the property. It is approved by the local municipal authority. It contains a blueprint of the utilities, equipment layout and project. You must ensure that the layout of the project has been duly approved by the concerned authorities.

Encumbrance Certificate

It is important for you to verify that the property does not have any dues. For this, you must check the encumbrance certificate. You can get encumbrance certificate for propertyfrom the office of sub-registrar, where the property has been registered.

Mutation Certificate

Mutation certificate for property ownershipshows that the name of the property owner is mentioned in government records. In addition, it establishes the transfer of the ‘title’ towards the new owner.

General Power of Attorney

You need to know whether the previous purchase or sale of the property was made through a general power of attorney in property sale. If it was done so, a copy of the document must be obtained to ensure that the purchase or sale was made by an authorized person.

No Objection Certificate

Different government departments and authorities, such as water boards, gas, safety and electricity, give a NOC in property transactions, declaring that the necessary approvals are provided to the seller or builder. Such a certificate ensures you that the property is regularized.

Bank NOC

You should carefully check whether the property has a mortgage against a loan. If the property has a loan, know its debt status. In order to make sure that all the dues have been cleared on time, ask the seller to provide you with a bank NOC for property mortgage.