Purchasing a flat is a significant financial decision, and it involves a series of crucial documents that ensure a smooth and legally binding transaction. Whether you are a first-time homebuyer or an experienced investor, being well-informed about the required documents is essential for a successful purchase. We’ll provide a comprehensive checklist of the important documents you’ll need while purchasing a flat. By having these documents in order, you can proceed confidently with the buying process, knowing that you have covered all the necessary legal and financial aspects.

  1. Sale Agreement or Builder-Buyer Agreement:

The Sale Agreement or Builder-Buyer Agreement is the primary document that formalizes the intent of both parties, i.e., the buyer and the seller or the builder. It outlines the terms and conditions of the purchase, including the sale price, payment schedule, possession date, and other relevant clauses.

  1. Title Deed and Chain of Title Documents:

The Title Deed is a legal document that confirms the ownership of the property. Ensure you have the original Title Deed, and verify the chain of title documents, which establish the unbroken history of ownership transfers from the current seller to the property’s origin.

  1. Sale Deed:

The Sale Deed is a crucial document that transfers the ownership of the property from the seller to the buyer. It must be executed on stamp paper of the appropriate value and registered with the local authority to be legally valid.

  1. Encumbrance Certificate:

The Encumbrance Certificate (EC) is a critical document that confirms the property’s ownership is free from any legal liabilities, such as mortgages, liens, or pending loans. Obtain an EC for the last 15 years from the local sub-registrar’s office.

  1. Building Approval Plan and NOC:

Ensure you have a copy of the building approval plan, sanctioned by the local development authority. Additionally, obtain a No Objection Certificate (NOC) from the relevant authorities, confirming that the construction is in compliance with building regulations.

  1. Completion Certificate and Occupancy Certificate:

If the flat is part of a completed project, obtain the Completion Certificate, issued by the local municipality after inspecting the building’s compliance with approved plans. For occupied flats, request the Occupancy Certificate, which confirms that the property is fit for habitation.

  1. Tax Receipts and Bills:

Check that the seller has paid all property taxes up to date and obtain the original tax receipts and bills. This ensures you won’t inherit any outstanding tax liabilities.

  1. Khata Certificate and Extract:

The Khata Certificate and Extract are issued by the local municipal corporation and confirm that the property is registered in the municipal records. Verify that the seller’s name is present in the Khata and initiate the transfer to your name after the purchase.

  1. Sale Agreement with Previous Owners (for Resale Flats):

For resale flats, ensure you have copies of all the previous Sale Agreements to trace the property’s ownership history.

  1. Home Loan Documents (if applicable):

If you’re availing of a home loan, keep all the loan-related documents handy, including the loan agreement, loan approval letter, and loan disbursement papers.

 

Purchasing a flat is a significant milestone, and ensuring you have all the important documents in place is critical for a hassle-free and secure transaction. Take the time to review these documents thoroughly, and seek legal advice if needed, to make a well-informed decision and safeguard your investment. With all the required documents in order, you can confidently proceed with the purchase of the best luxury flats in Bangalore offered by Subrambuilders.