Buyers are cautious about investing their hard-earned money in under-construction projects following the implementation of the Real Estate (Regulation and Development) Act (RERA). Because ongoing project delays have tarnished the prestige of under-construction projects, demand for ready-to-move flats has skyrocketed.
Another advantage of buying a ready-to-move-in flat is that you can move in whenever you want or rent it out for rental income. Unlike an under-construction property, a ready-to-move unit will allow you to save money on current living expenses, which can then be used to pay home loan installments.
Furthermore, while the ease of moving in at the earliest possible time may be the most exciting aspect of it all, it does require some research to make the entire experience more enjoyable for you and your loved ones. To make the experience easier, it's always a good idea to be aware of the primary documents you'll need and to double-check them before making a move.
Experts advise prospective buyers to be aware of some procedures and norms before making a purchase decision. Buyers must be well-versed in the paperwork associated with the home-buying process. Buyers must not only provide details and documents to authorities and banks, but if they are taking out a home loan, they must also verify specific documentation to ensure a clear title of possession and government approvals.
Here are the five most important documents to check when buying a ready-to-move property:-
Sale deed:- A sale deed is at the top of the checklist because it is the primary legal document that serves as proof of sale and transfer of property ownership from the seller to the buyer. Before signing the deed, it is best to read the fine print and ensure that all terms and conditions are proper and in accordance.
Completion Certificate:- The municipal authorities issue this certificate. It shows the completion of the project with all of the rules in place, such as distance from the road, height, if it is built according to the approved plan, and so on. This document is required when purchasing a home and applying for a mortgage. This certificate also states that the property was constructed under approved codes and other laws, making it suitable for occupancy.
Certificate of Occupancy:-When a builder applies for this certificate, the authorities inspect to ensure that all requirements are met by the standards. The builder can obtain the certificate once the authorities have approved it. This certificate is essential for the buyer when purchasing a home or applying for a home loan because it confirms that the proposal is ready to move into.
Building Approval plan:- Another document that the buyer must double-check before finalizing any property purchase is the building plan. A building plan, also known as a site plan, is typically the document that contains the project's blueprint, equipment layout, and utilities. Buyers must ensure that the entire layout of the building or project is free of unauthorized or additional construction, or the project will be demolished or denied occupancy later on. It is essential to double-check and ensure that the property does not have any encumbrances for which the buyer should check the encumbrance certificate. An encumbrance certificate is also required as proof that your property is free of all monetary and legal liabilities.
Latest tax paid receipt:- The buyer must ensure with the officials that the seller has cleared all outstanding debts. The buyer should always request the most recent and original tax receipts from the seller. It is also important to double-check the owner's name, the taxpayer's name, and the payment date on the receipt. Nonetheless, every buyer should always make sure that all documents or bills, such as the water bill, electricity bill, and so on, are paid up to date and include the correct names and area code. After all, you are making this property your home, and every detail must be submitted.
Conclusion:-
People will occasionally try to sell disputed properties for a cheap rate. This option may appear attractive at first, but it would ultimately be a huge hassle. Furthermore, never bargain with a merchant who desires that you pay for an item with unaccounted-for funds to reduce your tax burden. This could lead to future issues. Check the above-mentioned list of documents before buying a flat.
Also, read...
1. Are You Considering These Factors Before Buying a Flat/Apartment?
2. Upcoming new real estate projects in Nagpur in 2023
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