A buying of property is not an easy task to accomplish. Thus, people think and review the location, property value, and other factors while purchasing a home. If you are also an aspiring home buyer and are looking to buy a resale property then here are some things that you must know before sealing the deal.
1. Series of Sale Deed
This deed is the legal documentation of a property transfer. According to the sales deed the property is transfer to the immediate buyer from the current owner of the property. But, the current seller must have the Sales Deed which comprises the name of the former property owner who had sell the property to the current owner. This can also be called as the first party, second party and you will then be called as the third party. The dated documentation is said to be the series of Sales Deed.
2. Agreement to Sell
The buyer and seller must sign the Agreement to Sell which is also known as ATS. This legal pact consists of the terms and condition of buying and selling of property between the two parties. Also, this agreement is compulsory to avail home loan from the bank. As the financing institution verify the property and this agreement to assess the property’s market value for approving the home loan.
3. NOC from Society
If you are buying a resale property in a society then check for the No-Objection Certificate from the Society. The society must issue an NOC which states that they have no problem with the fact that a property owner residing in their premises is selling this property to you. This is an important document to obtain before completing the home buying procedure.
4. Occupancy Certificate
You must ask for the OC before taking charge of the new home. This certificate is necessary to prove the legal status of your property. The Municipal Corporation has the right to demolish the property in case you fail to produce the Occupancy Certificate for the same. Also, the Authority has the right to cut electricity, water and other necessary connection in the absence of this Certificate.
5. Encumbrance Certificate
This certificate clears that the property has clear dues. It is important for the bank to know whether the property you are buying have any dues left or not. Any unclear due on the property will result in decline of the home loan application.
Remember, home buying is the actual realization of your dream and it takes a lot many things to fulfill it. So, don’t make property buying decision in a hurry and check all necessary documents before purchasing.