One of the most crucial duties that befall any responsible finance owner looking to buy a property, whether commercial or residential, is to check the credibility and legality of the land on which the property rests and the property itself. The same applies for when you are buying a residential property in Mumbai, whether it is new or has been previously occupied by someone else. It is important that you conduct research about the documents that are absolutely necessary for the process and serve as an unavoidable factor in all real estate related transactions. Immediately after you have deposited the token finance for the property in Mumbai it is necessary that you set about readying certain documents for they may sometimes take time to be collected as needed.
Some of the most crucial documents that you will require in the process include a Completion certificate, Mutation document, Sale deed, Occupancy certificate, Power of Attorney and a No Objection certificate from government departments of electricity, water works, Pollution Control as well as Airport Authority. Let us learn about why they are so unavoidable when you buy new house in Mumbai.
A Completion Certificate
A Completion certificate is necessary for you to prove that the process that is included in you applying to get ownership for a property on sale and the construction that was going on in the property, has been completed and that the property now belongs to you.
This particular document is provided to you by the local government after the process of construction has been completed which proves that your property has been constructed in keeping with the regulations, laws and instructions of the government.
When you buy flats in Mumbai it is also necessary that you get hold of the Mutation document for in every city, the municipal body is conferred certain duties. Within the realm of such duties, the municipal body is required to keep records concerning property ownership and the transfers that are happening around the city. This enables the body to fix particular tax payment schemes. This document is sure shot proof that the property has been transferred from previous to new owner.
The sale deed, also known as the conveyance deed is the principal document that allows the seller of the residential property to transfer all his ownership rights to the purchaser that is you. You can then have complete ownership of the property and in case of buying flats in Mumbai it is wise for buyers to ensure the title of your seller before work is done on the final sale deed.
Power of attorney
This is another legal document that allows one person, in this case you the buyer, the power to act on behalf of another person, which is in this case, the seller of the property. By signing up for this legal document, the original owner gives up any rights to interfere in the decision making related to this property.
NOC from government departments
One of the integral documents in real estate in relation to government approval is the No Objection Certificate, commonly abbreviated to NOC. When you shift base into your new home and have to sign up for various amenities such as electricity, water supply, pollution control, this is the one document that will ensure your hassle free subscription to all of these amenities.
Certain other documents such as the property owner’s original agreement, land report, measurement and survey report may also be asked of you, but the aforementioned ones cannot be absent in any real estate related transaction.