For most people, buying a home is more than a dream. An individual spends much of his life working on the purchase of a home. However, the home buying process can actually be more challenging, especially if one is a first-time homebuyer. The type of documents required varies depending on the type of property you wish to purchase. Therefore, this article serves as a homebuyer's guide for those who are involved in the home buying process for the first time.
1) The Sale Deed
A deed of sale is a basic legal document that contains evidence of the sale and transfer of property from the originator to the individual. Often, years after purchasing a home, a person may want to sell the home [PK1][WU2] for some reason, in which case, this document is necessary. The deed of sale is usually executed before the sale agreement and after the fulfillment of the terms and conditions detailed in the sale agreement as agreed by the persons involved.
2) The Mother Deed
The parent's deed is an important document that tracks ownership of a property. This document is generally required by banks when the buyer takes advantage of a loan against the property. Anyone can contact their local authorities for assistance in creating this document.
3) The Sale and Purchase Agreement
The sales contract contains a list of terms and conditions that the seller and the buyer agree on. A good example of this is negotiating the price of an apartment. The contract will include the amount agreed for the apartment by both the buyer and the seller.
4) The Building Approval Plan
Before starting construction, the builder is obliged to obtain the necessary penalties in accordance with the provisions of the building regulations, the master plan, and the laws of local agencies. This sanction includes two factors: a) the construction plan and b) the approval of the scheme. One of the mistakes first-time homebuyers make is failing to ensure that the builder complies with the terms and conditions of a building plan and agrees to the planning before purchasing a home. Failure to comply with the terms and conditions can lead to negative results if local authorities carry out unannounced inspections, which is very common in new buildings.Also Read - PM Kisan Yojana | Step by Step Process | Check Status – Aquireacres
5) The Possession Letter
A letter of possession is a document provided by the originator that shows the date of acquisition of the property by the buyers. This document is made in the name of the originator and is created after receiving the Certificate of Completion. However, this letter is not proof of ownership of the property. Therefore, the home buyer needs to have a certificate of occupancy.
6) The Completion Certificate
A Certificate of Completion (or Certificate of Occupancy) is a document that states that the building has been inspected upon completion and is in compliance with all laws of the municipal corporation or local development authority. This document is necessary to benefit from public services such as water supply, electricity, and sewage. First-time home buyers are not recommended to purchase a property without a Certificate of Completion because without it the buildingIt is considered illegal and can result in a penalty or even lead to eviction. However, there is the possibility that the buyer himself goes to the municipal company and requests a certificate of completion in case the builder does not obtain it.
7) The Khata Certificate
Khata is basically an income document that contains property details such as size, location, built-up area, etc. to pay property taxes. It is also a form of identification and is required when applying for a loan to purchase a home. It is essential to ensure that Khata certification is part of the home buying process as it is essential for applying for electricity and water supply.
8) The Allotment Letter
An award letter is crucial if you plan to reserve a home that is currently under construction. Include full details about paying for the apartment and any additional fees you may have to pay for additional facilities. This letter is vital when it comes to obtaining a loan from the bank because it indicates the amount that the buyer must pay.
Also, Read - GST on Construction -All you need to know
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