Legal Documents that Every Home Buyer Should be Aware of Before Buying the Property
May 27, 2017 Legal Guidance
Buying a property is an expensive affair and it's getting increasingly impossible for the middle class person to buy a property without taking a loan from any bank or financial institutes. To make sure that your hard earned money is going to be in safe hands and for the safety precaution, there are some legal documents that the buyers should be aware of. Due diligence is in our hands. Hence, it is advised to be careful to save yourself from any future conflict in terms of property.
1. Original Title document:
The title document has the name of the previous owners through which the property has been with. It mentions the flow of title changes. If the original title document is not with the seller, then it means that it is with the bank or any financial institute for the mortgage and it needs to be verified. Make sure the seller shows you the original title document.
2. Search reports:
The title search report is issued by the search clerk after conducting a series of searches in the office of sub- registrar of assurance. He verifies the entries of the record of the said property which helps in tracing the names and titles of the previous owners of the property. The report also helps in identifying if the property is caught in any litigation or any legal battle.
3. Title certificate:
It is issued by the advocate based on the search report and the title document. After making sure that the property is not held in any litigation, the advocate issues the title certificate. The advocate also searches in the concerned courts for any litigation with the property. If it found that the property is held up in litigation, then a notice is issued in the newspaper.
4. No dues certificate:
It is issued by the banks or the financial institutes citing that there is no pending due for the property and it is free from any encumbrance.
5. Layout plans:
It issued by the municipal cooperation of the concerned area. It makes sure that the subject property is in accordance with the set guidelines and there is nothing conflicting with it.
6. Occupation certificate:
It is issued by the cooperation after making sure that the building has been constructed with the sanctioned layout and has the number of floors that was given permission. It also states that the property complies with the different building norms and obligations.
7. Bills and receipts:
Make sure you have the bill and receipts of the property and they are duly paid. If there are any outstanding bills then the buyers might have to end up paying for it.
8. Land purchase:
For the land purchase apart from the above mentioned document, few other are also required.
• Seven and a half extract: this document states the name of the owner, area of the land, name of the person who holds the rights of the property to lessee or mortgage.
• Mutation entries: this document mentions the entries regarding the devolution of the title in relation to the subject of the property.
1. Original Title document:
The title document has the name of the previous owners through which the property has been with. It mentions the flow of title changes. If the original title document is not with the seller, then it means that it is with the bank or any financial institute for the mortgage and it needs to be verified. Make sure the seller shows you the original title document.
2. Search reports:
The title search report is issued by the search clerk after conducting a series of searches in the office of sub- registrar of assurance. He verifies the entries of the record of the said property which helps in tracing the names and titles of the previous owners of the property. The report also helps in identifying if the property is caught in any litigation or any legal battle.
3. Title certificate:
It is issued by the advocate based on the search report and the title document. After making sure that the property is not held in any litigation, the advocate issues the title certificate. The advocate also searches in the concerned courts for any litigation with the property. If it found that the property is held up in litigation, then a notice is issued in the newspaper.
4. No dues certificate:
It is issued by the banks or the financial institutes citing that there is no pending due for the property and it is free from any encumbrance.
5. Layout plans:
It issued by the municipal cooperation of the concerned area. It makes sure that the subject property is in accordance with the set guidelines and there is nothing conflicting with it.
6. Occupation certificate:
It is issued by the cooperation after making sure that the building has been constructed with the sanctioned layout and has the number of floors that was given permission. It also states that the property complies with the different building norms and obligations.
7. Bills and receipts:
Make sure you have the bill and receipts of the property and they are duly paid. If there are any outstanding bills then the buyers might have to end up paying for it.
8. Land purchase:
For the land purchase apart from the above mentioned document, few other are also required.
• Seven and a half extract: this document states the name of the owner, area of the land, name of the person who holds the rights of the property to lessee or mortgage.
• Mutation entries: this document mentions the entries regarding the devolution of the title in relation to the subject of the property.
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