things to Keep in Mind be­fore buy­ing a home

Ma­jor mis­take that ends up young home buy­ers into trou­ble is neg­li­gence to fac­tor the to­tal cost of the prop­erty. other ma­jor fac­tor which ev­ery home buyer should be aware of is to “know their rights”.

Realty Plus - - Contents - Manju Yag­nik Vice chair­per­son na­har Group

Manju Yag­nik, Vice chair­per­son, na­har Group

In­tro­duc­tion of RERA has cre­ated the le­gal ground­work to make the sec­tor con­sumer-cen­tric by pro­vid­ing trans­parency and im­prove dis­clo­sures and hence the end user has easy ac­cess to prop­erty-re­lated data and in­for­ma­tion, cre­at­ing a trans­par­ent in­ter­face.

im­por­tant doc­u­ments needed and to be checked by mil­len­ni­als be­fore in­vest­ing into a prop­erty in­clude: list of doc­u­ment Re­quired for buy­ing home?

1. Photo ID Proof a. Aad­har Card b. PAN Card 2. Ad­di­tional doc­u­ments re­quired if go­ing for home loan: a. Last three years Tax re­turns b. Last one year Bank State c. Form 16 (if salaried) d. Pre­vi­ous loans sanc­tion let­ters (If any) • In case of Salaried, last 3 months salary slip and em­ploy­ment cer­tifi­cate.

a. Un­der con­struc­tion Projects:

• Rera cer­tifi­cate: RERA Cer­tifi­cate is es­sen­tial for un­der con­struc­tion projects as it en­sures that de­vel­oper will com­plete the project in stip­u­lated pe­riod of time and pro­vide buyer will the men­tioned ameni­ties • iod and cc: The In­ti­ma­tion of Dis­ap­proval (IOD) is only an ap­proval of the civil plans. Re­view of the struc­tural plans is done in par­al­lel with the NOC process. Fi­nal clear­ance to build (Com­mence­ment Cer­tifi­cate) is only be given once the com­pany ob­tains all NOCS and meets all IOD con­di­tions. • agree­ment to sale: Agree­ment of sale is im­por­tant doc­u­ment en­cap­su­lat­ing terms & con­di­tions agreed by both the par­ties in­clud­ing fi­nal price and fu­ture date of full pay­ment. B. ad­di­tional doc­u­ment when go­ing for Ready to move in prop­er­ties: • com­ple­tion cer­tifi­cate: Com­ple­tion Cer­tifi­cate is an im­por­tant doc­u­ment and is is­sued by the lo­cal au­thor­ity once the con­struc­tion of the build­ing is com­pleted. • oc­cu­pancy cer­tifi­cate: Oc­cu­pancy Cer­tifi­cate show­cases that build­ing has been con­structed as per the sanc­tioned plan and is is­sued by the lo­cal au­thor­ity.

c. ad­di­tional doc­u­ment when go­ing for buy­ing home from pre­vi­ous owner.

• agree­ment of sell: Agree­ment of sale is im­por­tant doc­u­ment en­cap­su­lat­ing terms & con­di­tions agreed by both the par­ties in­clud­ing fi­nal price and fu­ture date of full pay­ment. • sale Deed or ti­tle Deed: Sale Deed or Ti­tle Deed is an­other im­por­tant doc­u­ment demon­strat­ing sale and trans­fer of prop­erty own­er­ship in fa­vor of the buyer, from the seller. • con­veyance deed: A con­veyance deed is a signed le­gal doc­u­ment that shows a ti­tle or deed has been trans­ferred. • Prop­erty e-search Re­port (nor­mally clients check in­dex i and in­dex ii) checked in Ma­ha­rash­tra. • Prop­erty tax Re­ceipts: Prop­erty Tax re­ceipts es­tab­lishes le­gal sta­tus of the prop­erty and show­cases that seller had paid all the taxes and none have been left as due. • en­cum­brance cer­tifi­cate: En­cum­brance Cer­tifi­cate show­cases that prop­erty is free from all the mort­gages. The cer­tifi­cate is also re­quired by banks for pro­cess­ing your home loan. • so­ci­ety noc or trans­fer noc: The NOC is pro­vided by the so­ci­ety/builder in case so­ci­ety is not formed. NOC means, ‘No ob­jec­tive cer­tifi­cate’ for sale of the prop­erty.

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