Do read before buying
Buying a flat is a big investment, and it’s essential to ensure that you have all the necessary documents in place before making a purchase.
In Punjab, there are specific documents that you must check before buying a flat to ensure that the transaction is legal and transparent. In this article, we’ll take a look at the essential documents you need to review before purchasing a flat in Punjab.
What to look
Title Deed: A Title Deed is a legal document that proves ownership of the property. This document contains information such as the name of the owner, the property’s location, and the area of the property. It is essential to verify that the seller has a clear and marketable title to the property before making a purchase.
Sale Deed: A Sale Deed is a document that transfers the ownership of the property from the seller to the buyer. This document is crucial as it is evidence of the transfer of ownership and is necessary for future reference. Make sure that the Sale Deed is duly stamped and registered with the local authorities.
Khata Certificate and Khata Extract: Khata Certificate and Khata Extract are documents issued by the local municipality or corporation. The Khata Certificate is proof that the property is assessed for tax purposes, while the Khata Extract contains details of the property such as the name of the owner, the property’s location, and the area of the property. Ensure that the seller has obtained these documents from the local authorities.
Encumbrance Certificate: An Encumbrance Certificate is a document that proves that the property is free from any legal or financial liabilities. This document contains information about the property’s transactions, such as mortgages, liens, or any legal disputes. It is essential to verify that the property does not have any legal or financial liabilities before making a purchase.
Building Plan Approval: Before purchasing a flat, ensure that the building plan has been approved by the local authorities. The building plan approval ensures that the construction of the building is legal and meets all the necessary regulations. Make sure to check for any deviations from the approved building plan.
Some more documents
Completion Certificate: A Completion Certificate is issued by the local authorities once the construction of the building is complete. This document certifies that the construction has been completed according to the approved building plan and that the building is safe for occupancy. Ensure that the seller has obtained the Completion Certificate before making a purchase.
Occupancy Certificate: An Occupancy Certificate is a document that certifies that the building is safe for occupation. This document is issued by the local authorities once the construction of the building is complete, and all the necessary regulations are met. Ensure that the seller has obtained the Occupancy Certificate before making a purchase.
Conclusion
In conclusion, buying a flat in Punjab is a significant investment, and it’s essential to ensure that all the necessary documents are in place before making a purchase.
Make sure to review the Title Deed, Sale Deed, Khata Certificate, Khata Extract, Encumbrance Certificate, Building Plan Approval, Completion Certificate, and Occupancy Certificate. If you have any doubts or concerns, seek legal advice to ensure a transparent and legal transaction.