Living in one’s own house is an immense feeling of pleasure for everyone. Owning a home fills an individual with the secure feeling and feeling of dream come true. But the true satisfaction comes when the buyer receives the possession of his sweet home. This feeling is the happiest feeling ever. Meanwhile, for all this pleasure, the buyer becomes alert and cautious. Many times, the buyer gets cheated by the sellers or builders who might have assured them to provide the possession of home with best facilities and also make promises at the time of construction to deliver their home with the best amenities and best construction quality. In a matter of fact, only a few builders and sellers fulfil their promises to deliver the best home to the buyers while at the time of allotting the property to the buyer, many promises are just bound in words only.
To be at safe side, the buyers need to be cautious and alert legally as well as check the quality of construction and other paper details before taking the possession of the property.
Here we are presenting the checklist that every buyer must go through before accepting the possession of home or flat.
We have classified the checklist in two sections:
2.List of Things to check into your buying project.
Wait, if you are about to take keys from house owner or a builder, verify all these documents and papers and don’t forget to take these important documents in hand.
1. NOC (No Objection Certificate): Prior to construction, builders requires an NOC from several govt. Departments. You should check NOC and ask for the photocopy from the builder or owner while taking possession of home.
2. Commencement Certificate: Licensing authority issues a commencement certificate to the builder. You should also check this and if possible ask for the photocopy of this document too.
3. Joint development agreement: If there exist two or more owners occupied in the development of the project, then, a joint development agreement becomes necessary.
4. Tripartite agreement (if any): Builder might have taken the loan for the property construction, then, you should check this Tripartite agreement.
5. Encumbrance Certificate: It assures that the property owners have no debt or financial liabilities over the property. It is legally mandatory.
6. Building plan approvals: An approval proclaiming that local authority has approved the building plan. If builder does not hold building plan approvals then be alert it might be an illegal construction.
7. Occupancy Certificate (OC): Civic authority issues a certificate of compliance that the building is being constructed as per the laws of construction.
8. General Power of attorney (GPA): A mandatory and legal document that signifies the authorization of one party over the other for legal representation on its behalf. The GPA holding party is responsible for all financial and legal decisions.
9. Khata: Khata is issued by civic body office that maintains the record of the property owner.
10. Allotment letter: If you have decided to take the loan for buying the property, then, a builder issues an allotment letter to the buyer depending on which a bank releases the funds to be paid by the buyer in his loan instalments.
11. Completion Certificate: A legal certificate signifying that the project has been completed and constructed as per the norms and regulations only.
12. Land-use Certificate / Conversion Order
13. Registered deed of conveyance
14. Agreement by maintenance agency
15. Details of electricity, water and power backup
16. Vehicle parking allotment and details
If you are taking the possession of the under-construction property, then, there are few more agreements and receipts are needed to check. This includes sale deed, sale agreement, tax paid and mother deed receipts.
List of things that you should check in the home or flat you are buying:
At the time when your builder has called you to take the possession of your home and flat then, you must consider this checklist before receiving the possession document from him. Before it, you must ensure all the legal documents required at the time of construction. Also, check all the living factors post the construction and before the taking possessions.
For having the sweet home of your dream you must search all the areas of the city. The flats in super corridor Indore are ready for sale with the best amenities.