All first-time property buyers are bound by one common thread – mixed feelings of excitement and nervousness. The latter is almost always brought on by the paperwork that property purchase entails. However, getting property documents right is absolutely crucial to avoid future legal trouble. In fact, it’s like a rite of passage for every owner!
Does that mean that it has to be a harrowing experience that must be endured? Absolutely not! With a little prior research and preparation, you can make the process a lot smoother and less time-consuming.
At RoofandFloor, we understand how important it is for you to receive the right guidance regarding property documents. Take a look at the list of documents you will require to get all the legal aspects of property purchase right.
- Title deed
Ask to see the original title deed and get it checked by a lawyer. It should not grant access to any other individuals or be currently pledged for the sake of a loan. It should name the seller and not any other person.
2. Encumbrance certificate
Ask the registration authority’s office for the Encumbrance certificate and check to ensure that there are no legal or monetary liabilities. It should contain details of any transaction on the property.
3. Survey sketch
Obtain the survey sketch of the land from the Survey Department to cross-check if the measurements of property mentioned by the seller are accurate.
4. Release certificate
In case, the seller has pledged the land for a loan, you need to ensure that repayment is complete. Check the receipts of payment and the release certificate from the bank. Collect the latter if you wish to pledge the land at a later date.
5. Tax receipts
Enquire in government and municipal offices if all property taxes have been paid by the seller. Ask the seller for the paid property tax receipts as well.
6. Sale deed
The sale deed must be thoroughly examined with the help of a lawyer to ensure that the terms and conditions are acceptable.
7. Mother deed
This is the parent document that traces ownership of the property from start. Refer to the registering offices in case there is missing information in the sequence of ownership
8. Power of Attorney
This document is required in case the seller has authorized another individual and transferred his rights to said individual.
In addition to the documents mentioned above, you may need to consider paperwork specific to the state you live in (for instance certificates or records from local authorities).
When purchasing property, it is always best to consult a lawyer to verify the documents related to the sale and to receive guidance on matters specific to your situation. When you’re prudent about verifying and obtaining documents, ownership of a property becomes a pleasurable experience.