There is a number of documentation you need to review before buying a business property, especially if it’s being sold as is. Here, we’ll examine it in more detail. Any business resale property requires a significant financial commitment and a tonne of paperwork in order to be purchased. Many investors favour resale commercial properties over under-construction ones because they allow for immediate leasing and have a number of advantages. You should always double-check a few documents and details before making the transaction, though. Here is a detailed list of all of those.

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Document Name	What/Why to Check
Sale Deed	Check the most important document from the property seller. It is documentation of the sale between the current and previous owner. Read the terms of the agreement carefully as it serves as the foundation for ownership transfer.
Property Mother Deed	It is the primary legal record that traces the history of the property’s ownership from its beginning. It displays the property’s ownership history and whether there have ever been several owners. Get a certified copy of the Mother Deed from the registration office if it is not present. The deed should have no errors in the order of any ownership information. You should double-check with registration office records or even the official revenue records if a sequence seems to be missing.
Construction/Building Plan	The property’s building plan needs to be sanctioned by the government and approved by the municipality. The whole design, including the layout and other utilities, will be displayed on the plan. Check the original building plan carefully because the authorities will demolish any additions made to this approved plan. The floor area ratio (FAR), plot depth, floor area, road width, and zonal classifications will all be certified in the building plan.
Basic documents	Extract of a property assessment PID code city survey renderings updated tax payments’ receipts certificate of foundation, if applicable
Completion Certificate	It guarantees that the commercial structure was constructed in accordance with local standards and is suitable for habitation. The regional municipal body or authority issues the certificate. It is necessary to obtain a loan from any bank or NBFC. Additionally, it is necessary to obtain connections for the building’s water and electricity.
Encumbrance Certificate	It is a declaration that the subject property is not subject to any financial or legal liabilities. You can obtain the important document at the sub-office. Registrar’s (where the commercial property has been registered).
Conversion Order	A conversion order is necessary if the commercial property was constructed on land that was formerly zoned for residential or agricultural use. The commercial property’s developer needs to file this. This is also referred to as a change of land use, and it needs to be thoroughly validated to prevent further problems.
Possession Certificate	The first owner of the property receives the possession certificate from the function Object () {[native code]}. No new copies of the document are being distributed for sale. The buyer should receive the possession certificate from the owner, nevertheless.

Note: Since the laws and rules governing business transactions can differ between States, so can the paperwork needed.

 

Things to remember

• Khata Certificate & Extract- Khata is a word that means account in a place like Bangalore. It is the account of the specific property owner and contains the certificate and extracts information about the property.
• For the registration of any new property & property transfers, the first is necessary. The latter describes the property’s specifics as they were learned from the local registrar for assessment.
• Both the purchase of the land and the obtaining of a business Licence require it. The extracts of income records, also known as A Khata & B Khata, are the two main categories of Khata. The following are some things
• The A Khata includes real estate that is listed as falling under a corporation’s or municipality’s purview.
• Numerous properties in the B Khata that have broken building codes are listed under local authority.
• A B Khata property should not be bought since it contains an unlawfully built unit.
• Under particular plans, the properties owned by B Khata may be transfer to A Khata for a fee.
• A Power of Attorney (POA) is a legal procedure that gives someone else the ability to act in the owner’s place.
• For the purpose of transferring ownership rights to the property, you may grant either a Special Power of Attorney (SPA) or a General Power of Attorney (GPA).
• As previously said, thoroughly review the property tax receipts. Verify all information, including the names of the owner & taxpayer as well as the payment date.
• The property buyer may contact the local government for land ownership confirmation if the receipt is absent by providing the property survey number.
• The buyer is responsible for making sure that other bills, such as the water and energy bill, are current.
• The payment for the stamp duty must also be evident. The legal document attesting to the payment of stamp duty is one to take into account. Unless otherwise specified in the agreement, the buyer is responsible for paying the stamp duty.

 

Keep the aforementioned considerations in mind before purchasing any commercial real estate. To avoid any errors, you can also seek the help of an experienced legal advisor.

 

 

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