Posted on June 15, 2014

Know your documents – Part I

When we visit the market to buy a kilo of tomatoes costing hardly about Rs 25- 40, we ensure to examine each and every tomato the seller puts in our pack in spite of the seller assuring that all of them are good. But while buying a flat that costs all of our life savings, do we read word to word of the claims made by the sales brochure, the estate agent and the innumerable documents carefully? Even being aware that this is a critical task, we might fail to ask for necessary documents.

Buying your dream home is an exhilarating feeling. At the same time, it also is a daunting task. Although a few things may vary, but there are certain things that which are specific to purchasing any apartment and are common.

Land Record: A very important aspect while purchasing property, Land records are the basic platform for all kind of land reforms. Legal status of a land is the most important factor that needs to be considered before buying a property. To confirm whether the owner has a complete authenticity over the land that you are willing to buy is too essential. Title Deed is crucially important as it provides information on the ownership, rights, obligations and mortgages to the property. One may be able to receive a copy of it from the builder. You may also consider cross checking the information with the land record office.

Construction Clearances: If you are going in for an under-construction property, a commencement certificate is essential to commence any construction of a property. It is a legal document issued by the local authorities (BDA/BBMP & alike) after the inspection of the basic foundation for a superstructure and building boundaries at the site. It also requires the builder to possess the licenses, sanctions and permissions to start excavating. Failing to acquire a Commencement Certificate will result in the construction being considered illegal, levy penalties and can even attract an eviction notice.

Approved Planning: A building plan is approved by the local authorities without which the construction of the building is illegal. It is good to run an additional check and verify that the building plan and layout plan has been approved and no bye-law applicable in the area has been broken. The layout should be as per the National Building Code of India and one can get this document verified by the local municipal authorities. Make sure that the floor where you have booked your flat has been approved in the building plan. It is mandatory that the building owner hires a registered architect who will draw a plan meeting the applicable bye laws.

Conveyance or Sale Deed: A Sale Deed is the core legal document that acts as proof of sale and transfer of ownership of the property from the seller to the buyer. By this, the property is ‘conveyed’ from a seller to the buyer. A Sale Deed has to be mandatorily registered. It is important that before the Sale Deed is executed, one should execute the sale agreement and should check for compliance of various terms and conditions as agreed upon between the buyer and the seller. The buyer should check whether the property has a clear title before finishing the Sale Deed. He/she should also confirm if the property is subject to any encumbrance charges. It is a final document which a builder/land owner is supposed to give while transferring the ownership of land on which society building is constructed.

With transparency being a core value to ‘Saran Developers’, they have created ‘Mulberry Woods’ to provide buyers with excellent living solutions. The team at Saran Developers believe that it is important to make the home buyers aware of the nitty gritties of buying a property as it helps them understand home buyers better and build a valuable relationship with them. And hence they ensure to update the projects’ construction updates on their web page. They help the customer understand the advantages and disadvantages of buying a particular property while taking into consideration various factors.