Buying A Villa? Put A Tick On These Legal Papers
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Builders and sometimes even buyers are cavalier when purchasing a villa or a home. They do not consider that the lack of proper documents can land them in big trouble later on. To keep you out of hot water, we made a checklist of all the documents that you should have.
- The sale deed which shows the name of the current owner of the land and how they acquired it.
- The title deed comes prior to the sale deed. Examine it for genuineness along with the Records of Rights and Tenancy Corps or Mutation extract.
- If there is a power of attorney, insist on taking a look at that too.
- The Khata certificate again has to be in the name of the current owner else it can’t be transferred to the buyer.
- Tax receipts are essential to ensure all taxes have been paid till date.
- If the villa is made by developers, who took a loan to complete the project check if it has been released from the bank mortgage.
- If the villa is brand new, then take the last water and electricity bill from the previous owners to make sure everything is A-Okay, and no problems occur at a forthcoming date.
6 Comments
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The article does superb work of pointing out all the main documents needed while buying a villa, but one more that must be checked is the NOC from RWA. This is important if the villa was occupied by other owners previously. The paper proves that all dues have been paid.
Great, succinct article that covers the checklist comprehensively. Though do note that for new villas, the one document that should always be asked by buyers is the NOC given by Urban Land Ceiling and Regulation Act. I think it is one of the essential papers while purchasing a home.
After reading the post, we called VakilSearch to help up in the process of buying a villa. They pointed out a distinctive element. When the seller of the property and the developer are different, ask for a sale and construction agreement! It should be drawn in favour of the seller.
Fantastic post. It came handy while we bought our home recently in Chennai. Besides all the documents listed in the article, we also asked for all previously registered agreements since the property was being re-sold by the first owners!