Buying a home is likely the most crucial investment decision a person will make. He considers various types of properties and current policies when making this decision. Other risks are, however, associated with this type of property. To reduce this risk, we’ve compiled a list of documents to buy resale flats that must be double-checked or verified before the final purchase. If you are looking for flats for sale in Gurgaon, you might want to keep this list of essential property documents handy:
Table of Contents
Title Report
First on the list of documents to buy resale flats is the Title Report. It is a written investigation of the level containing its representation and other data associated with its expense rate, owner’s name, joint encumbrances, local charge, liens, and loans and securities.
Title Deed
This is the most important proof of your ownership. This ensures that the level has an appealing name and that the vendor is responsible for it. It will include the vendor’s name, the details of any loans, and other pertinent information about the property. Make sure to get a copy of the Immediate Title Deed.
Sale Deed
It is one of the essential documents to buy resale flats you must obtain after the seller transfers the title of the flat to you in the form of a Title Deed. Before signing this important legal document, read all the terms and conditions and read the certificate of occupancy as well.
Building Approval Certificate
You should check documents for resale flats, that is, if the flat was constructed according to a building plan approved by the local municipal authority. This plan will show the flat’s blueprint, layout, utilities, and other equipment.
Encumbrance Certificate
Check the Encumbrance Certificate (EC), which ensures that the property has no outstanding debts, that the title is clear and marketable, and that it has not been partially sold to another party.
Utility Bills
Checking utility bills, such as water, electricity, and gas, is crucial for the property verification process. It will tell you if all of your bills have been paid on time or if there are any outstanding balances. In addition, it would help double-check the seller’s documents for resale flats against the flat area in the owner’s name.
Latest Property Tax Paid Receipts
Before purchasing a resale apartment, make sure you have all of the most recent tax documents for resale flats. This will ensure that the property is free of any outstanding debts. This will also ensure that the previous owner paid their taxes on time and that no fraudulent activity was involved.
No Objection Certificate
A seller cannot legally sell a property unless the buyer receives NOC documents required for resale property. As a result, if the seller cannot provide you with NOCs for the flat, you should not purchase it. When many real estate scams happen every other day, it is essential for the people looking for flats for sale in Gurgaon to check the documents carefully.
No Dues Certificate From Society
When purchasing a flat in a Co-operative Housing Society, you must obtain NOCs (No Dues Certificates). These documents for resale flats attest to the seller’s compliance with all social rules and that they are not liable to pay any dues. The NOC also indicates that the Society has no objections to the buyer receiving the Share Certificate.
Possession Certificate
These documents required for the resale property are given to the buyer by the builder after taking possession of the flat. As a result, it is critical to obtain the paper from the owner when purchasing a resale level. After receiving the Sale Deed, the vendor will hand it over to you. It is not going to be reissued to you.
Share Certificate
The names of previous homeowners are listed here. Next, obtain the first Share Certificate from the owner and submit it to the Society and an exchange form signed by both the merchant and you. The Society will issue you a new Share Certificate after presenting these documents, allowing you to become the new homeowner.
Conclusion
These documents to buy resale flats are essential components of the chain of documents required when purchasing a resale apartment. When applying for a resale home loan, you must also submit these documents to the bank. If any of these documents to check for resale flats are missing, or the seller is unable to provide them, it is recommended that you do not purchase the flat because you may face difficulties in the future when selling the property or applying for electricity, water, or other services from the appropriate authorities. For searching flats for sale in Gurgaon, you can always trust the verified listings on NoBroker.in!
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