Having a checklist of the documents of a property is a very important step before purchase of a property. As India has a complex legal, statutory and regulatory framework, the scrutiny of every property documents is very important. As many buyers do not consider or don’t get a complete property documents, they face a lot of problems at the time they sell those properties. For example, if you are buying avilla in Wagholi, or any other place, you need to make sure that all necessary documents are collected.
Some important checklist before buying villas in Wagholi is as follows: General Power of Attorney: Power of attorney is an instrument which gives the buyer the authority to act for another person on his behalf in all the legal or financial matters in the buying of the property. This instrument is a prove to establish whether the previous purchase or sale was done by an authorized person on someone’s behalf. The original instrument is mandatory to be checked which is required for the purchase and Home loan.
Non Objection Certificate: A Non Objection Certificate (NOC) is required from several departments such as Electricity Department, Pollution Control Board, Water Works and Airport Authority. In some of the states NOC’s from 19 different departments are also required. If any of these NOC is missing you won’t get the necessary services for them.
Sale Deed/ Title Deed/ Conveyance Deed: A sale deed is the main legal property document which proves the sale and transfer of ownership in favor of the buyer, from the seller. Sale deed is executed after the agreement of sale as agreed between the respective buyer and seller. Original document is to be checked. It is mandatory to register the sale deed within 4 months from the date of sale agreement execution or will be penalized.
Katha Certificate and Extracts: Katha basically means account of a person who has the property in a city. There are two kinds of Katha: Katha Certificate and Katha Extract. It has different names in different parts of India. It is a record of local municipal committee and it indirectly confirms the apartment as per the plan. Mutation Register Extracts: It is an extract maintained by the village panchayats or local civil body officers (Tahsildar). The extract contains the records for transfer of the property and mode of such transfers. It is required to determine the Title of the land if the property has been converted from agricultural land to non agricultural use.
Joint Development Agreement: It is mandatory for an individual landowner and the builder to enter into a Joint Development Agreement. This agreement helps in proving that the ownership of the property rests with the builder or with the landowner. This is very important at the time of the property purchase. As buying a property is a huge investment you need to take care of all the necessary documents. Without scrutinizing such document, you can end up in financial disaster. The only way to avoid such situation is to take out some time and conduct proper scrutiny of the documents before purchasing any property in Pune.
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