The unstoppable delays in property possession has marred the reputation of under construction projects and even after the implementation of RERA buyers are now skeptical to invest in under-construction properties. Thereby, the demand of ready to move in homes are surging with every passing day.
More to know….
Are you beholding to buy a ready to move in apartment? That’s a great decision. A ready to possess home offers you many advantages. Unlike, under-construction, possession ready property saves your money on current accommodation that you can use to pay the instalments of your new home. Also, you are free to move in at any time or rent out the property for extra income.
Before finalizing your purchase decision, you not only have to furnish the documents and details with the banks and authorities but also have to have to check certain documents to ensure the clarity on ownership title and approvals by the government. Peninsula Heights is one of the ready to move in luxury apartments in JP Nagar, Bangalore where one can plan to invest in it.
So, rundown the checklist of crucial documents to verify before putting money to by ready to move in homes:
Sale deed: the most important legal document. This legally registered document act as the proof of transfer and sale of the property. It is advised to go through the terms and conditions cautiously and read the fine print of this document before putting down your signature.
Occupancy or Completion certificate: The municipal authority issues certificate of completion on the completion of the project. For the meantime, the local government issues the occupancy certificate till the time project is fit for habitation. The occupancy certificate says that the property is suitable to occupy and is build according to the approved codes and laws. These documents are really important raising loans from financial institutions and to apply for water, electricity and sanitation connections.
Encumbrance certificate: Be sure that the property you want to buy does not have any dues nd to verify this you have to check the encumbrance certificate. This certificate is a proof that the property is all clear from all the legal and monetary liabilities. This certificate is obtained from the sub registrar office where the property is registered.
Mutation certificate: you cannot judge your builder’s credibility just by looking at his face. To ensure that your builder is a legal developer and owns property in government records and to establish his tax liabilities you have to check the mutation certificate.
Building plan: Before finalizing the purchase of your new home do check the documents of building plan that whether it is approved by the local municipal authority. Building plan also known as the site plan showing the blueprint of the property, the utilities and equipment layout. Any properties having unauthorized construction have the risk of being demolished or denied occupancy in future. It can be rightly said that buying a home is not an easy task and you should really be cautious while indulging into it. It is necessary for you to be informed and take the help of legal expert to avoid any hassle and to vet all the important documents.