What are the permissions and papers required to check with builder while choosing under construction projects to make sure that the property is genuine?
We always advise to approach before investing in any property with R E R A Registered Builders or R E R A Registered Authorized person , to find out the perfect property whether its under construction projects or ready to move projects .
Here are some of the important information’s, and papers required to avail under construction project to assure property authenticity: 1. Permitted building plan along with the number of floors. 2. Make sure that the floor or property you are going to buying is approved. 3. Check out, title of the land ownership with the help of an advocate. 4. Check building laws as relevant in that area and confirm that the construction carried without any violation like front setback design, height, side setbacks structure, etc. 5. Check out all the provisions given in the contract to sell of the sale brochure, and whether they are giving on the same ground. 6. Check the status of the builder. 7. Obtain NOC from water and electricity authorities. 8. NOC from other area like lift authorities and so on.
What is the list of documents that you should verify before booking a property?
A. Confirm the approved plans from the appropriate authority are in place. B. Check that all other permissions from various authorities are in place. E.g. Utility Companies, Environment clearance, Airport Authority, etc. C. Confirm that the Land title is clear and there is no disputes/litigation (Title Certificate). D. Confirm Builder has the Intimation of Disapproval (IOD) and commencement Certificate (CC) to start construction. E. Have the agreement evaluated by an Advocate. Check possession date promised and provide for penalty if Builder does not deliver as agreed. F. Check and negotiate the payment schedule. G. Do not book in Pre-launch without executing and registering the agreement. In Delhi – NCR , Maharashtra, it is mandatory for Builder to do both at inception stage itself.
What is the list of documents to verify at the time of registering a property?
1. Approved plans 2. Title Certificate from Advocate of current date 3. Copy of IOD/Commencement Certificate 4. Stamp duty paid receipt 5. Demand Draft for payment of Registration fees. 6. Property Card showing CTS No. of plot 7. PAN cards of Sellers and Buyers 8. Khata Extract
Due diligence before buying a Resale property?
1. Check for a duly stamped registry 2. Ensure no dues are accorded to the builder 3. Check for seller’s name in municipal records 4. Confirm seller’s membership in the society (if formed) 5. Ensure there are no pending bills, charges or taxes 6. Make sure that the property is mortgage free 7. Sanctioned Building Plan (to ensure no unauthorized construction) 8. Previous title documents (that chain of title is complete)
What is the difference between GPA and POA?
General Power of Attorney (GPA) is an authorization given by the customer to a person if he is, owing to his professional commitments, unable to personally attend to the purchase, negotiations, registration and complete other formalities pertaining to the apartment he has bought. He will appoint and constitute one person known to him as agent and attorney in his name and on his behalf to do any of the following acts deeds and things; this is given in general to do all the activities on his behalf. Power of attorney given to a person only for a specific purpose, for example, possession or registration purposes is called Specific Power of Attorney.
What is E- Stamping/ Franking/ Notarising?
Legal document which is not executed on a stamp paper has to be registered with the Government by paying the necessary judicial charges. This is called e-stamping/franking. Though printed on the stamp paper, some documents need to be authenticated by a legal person or an advocate who is called a notary and the process is called notarizing. Documents such Power of Attorney, Affidavit, etc. need to be notarized.
What is a Title Deed?
A title deed is a document that proves the right of a person to an immovable property. A person can acquire an immovable property by various means and a properly stamped and executed document evidencing the transaction is a title document. For example a sale deed, a release deed, a relinquishment deed, a gift deed, a family settlement deed, a partition deed, a will all are evidence of how a person has acquired an immovable property and may be called title deeds.
What is the difference between Agreement to sell and Sale Deed?
It is a legal document which is executed between the builder and the customer, after the customer has paid 20% of the agreement value of the apartment. This document will have the terms and conditions of the seller and the buyer after the purchase of the property. This is a basic document on which the bank will lend money to the customer. But this is not considered as the final document when it comes to the title of the property.
Sale deed is the final and very important document which authenticates that the title of the property is conveyed to the buyer. In almost all cases, the sale deed must be registered compulsorily except in the case of resale of units in existing cooperative societies where the state law grants a specific exemption from registration. Regardless, all sale deeds are liable for stamp duty and the rates vary from state to state. Also the duty depends upon various factors, such as age of building, location and type of unit and so on.
What is a Conveyance Deed? Why is it required?
The word Conveyance means the transfer of ownership or interest in real property from one person to another by a document, such as a deed, lease, or mortgage. In India, transfer of property or rights in immovable property is governed by the Transfer of Property Act, 1882. For the transfer of any immovable property or rights in immovable property, it is necessary to execute a conveyance deed.
What is a Building Completion Certificate?
A Building Completion Certificate is the final document granted by the plan sanctioning authority and usually follows the occupancy certificate. This document certifies that all acts necessary in connection with the construction of a building are complete.
What is Commencement Certificate?
A certificate issued by the appropriate local authority certifying the construction may commence. Typically, this is done after the concerned party has obtained sanction of plans for the construction of a multi-storied building and has put the columns in place indicating the building boundaries.
What is an Occupancy Certificate?
An Occupancy Certificate is granted by the plan sanctioning authority once the building is complete and ready for Inhabitation. In some places, an official water connection is granted only after the OC has been obtained. This document is given after verification that the construction has been carried out in accordance with the approved plans. The builder is not entitled to give possession and the unit buyer is not allowed to occupy the unit till the OC has been obtained. Further, the property comes into existence on and from the date of granting of OC. Property taxes are also levied as a unit from the OC date.
What is a Lease Agreement?
Lease Agreement is one type of contractual agreement made between the lessee (user) and the lessor (owner) to lease out the property for a period of time. The terms cannot be changed until the lease term expires and it should be strictly followed by both the parties.
What is License Agreement?
License agreement is referred as the written agreement which is entered into by the owner of the property who gives permission to another person to use the property or involve any activity with regards to the property.
