The purchase of a new home has every buyer ecstatic. The first thing you might want to do is redecorate your abode and throw a lavish housewarming party for your loved ones! However, before you get down to executing these plans, there are certain activities you must undertake to secure the property for a lifetime.
Store and digitise
Start by making multiple copies of all the documents related to the property. These copies will be rather handy when you share the original documents with your lender in regards to a home loan.
For reference, you can keep a copy of the documents at home and in office. However, for security purposes, it’s advisable to store the original property documents in a bank’s safe. Also, make sure you scan the originals and save the copies to your hard drive before storing the documents in the bank. Digital documents offer portability and posterity besides being easily accessible at all times.
Secure the sale deed
One of the first proofs of ownership, the sale deed is a crucial document that could do with an extra layer of protection, since you’ll be sharing the same with agents and lawyers while sorting the other documents. Take an expert’s help to watermark the document and prevent its potential misuse.
Get the property tax records updated
Your sale deed is not the only document you need to be worried about. Transferring the property tax into your name by visiting the local municipal body is equally important. If you skip the process, then you will continue to pay tax while the receipts will be issued in the name of the previous owner of the property. You’ll only receive a Mutation Certificate once you get the official property tax records updated.
Get the resource meters transferred
Be it a passport application or that for an Aadhar Card, the government recognises your water and electricity bills as valid documentation, thus making it crucial to prioritise the transfer of the water and electricity meters into your name. These are also the prime proofs of property ownership and will ease the process of changing the address in your documents like Aadhar Card, Voter ID and passport.
Till the time the development of your home awaits completion, the bills will be in the name of the developer. Post-possession, you’ll have to get a separate meter installed in order to get the bill transferred. In case it’s a resale property you are investing in, a No Objection Certificate (NOC), will also be required.
Obtain the society share certificate
This is applicable for those purchasing a flat in a cooperative housing society. You can get the Society Share Certificate by furnishing a photocopy of the sale deed with the society or the builder’s registered office. In case it’s a resale purchase, you can get the certificate transferred by approaching the same office. Until you receive the certificate, you won’t be allowed to undertake any renovation work in your new home.
Finally, consult a lawyer to ensure that all the documents related to the property – including those that require transferring – are in order. In addition to that, irrespective of your age, it’s always smart to keep your will ready and updated as real estate is a huge investment.
This article was originally published on www.thehindu.com dated August 10,2017
