Purchasing a property in Maharashtra can be both exciting and daunting, especially when it comes to handling all the necessary paperwork. If you're looking to buy property in Navi Mumbai or other parts of Maharashtra, knowing which legal documents required for purchase of property is important. Here's a simplified guide to the essential documents required for buying a property.
The list of legal documents required for purchasing a property in Maharashtra is as follow:
- No Objection Certificates (NOCs)
- Development Agreement with the Builder
- Power of Attorney
- Sanctioned Building Plan
- Title Search and Report
- Receipt of Property Tax
- Occupancy Certificate
- Khata Certificate
- Agreement for Sale
- Encumbrance Certificate
- Sale Deed or Title Deed etc.
No Objection Certificates (NOCs)
Request copies of NOCs from the developer, including those from the Sewage Board, Pollution Board, Environment Department, and Traffic Department. These certificates confirm that the property complies with various regulatory requirements.
Development Agreement with the Builder
A Development Agreement is a legally binding document that outlines the terms and conditions between the buyer and the builder. It details both parties' responsibilities and commitments concerning the property development process.
Power of Attorney
If you cannot be present during the transaction, a Power of Attorney allows someone you trust to handle the property dealings on your behalf. This document ensures that your interests are safeguarded and the transaction proceeds smoothly.
Sanctioned Building Plan
The Sanctioned Building Plan is a document that confirms the property was built according to the approved plans. It helps ensure that there have been no deviations from the original plan, validating the property’s legality.
Title Search and Report
A Title Search and Report involves checking the property's history, including previous ownership and any claims against it. This document is especially important for home loan applications as it confirms the property’s legal status.
Receipt of Property Tax
This document serves as proof that all property taxes have been paid by the previous owner or occupant. It’s important for confirming that there are no outstanding dues and establishing the property's legal standing.
Occupancy Certificate
Issued by the municipal corporation, the Occupancy Certificate verifies that the property has been built according to the approved plan and is ready for occupancy. It ensures that the property meets all legal and safety standards
Khata Certificate
The Khata Certificate, or Khata Extract, is required for purchasing a flat. It includes property details such as size, location, and land information. This certificate is essential for tax purposes and also for applying for housing loans and utility services.
Agreement for Sale
Before the Sale Deed is drafted, the Agreement for Sale outlines the terms and conditions agreed upon by the buyer and seller. This document specifies the property's agreed value and the loan amount, which can be crucial as the loan amount for a resale property might be based on the agreement value or market value, whichever is lower.
Encumbrance Certificate
An Encumbrance Certificate confirms that the property is free of financial liabilities or encumbrances. This document is important if you plan to get a bank loan, as it provides a history of all financial transactions related to the property.
Sale Deed or Title Deed
The Sale Deed, also known as the Title Deed, is one of the most crucial documents in a property transaction. This document officially transfers ownership from the seller to the buyer. It must be registered with the sub-registrar’s office where the property is located. Ensure that the property has a clear title and is free of encumbrances before finalizing the Sale Deed.
Understanding and preparing these documents can simplify the property-buying process, whether you're dealing with property i.e. selling or purchasing a property in Navi Mumbai or other parts of Maharashtra. Being equipped with the right paperwork ensures a smooth and successful property transaction.
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