Can anyone give a consolidated answer on the same like what are the laws involved and what is the documentation needed and regulatory bodies present etc?
There are many Pre-launch apartments for sale in Bangalore I want to choose one which has all the proper paperwork done
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Buying a property has never been an easy task. Changing real estate rates, property tax rules and other changes in the industry really makes it difficult to sell or buy a property in India. However, if you found a property worth and planning to invest on, there are certain things you must consider before fetching out the money.
important documents you should look for before investing in a property:
Title Deed
This is a type of document that typically outlines the chain of ownership of the respective property. It provides full right to the owner to claim the absolute ownership over the property. While buying the property, check if it belongs to the respective seller.
Sanctioned Building Plan
Every developer at the start of the construction has to get the approval from local planning authorities. The developer has to submit the required documents for the sanctioned plan approval.
Completion/Occupancy Certificate
Municipal authorities issue the Completion Certificate (CC) after the completion of the project. Occupancy Certificate (OC) is issued by the local government agency after the inspection and states safe for the residents.
Tax Receipt
legal tax pay receipt failing to which the government is authorised to impose a penalty of certain percent every month on the property buyer.
Encumbrance Certificate
It is a document issues by the sub-registrar to check if there is any encumbrance on the property like mortgage, charges, etc. The sub-registrar issues the certificate with complete details about the legal dues pertaining to the property.
Mother Deed
This document is needed when you buy a resale property. This is the parent document tracing the ownership right from the start.
Power of Attorney
It is required to know if the seller has complete right over the property and selling it. You can even check with the real owner to have a check over the enforcing of power of attorney to the seller.