Are you going to buy home in Mumbai? You should always take your time and do your homework before finalising your decision. This is because investing in real estate is a lifetime decision. You will require several documents for purchasing your home in the city. Making a note of them is always a wise decision.
What are the documents that you should obtain?
Here are some of the documents that you will require to buy home in Mumbai:
- Sale deed- This is the most crucial document in the entire property ownership/purchase process. This is the legal proof of the transfer of the property from the owner/builder to you. This document proves and legalizes ownership if you want to sell the property anytime in the future. This is the document that is necessary prior to the sale agreement, where the involved parties agree to the terms and conditions in case of the execution of the sale deed.
- Mother deed- It is another vital document which traces land ownership. Assistance from local authorities is highly necessary while this text is being developed. It is asked for by the bank whenever anyone takes a loan against a home.
- Sale and Purchase Agreement- This contains the list of terms and conditions that both parties (the buyer and seller) have agreed on.
- Building Approval Plan- The developer should get all the necessary permissions/sanctions as per the terms of the Master Plan, Building Bylaws and the Local Body Acts. The terms and conditions of the layout approval and building plan should be followed suitably by the architect.
- Possession Letter- The developer creates this document, giving the date of receiving possession. Upon the receipt of the completion certificate, this document is produced in the builder’s name.
- The occupancy certificate is however the actual proof of possession of land/property.
- Completion certificates testify that the structure was assessed, complying with all regulations. They are vital for getting services, water, drainage and water. Without obtaining the same, the home will not be regarded as complete.
- The Khata Certificate- This is a document that may be required, including land details like the location, dimensions, construction and soon. This is not necessary everywhere and depends on the location. It is vital as identification while applying for home loans at times.
- Allotment Letter- It is necessary since it contains details of the payments for the property and any additional payments for getting added services. The document also mentions the price to be paid by the lender, while applying for the home loan.
- Encumbrance Certificate- This proves that there are no legal or financial liabilities upon the property that is being purchased. The certificate may be obtained from the sub-registrar’s office, where the property has already been registered.
- Mutation Certificate- This is another critical legal document that homebuyers should carefully evaluate in order to avoid future hassles. This document helps identify the property owner as per the Government records, while establishing tax liabilities accordingly.
If you wish to buy home in Mumbai, these are the documents that you will mostly require, although additional ones may be necessary in some scenarios. You should always make a list before venturing into your property purchase and take legal advice in order to make sure that all property papers are in order. The first step is to ensure that there is a clear property title deed without any encumbrances and other hurdles. At the same time, the project permissions and documents from the builder’s end should also be assessed carefully.