Buying property and owning is often one of the biggest decisions of one’s life hence it’s important to have good knowledge about all the property related formalities so that your decision nowhere goes wrong and you can comply with all the legal requirements to own a property in India. Hence, one of the important legal formalities that ought to be correct while buying real estate is the number of legal documents required to purchase/own a property in India.
To avoid any legal hassles ensure that you check all the documents related to a property that you are going to invest your hard earned cash into.
The lists of legal documents that need to be considered before buying property are given as under:
Constructing a building for residential purposes in a commercial zone is illegal. Thus, in order to ensure that the real estate you are buying is a household and not a commercial one, you have to apply to the development authorities of your respective city to confirm that the residential building that you are planning to buy is in the household region and not in the commercial, agricultural or manufacturing zones.
No objection certificates should be obtained wherever necessary. It is essential that the seller of the estate should provide you with a copy of the Urban non-ceiling NOC and also for water, electricity, etc. as well.
Tax receipts should be checked to assure whether the seller of the estate has paid all tax accruing on the plot for the past three years to the authorities. Ensure that you request for previous receipts of property tax if you are purchasing a property that is being resold.
Khata in English means “account”. It is the account of a seller or the owner.
A Khata extract is fundamental for buying property. This is of prime significance for not only transferring a property but also for the registration of the new property.
Other legal documents records such as Completion Certificate (CC), Power of Attorney (POA), Probated Will, Occupancy Certificate (OC), etc. are also essential at the time of buying the estate.