Buying your own home may be a cherished dream, but it doesn’t take much for it to turn into a nightmare. Given that real estate is among our most expensive purchases, it is advisable to be familiar with the documents and legal formalities undertaken for the purchase.
Documents & Formalities
The Documents required for property purchase include an Identity Proof that could involve passport, voter ID card, driving license, ration card or pan card.
At the Time of Signing the Agreement
It is essential that the following dimensions should be looked into before signing an agreement with the developer
- Name of the apartment, tower number & size
- Area details along with super area, covered area & carpet area. The latter should not be missed out in any case as it describes the actual livable area.
- The total cost
- The date of procession
- Exit Option
- Specifications committed
- The Payment plan
- Project approval details
- The status of the land on which the project is being constructed
Legal Approvals of the Project
It is imperative to understand that the project adheres all the relevant legal formalities. One of the tool to ensure the same is to understand that a bank is funding the project. Mostly banks will do a thorough legal audit and ensure that everything is on place before embarking with the loan amount.
Besides, mentioned below are some of the other parameters that needs to be taken care of:
- The document of the title of the Building should be clear. A not properly clear title can create trouble in the coming time
- It should be ensured that the project has been developed as per the prescribed floor & deviation plan.
- It should be ensured that the developer has obtained a clearance certificate from the electricity, water supply, sewage & other concerned department.
- Likewise the commencement certificate & occupancy certificate are some of the essential certificates that need to be taken care of.
- The buyer should have the agreement of sale & sale deed duly stamped & executed in their procession.