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Home buying can be a very complicated process due to the number of documents that need to be checked to verify the authenticity of the property.
Lot of people have been scammed with incomplete of false documentation and empty promises.
This article envisages making the home buyers purchase easy by acquainting them with the documents necessary and their purpose.
Layout Approval: Builders start selling plots of land after purchase without obtaining approvals for a layout.A layout approval is provided by competent authorities in Bangalore like BDA, BIAPA etc.
Purchasing a property without this approval is hazardous.
Master Plan: Master plans are developed by municipal authorities who have purview of that particular area. The master plan gives you an idea of proposed and existing developments in the locality you are interested to invest in.This Master Plan gives you an idea of how a Master plan looks.
Land Records:These documents authenticate the land in terms of ownership, past owners, title inconsistencies, pending loans etc.They can be procured from the local Sub-Registrars office.These papers authenticate the property under consideration.
Land Use Certificate: The government gives out land use certificate to authorize the kind of activities that can be undertaken on a parcel of land.Agriculture classified land cannot be used for any other purpose.Thus, checking on the land use certificate will give you an idea if you are buying the right land.
Occupancy Certificate: This is one of the most important certificates that actually tells you if the property in question is habitable.This certificate is given out by the government once all amenities are provided for a project like drainage, electricity, water etc.Most properties under construction do not have an Occupancy Certificate since this is given out at the end of the construction provided all amenities are available.
Allotment Letter: This letter is provided by the builder usually on paying an advance to the property.This letter while allotting your space also provides details like payment schedule, key clauses etc.
No Objection Certificate (NOC) This is a certificate provided by various government bodies governing water, fire control, electricity etc.This is a starting point and a sign that your builder has followed due process.
Certificate of Commencement: This is a certificate that has to be obtained before constructing any building.Home buyers need to ensure that this certificate is made available by the builder before purchase.
Sale Deed Registration: This is a document signifying ownership of the property.This is basically an agreement between the buyer and the builder which transfers ownership from the builder to the buyer.Tjhis is done in the local Sub Registrars office.
Possession Certificate: This is a certificate that confirms that the buyer is in physical possession of the property. This is also a ownership document with the sale deed registration being the first one.