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Buying apartments in Chennai is not just about finding the right apartment and purchasing it. There are various other legal documents that are involved in the purchase. Verifying all the legal documents at the time of purchase will make the process smooth. Some of the significant documents that are involved purchasing an apartment in Chennai are discussed.
Sale Agreement
The terms and circumstances under which a property is sold by the seller to the buyer are outlined in an agreement of sale. The price at which it is to be sold and the future date of full payment are included in these terms and conditions. It makes it possible for the sale process to proceed smoothly. Both parties must fully comprehend and abide by all of the terms and conditions stated in the selling agreement, and they must do so throughout the whole transaction process up until the point at which the sale deed is executed. The sale deed is created using the agreement of sale as a foundational document.
Sale Deed
A sale deed is a legal document that officially transfers ownership of real estate from the seller to the buyer. It is sometimes referred to as a property sale deed or a conveyance deed. It acts as documentation of the purchase and sale of the property, together with the specifics of the agreement.
A sale deed proving the legal transfer of ownership is a legally binding document. In the absence of a legitimate sale deed, there might be a disagreement over who owns the property, which could cause legal issues. For the buyer, the sale document serves as unambiguous evidence of ownership. In addition to this, it can be utilized as evidence in court cases or other legal proceedings and acts as a record of the property’s legitimate owner. Information on the present owner, previous owners, and any liens or encumbrances on the property are all included in the selling deed.
It will guarantee greater openness and support purchasers in making defensible choices. A well-executed sale deed aids in the prevention of fraudulent real estate transactions. It guarantees that the sale of the property is made by the legitimate owner and that the legal process is followed. The sale deed is included in the public records after it is registered. This gives the transaction an extra degree of security and transparency.
Encumbrance Certificate
A property certificate, often known as an EC for property certificate, is an essential legal document that certifies the ownership and free title of the property and specifies if it is mortgaged or has any outstanding debts. Property purchasers need this certificate because it guarantees a simple and transparent transaction procedure. Potential buyers and sellers might find it easier to verify information by getting an EC Certificate online.
When buying a property, purchasers run the risk of acquiring obligations related to the asset. The EC is a crucial document attesting to the fact that there are no outstanding debts associated with the property. Those looking to purchase real estate are guaranteed by an EC that the previous owners haven’t taken out a debt against the property in issue. This document can be provided as evidence that the borrower is the legitimate owner of the property and meets the requirements for a home loan or a loan secured by it. A property change also requires the EC.
Building Plan
Building approval plans, sometimes called blueprints, are in-depth records that list all of the specifics of a project that is being proposed for construction. The design, specifications, and structural elements of the building project are depicted visually in these blueprints.
They guard against legal consequences and guarantee legal compliance. Throughout the building project, they uphold quality and safety requirements. They aid in locating and reducing any possible project-related hazards. They help all parties engaged in the project communicate and collaborate effectively. Construction projects go forward more swiftly and effectively with the assistance of thorough and detailed approval plans. They reduce the likelihood of facing legal ramifications and other problems.
Completion Certificate
A completion certificate verifies that a building or complex conforms with authorized plans and local development standards, providing legitimacy to the real estate project. It is provided by the competent authorities. Developers and owners need this crucial document in order to legally validate their independent constructions.
Building materials, building height, and building layout are only a few of the important details covered in a building’s completion certificate. This certificate is only issued by the local government following a building project inspection. As a result, a CC guarantees the quality of the real estate property and shows that the developer has complied with all regulations. Moreover, in order to receive utility services like power and water, this certificate is required.
If the builder wants to turn over ownership of the building to the property holder when the project is partially completed, they can also get a temporary completion certificate. The temporary credit card is only good for a half-year. The developer is required to get a full completion certificate at the end of the six-month period.
Occupancy Certificate
An occupancy certificate is a crucial real estate document that attests to the built project’s suitability for habitation. It declares that the project was registered with the state’s Real Estate Regulatory Authority (RERA) and that it was built and finished in accordance with the authorized plans and quality criteria.
Following a thorough assessment of the property to ensure that all land use laws have been observed, an occupancy certificate is granted. This is significant because the municipal organization that issues the certificates guarantees to prospective homeowners that the project complies with safety and code requirements and is thus suitable for lawful occupation. Additionally assuring prospective homeowners of the property’s structural integrity and averting safety hazards is a building occupancy certificate. Basic utilities like water and power cannot be provided without the OC since it is given by the local government. Furthermore, it will be difficult for anyone interested in obtaining house insurance in the absence of an OC.
Tax Receipts
Property tax receipts are essential documentation in property disputes since they serve as proof of ownership. Thus, when purchasing a property, it is necessary to amend the property’s title in the local records. The name cannot, however, be transferred to the new purchasers until all outstanding debts are paid. The name of the former owner will still appear on the tax receipt if the record in the municipal records is not changed.
In order to apply for loans, including loans secured by property, a property tax receipt is also essential. You must thus maintain accurate records with the local municipal body and pay your property taxes on time. Property taxes are often waived for a number for residential housing like villa and apartments in Chennai.
Mutation Certificate
Once the land has been transferred into the name of the new owner, the title of the property is altered in local municipal records, this is known as mutation of property. A mutation certificate validates a shift in ownership and lessens the possibility of future disagreements. It also aids in the appropriate assessment and collection of property taxes by local government organizations, lowering tax evasion and producing income.
In order to ensure clear ownership in official government records, prevent fraudulent transactions, improve governance, and manage land resources more effectively, mutation is required for access to government services. Additionally, it guarantees the correctness of official documents, allowing transparency and accuracy in property ownership records.
No Objection Certificate
No objection certificates, or NOCs for short, are essentially documents that state specific information about a property and are provided by banks, government agencies, local governments, and even private citizens. An NOC serves as clarification in real estate deals, guaranteeing that the NOC-provider won’t face legal complications if the transaction proceed.
In order for the government to maintain control over the expansion of illegal transfer of land obtaining a no objection certificate, or NOC, has become a crucial step in the land registration and property transfer processes. Obtaining NOCs from the relevant department is required before constructing apartments in Chennai.
According to Section 21 of the Registration Act of 1908, a NOC must be acquired from the relevant government before any land or immovable property may be transferred. The process for transferring land or property include filing an application for a NOC of land to the appropriate Circle Office, including with the necessary paperwork and costs. The deputy commissioner will issue the NOC certificate. Following the issuance of the NOC for land, the applicant may proceed with property registration and modification.
Frequently Asked Questions
1. What are the secondary documents that are required to buy apartments in Chennai?
Some of the secondary documents that are required to buy apartments in Chennai are patta certificate, khata certificate, allotment letter, power of attorney, Bank NOC, No due certificates, and utility bills.
2. What documents do I need to buy resale apartments in Chennai?
To buy resale apartments in Chennai, you need the sale deed, title deed, Bank NOC, building approval certificate, utility bills, no due certificate, completion certificate, occupancy certificate, and tax receipts.
3. What is the legal process and steps involved in buying apartments in Chennai?
Buying apartments in Chennai can be done with few simple steps. The first and foremost is title verification followed by drafting sale deed and property payment. On completion of payment property registration will take place along with possession and transfer of utilities.