5 Documents To Check Before Purchasing Ready-To-Move Flats
Purchasing Ready-To-Move Flats : Do you intend to purchase an apartment? Due to the recent delays in under-construction projects, there has been an increase in demand for ready-to-move flats. Buyers should, however, be prepared with a checklist before taking this critical step. navimumbaihouses.com provides a list of the property documents that must be verified before proceeding with the purchase.
Buyers are wary of 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 reputation of under-construction projects, demand for ready-to-move flats has skyrocketed.
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Another advantage of purchasing a ready-to-move-in property 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 instalments.
Experts advise prospective buyers to be aware of certain procedures and norms before making a purchase decision. Buyers must be familiar with the paperwork involved in 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 check certain documents to ensure clear title of ownership and government approvals.
What documents should be checked before purchasing a ready-made apartment?
The following documents must be verified when purchasing a ready-to-move property:
Sale contract
When it comes to verifying documents for your new home, a sale deed is at the top of the list. It is the primary legal registered document that serves as proof of sale and transfer of property. Before signing the deed, it is best to read the fine print and double-check all terms and conditions.
Certificate of Completion/Occupancy
The municipal authorities issue a Completion Certificate (CC) upon completion of the project. Meanwhile, once a project is completed and deemed fit for habitation, a local government agency will issue an Occupancy Certificate (OC). This certificate states that the property was built in accordance with approved building codes and other laws, making it fit for occupancy. Both of these documents are required when applying for loans from banks and financial institutions, as well as when applying for water, sanitation, and electricity connections.
Construction strategy
Another document that must be double-checked before finalising a property purchase is the building plan. A building plan is usually approved by the local municipal authority. This document, also known as a site plan, will include a blueprint of the project, equipment layout, and utilities. Buyers must ensure that the building’s or project’s layout has been approved by the local authorities. Any unauthorised or additional construction risks being demolished or denied occupancy in the future.
Purchasing Ready-To-Move Flats- Certificate of Encumbrance
It is also critical to ensure that the property does not have any outstanding debts, for which a buyer should check the encumbrance certificate. An encumbrance certificate certifies that your property is free of all monetary and legal liabilities. The certificate is available at the sub-office registrar’s where the property was registered.
Purchasing Ready-To-Move Flats – Certificate of Mutation
The property mutation document identifies the property’s owner in government records and establishes their tax liabilities. An informed homebuyer is essential because it will help avoid legal issues in the future. Buyers should seek the assistance of a legal expert when reviewing all documents.
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