3 Legal Documents to Check Before Buying a Property
For many, buying their own house is like a beautiful dream. Given the fact that real estate is one of the most expensive purchases, doing a single mistake can prove to be a financial disaster. Thus, the only best way to avoid such a situation is to run a proper research before finalizing any deal. So, if you are going to buy a property for, the first time, then here’s a checklist of documents you need to consider before signing on the dotted line. Read on –
- Title deed: This is one important document you need to check before signing on the deal. It’s the legal way of saying you own a right to something. Thus, a buyer should check the title deed and confirm that the land is in the name of the buyer in order to ensure that nobody will have the right to sell it. In addition to this, you must get the title reviewed by the lawyer.
- Encumbrance certificate: This document is important for those who are applying for a home loan or those who are obtaining a loan against property. An encumbrance certificate basically contains all the transactions related to a particular property. Moreover, this certificate also comprises the details regarding any claim or encumbrance on the property.
- Occupancy certificate: This certificate is issued at the end of the construction by a planning authority or local government agency. This document indicates that the property is in a better condition for occupancy. The builder is responsible for obtaining occupancy certificate and it is issued once the property is ready to be occupied.
On the whole, listed above are some of the important documents you need to check before making a final decision on purchasing a property. Besides, if you are looking to buy exquisite flats in Kanjurmarg, then go for Lodha’s Aurum Grande Plan ; it offers exclusive residential properties with world-class designs and infrastructure in and around Mumbai.