Documents required for buying a residential property
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Drier57
Apprentice
Joined: 04 Oct 2008
Posts: 1
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 Posted: 10/04/08 - 06:00 Post subject: Documents required for buying a residential property |
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With the strengthening of the realty industry, in the recent years there has been a major flurry of construction works all over the state. All types of constructions are in progress including commercial complexes and residential projects. In terms of quantity, residential properties are the most popular and people from all across are scrambling for a piece.
Kerala apartments and flats are being sold and purchased on a daily basis. Most buyers are first time buyers or armatures. Among the reputed firms and builders there are as always some scrupulous individuals trying to fleece unwary customers.
Before you sign on the dotted line, it is wise to ensure that certain important documents are available for your protection. Listed below are some of the documents required for buying a residential property.
1. Title Insurance: The deed offers protection against the frauds in the title works of the property. A number of problems may arise such as errors in public records, undisclosed liens, and encumbrances, easements, forged deeds, and undisclosed heirs to the property. Pitfalls like the mentioned ones can affect the future value of your property.
2. Homeowner’s Insurance Policy: The home loan lender wants the buyer to have a valid homeowner insurance policy in case he does not make payments in cash while buying the property. It ensures protection of both parties’ investment.
3. Allotment Letter: This is a document that contains all necessary details regarding the time schedule for the payments to be made, the price agreed upon, the construction, the house plan, liabilities of builders and delivery dead lines. Ensure you have got your allotment letter from your builder.
4. Lender’s coverage: Nearly all the lenders ask the buyers to provide title insurance for the loan they provide. Since, the amount of mortgage decreases during the loan tenure, the amount will also decrease.
5. Payment Challan: It is most important when you buy your home directly from a builder. It serves as an evidence of the payment that you have deposited into the seller’s account.
6. Original sale deed: In case, you are looking forward to buy the property from a private builder, ensure you have the original sale deed signed by the first buyer and the builder.
7. Owner’s coverage: This is the document, which remains at a particular level throughout the ownership period and is issued according to the amount of the actual cost price of the house.
8. Completion Certificate: Its significance lies in ensuring the buyer that his/her newly acquired property adheres to the requirements of the municipality or the state laws. The seller must provide completion certificate to the buyer. |
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