The main things that you need to check to make sure that the property you are buying is legally transparent might seem a lot to do before buying but since you’ll be investing a lot of your savings and may have to take a loan, do take it seriously. After all, a legally clear property also brings with it, peace of mind.
Why should you hire a real estate attorney?
Putting money down
When it comes down to taking out a loan and putting money down on a house and managing payments, real estate attorneys can be very beneficial in taking a bigger approach that takes into account not only the sale and loan amounts but also their long- term impact on you and your family. They’ll guide you about the type of loan that will suit your needs and how much money you can put down while securing your financial future.
Selling a property has its unique challenges and requires an understanding various factors from title searches to contracts. However tempting it may be to list your home and hope for the best, sometimes the buyer doesn’t get qualified for a loan to cover the purchase even if they are personally willing to pay. In this case, if you need a minimum amount on the sale, you have to look for a cash buyer who isn’t dependent on the hands of a lender. A real estate attorney will help you analyze the drawbacks and negotiate the purchase for the best possible outcome.
The closing is the most important stage in any sale or purchase transaction. The attorney aids you in preparing the deed and other closing papers. Title passes to buyer from seller and the attorney is helpful in explaining the nature, amount and fairness of closing costs. There may be last minute disputes about delivering possession or adjustment of various costs which the attorney helps you settle down without any hassles.
Most of the times people buying or selling the property are confused as to what documents are important and required for the process because of which the time involved doubles and the hassles increase. Therefore, here is a list of documents required for both the procedures to help you glide through:
Documents required for selling a property
Letter of allotment
It states the allotment of the property to the seller who has originally purchased the property from the relevant source or authority.
Previous Sale Deeds
As a property with clear documentation commands a higher price in the market, the original sale deed from previous owners of the property is needed. The seller needs to register the original deed from the registrar and give out a copy of the sale and its receipt from the sub- registrar, which will trace the ownership of the property and immediate alerts can be provided in case of any missing property document. It is mandatory under law for the current owner to possess previous documents as well.
A copy of the approved building plan and occupation certificate issued by the competent authority is also important.
This is an evidence of free title. When buying a property, it is important to confirm that the property does not have any legal dues. This ensures the property buyer that he is buying a clear and marketable title.
Sale Deed/ Agreement
Once all the above documentation is clear, both the parties can then enter into an agreement to sell and confirm the terms and conditions. After this, the Sale Deed can be prepared. This agreement is also signed and executed between the seller and the buyer on a non judicial stamp paper. After the complete documentation clearance, the buyer and the seller have to sign an agreement stating the sale and confirmation of the property along with the terms and conditions and the seller’s intention of selling his property.
Documents required for purchasing a property
The most important document required for purchasing property is the Sale Deed which has to be produced in original as it establishes the ownership of title of the property.
Khata Certificate is an important document for registering a new property. Bank asks for this paper before granting you a home loan as this is a proof that the property has an entry in the local municipal records and the construction has been done according to an approved plan.
Mutation Register Extract
This specific document is required if the property you are buying is from Gram Panchayat jurisdiction. It provides the details of previous ownership.
General Power of Attorney
This is required to prove whether the purchase/sale of the property is being done by an authorized person on the behalf of the owner. It has to be produced in original if applying for a home loan.
Copy of building plan
A copy of the building plan approved by the statutory board to establish construction of the property is legal and done according to set rules and regulations is necessary.
No- Objection Certificates
There can be a number of NOCs that have to be acquired by the developer from different authorities while building a house project. The number may vary according to specific state rules.
This is one of the most important documents required for getting a home loan. It is issued by the housing authority stating the description of the property and details of the amount paid by the buyer to the developer.
This document lists all kinds of information about the property- The possession date, terms and conditions, payment plan, details about common floor area and facilities, etc. The document has to be produced in original for property purchase and acquiring home loan as it holds the developer responsible for construction of property.
This document is provided by the developer to the buyer with a date on which the latter would be granted possession of the property. For getting a home loan, an original copy of this document is needed.
We, at Reniso provide you with comprehensive legal coverage and solution to all your property related requirements.