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Documents to check before buying an
apartment :
The real estate prices in your city are soaring. You have
waited too long to own your own apartment. Tired of staying in those rented houses? The
real estate prices have finally crashed….
A Golden opportunity to buy your own apartment. You have just
seen a beautiful apartment which matches your expectations. Time to lock the
deal.
Remember: Haste makes waste. Always check
your documents before buying your apartment.
Take a look at the
title deed :
Check the title deed of the land on which the apartment has
been constructed. The title should be clear and marketable. The title deed (proving ownership of the land) needs to be in
the hands of the seller of the apartment.
The title deed gives you the history of ownership of the
land. Who the previous owners were? The change in ownership of the land (as it
is transferred between owners as a gift, sale or an inheritance).
Check the sale deed of
the apartment:
A sale deed of the apartment gives the seller the right to
sell. It transfers the ownership of the apartment from the seller to you.
Make sure that the seller of the apartment has the sale deed
(The right to sell the apartment to you).You the buyer will have to pay the stamp duty and the
registration charges.
The building approval
plan:
The building needs to have the approval of the Municipal
Corporation (Government approval).The seller of the apartment has to register the documents
with the Municipal Corporation to get the necessary approval.
Make sure that the apartment you plan to buy has the building
approval plan approved by the Municipal Corporation.
Check for the Encumbrance
certificate:
You need to check if the apartment you buy has an encumbrance
certificate. The apartment you buy may have been mortgaged as a security (debt)
to a bank.
You will have to check the sub-registrars office for any
encumbrances on the apartment saying it is free from mortgage and litigation.
Land use conversion:
Land is converted from agricultural land to a non
agricultural land by a Deputy Commissioner. The converted land is called DC
converted land.
The Deputy Commissioner checks that the land has been
approved by the Department of Town and Country Planning for land use conversion
and then it is converted.Your apartment needs to be constructed on land which has been
DC converted.
The Building Completion
Certificate:
The building needs to adhere to certain norms of
construction.
o
The
height of the building: Should not overlook a military installation.
o
Should
be at a certain distance from the road.
o
Should
be suitable for habitation.
Occupancy certificate:
Your apartment gets the occupancy
certificate when it has the necessary water, sewage and electrical connections.
The occupancy certificate also proves
that your apartment has been constructed according to the building layout
approved by the Government.
The construction of your apartment is
legal only once it obtains the occupancy certificate.You need to check all these documents before making a final decision
to purchase your apartment.
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