Documents Required for Home Agreement

PoA stands for Power of Attorney and it is a legal instrument that gives another person the power to act as a rightful owner on behalf of the beneficial owner. When buying a property, be sure to review these documents to determine the rights of the PoA owner. The deed of sale is an essential legal document that contains proof of the sale and transfer of ownership from the builder to the person. Many years after buying a house, the person wants to sell the house[PK1] [WU2] for some reason, in which case this document is essential. The deed of sale is usually executed before the purchase contract and after compliance with the conditions set out in the purchase contract, as agreed by the persons concerned. There will be many different documents that will require your signature before you can complete the purchase of your new home. Specific documents vary depending on the exact location of the home, but it`s not uncommon to sign 20 or more separate contracts and attestations before the transaction is final. Description of the property document: If a plot/land is purchased by the builder or by an independent owner through an auction by the local development authority, then this letter is definitely required Why it is required: As mentioned in the description Mandatory: Yes (if applicable) Required in the original: Not Required for: Home Purchase + Home Loan You may also need to consider saving for a deposit. While down payments aren`t always necessary, depending on the type of financing you`re using, a lump sum for the home can significantly reduce your monthly commitments.

It can also cause a seller to accept your offer for a home. Description of the ownership document: In general, the pockets of land available are of an agricultural nature, since the main occupation is agriculture and the government has taken various measures to secure and preserve them. The general use of all such land is agricultural, and if it is to be used for purposes other than agriculture, the landowner must obtain the legal approval of the competent authority following defined procedures. Conversion is a legal process in which the landowner converts the use of land from agriculture to a non-agricultural purpose. It is also called land use change/DC certificate. Legal sanction/conversion/order/grant/permit is required to use the land for another purpose Why it is required: For converted land Mandatory: Yes Required in original: No Required For: Property purchase + housing The checklist of real estate documents is a very important step in the property purchase process. Real estate transactions in India require a lot of documentation due to the complex legal, legal and regulatory framework. Based on the requests of my clients, I can conclude that about 80% of buyers do not receive complete real estate documents at the time of purchase. These buyers struggle when it comes to selling the property. Another problem related to real estate documents is that the buyer or seller does not know why a particular real estate document is required, whether it is required in the original or not, etc. To help my blog readers, I`ve created a comprehensive checklist of real estate documents.

I will update this list of real estate documents as needed. In addition, I would like to add that some states in India require additional ownership documents that vary from case to case. Before a mortgage lender approves your home loan for the amount agreed between you and the seller, it is first necessary to verify whether the property is actually worth the amount you agreed to pay. The letter of ownership is a document prepared by the builder, in which the date of ownership of the property by the buyer is indicated. This document is prepared on behalf of the manufacturer and created upon receipt of the certificate of completion. However, this letter is not proof of ownership of the property. For this, the buyer must receive a certificate of occupancy. Description of the property document: The procedure for approving the construction plan refers to the granting of a permit for the construction of buildings on the basis of certain rules and regulations. Why it is necessary: To determine whether the property is allowed or not Mandatory: Yes In the original required: Not Required for: Property purchase Property description Document: The development plan must be approved by the local development authority. Without that, you could be faced with Khata`s transfer and sanctions plan.

The development authority has the right to demolish housing and restore the status quo ante if the permit plan is not in place. The title of the site itself can be quite safe (if the ownership documents are clear), but development/construction activity may not be allowed. Why it is required: As mentioned in the description Mandatory: Yes Required in the original: Not Required For: Property purchase + home loan The letter of award is issued only by the builder to the 1st owner and subsequent owners can request a copy of the previous owner`s original letter of award Why it is necessary: For the description of the property and the specification of the project by the builder or association of Housing Required: Yes Required in original: Yes Required for: Purchase of property + housing The road to your new home can be long and frustrating. Let our experienced real estate lawyers answer your questions and make sure you don`t encounter any problems in the future. Simply fill out the quick contact form on this page to arrange a consultation. What documents should real estate buyers check? Buyers should carefully verify all documents proving the identity of the seller and verification of the property in question. What documents confirm the identity of the seller? Documents proving the identity of the seller include their passport, Aadhaar card, PAN card, etc. Is it necessary to hire a lawyer to inspect the property? While buyers can review the real estate documents on their winnings with due diligence, it would be ideal to seek legal assistance to keep the transaction error-free.

What document proves ownership of the property? The title deed, the proof of payment of the property tax / payment of electricity bills, the deed of gift (in the case of a gift), the will (with the estate) in case of inheritance, the deed of partition as well as the court order (in the case of an ancestral property) the deed of subletting (if a builder is given on a permanent lease from which the house is purchased) are some documents that are required, to prove ownership of a house. What happens if an apartment is not registered? One is obliged to register the property once the transaction is completed and the other fees paid to the builder. Without the registration of the property, one has no legal right to the property, even if all fees are paid to the builder. Description of the real estate document: Before approving the loan, the bank carries out a real estate valuation, e.B. if you have applied for an 80% loan for properties worth 60 lakes and the bank`s valuation report estimates the value of the property at 50 lac, the bank will only finance 80% of 50 lac. Why it is necessary: To determine creditworthiness based on the valuation of the property Mandatory: No (Usually the internal document of the bank) Required in the original: Not Required for: Home loan It is a firm legal principle that a person cannot negotiate a better title than the one he has himself. As a first step, the buyer should exercise due diligence to determine the existence of the title with the seller, the nature of the title and its merchantability, and the seller`s ability to negotiate clear and marketable goods without charges. Documents must be reviewed for a period of 30 years, if there are no more (and if the documents are not available, for a minimum period of 12 years), and the seller may be asked to provide the following documents or information: Potential buyers who are considering buying a resale property should take note of certain things and rules to make an informed decision. First of all, all the documents required during the initial sale of a property are also required in the case of a resale property. When buying an apartment in a residential complex, the original deed of sale and the part of the certificate are important documents that must be taken into account. Some of the simple documents such as utility bills from the last few months of the outgoing owner of the property as well as the buyer help to determine the monetary position and also the ownership of the seller and the buyer. .