Home Buying Process and Legal Documents Required for Purchase of Property
Home buying process for most of us is searching the best home that will raise the standards of our living life. But is it just about the house? Well, the best and real deal of property investment is trickier than this if you are first time home buying or investing in Real Estate for the first time. You need to know the legal documents for buying a house.
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If you know builders in Bangalore, then SOBHA Developers is among top builders in Bangalore which will always guide you through the correct ways. One of their upcoming projects in Bangalore is SOBHA Sentosa. And they also work with leading banks in case if you require home loan. If you want to know more about first time home buying? Read about the down payment and the best ways to save up in the present times.
In a tech city such as Bangalore where the Real Estate and information Technology (IT) industry is thriving, it is easy to search a house of one’s choice. However, the property investment or the purchase does not end with searching the dream house.
A series of documentation and paperwork follow the purchase of the property. And it's important to do it right because, in a city such as Bangalore where every nook and cranny is stuffed with Real Estate properties, there are chances of being tricked or scammed.
Hence, buyer must understand the type of documents included in the purchase according to the type of the property. Buying a home from one of the trusted brands such as SOBHA Developers, you can be confident that the paperwork will be done with utmost vigilance.
As a buyer, it will be beneficial if you are familiar with the documentation or agreement involved. Here is a glimpse of the paperwork for 1st time buyers.
1) The Sale Deed
One of the important legal documents during property investment, the Sale Deed contains proof of the sale and the transfer of property from the developer to the buyer. This agreement is the one that defines that you own the property, and it should be kept safe for the upcoming years. Wondering why? Years after buying the home, you may select to sell your home to someone else and in this case, the requirement of the sale deed is inevitable. Normally, the Sale Deed is drafted before the sale agreement, once the buyer and the seller give a green signal on the terms and conditions informed in the sale agreement.
2) The Mother Deed
Want to trace the ownership of a property? All you should do is to search the Mother Deed. The Mother Deed traces ownership of property. And hence, this document is normally required by the banks when a buyer avails a loan on the property. A buyer may reach the local government authorities to assist them in the drafting of the document.
3) The Sale and Purchase Agreement
The Sale and Purchase Agreement encloses a list of terms and conditions that are agreed upon by both the seller and the buyer. These will involve the negotiated price of the property, the date of moving in, and the like. Hence, the agreement will contain details and information on the deal like the agreed amount of the flat by both the buyer and the seller.
4) The Building Approval Plan
Before starting construction in a particular location, the builder is needed to get the necessary sanctions from the authorities, which gives the builder the nod to begin the construction. This sanction may depend upon the land selected by the builder and the building-designs. Thinking of why this document is important for you, a buyer? Well, one of the faults that first time homebuyers tend to make often is, not ensuring that the builder follows the rules given by the authorities.
Not meeting the terms and conditions may lead to negative or bad situations if it comes to the notice of the respective authority. And the best way to ignore this is to buy from a trusted brand such as SOBHA Developers. All the projects or designs by SOBHA Developers are RERA registered, be it 1 BHK flats for sale in Bangalore, apartments, villas, or may villa plots. Thus you can buy your houses here without any kind of worry.
5) The Completion Certificate/ Occupancy Certificate
The Completion Certificate, also regarded as the Occupancy Certificate, is a document that states that the building has been checked and inspected and that it complies with all municipal or local development authority rules. This paperwork is needed to avail services including- water, power, and waste management.
It's not ideal for a first time homebuyer to purchase a property with-out a Completion Certificate because the property is regarded illegal without it, which may result in a penalty or even eviction. Moreover, in case if the builder fails, the buyer can reach the municipal corporation and request a Completion Certificate which will prove his or her ownership over the property.
6) The Possession Letter
The Possession letter is a document made by the builder that specifies when the buyer will take ownership over the property. This document gets ready under the builder's name after the Completion Certificate is obtained. This letter, however, doesn't prove the ownership of the property. Now you have already read about the Occupancy Certificate, you know how to prove the ownership of the Real Estate Property.
As you know about the documentation involved in the Real Estate industry, you can go forward and buy your dream property with a peaceful mind. If you are still in doubt ensure that you buy from a builder who up-holds their ethics.
You can also call or WhatsApp @ 8825183565 if you are planning to buy flats in Bangalore.
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Noopur writes the content on real-estate from several years and she is one of the few writers who provide the thought provoking content on best properties deals.