8 Important documents that you need for your home buying process in Real Estate

28 Nov 2022

The majority of people had a dream of purchasing their own house. However, the home-buying process can be more difficult, Home Buying Process, particularly for first-time home buyers. The documentation needs to vary depending on the type of property you choose to purchase. This article can guide you to which documents are required for the home-buying process.

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1) The Sale Deed

The Selling Deed is essential to require a legal document that provides proof of the sale and transfer of property from the builder to the individual. Many times, after purchasing a property, the individual can decide to sell the house [PK1] [WU2] for many reasons, in which case, this paper is critical. The selling deed is initially executed before the sale agreement only after the parties involved have agreed to the terms and conditions detailed in the sale agreement.

2) The Mother Deed

The Mother Deed is an important document that tracks land ownership. When a buyer gets a loan against a home, banks typically demand this paper. When creating this text, a person can seek assistance from local authorities.

3) The Sale and Purchase Agreement

The Sale and Purchase Agreement defines the list of terms and conditions that both the buyer and seller have agreed to. The bargaining for the price of the flat is a great example of this. The agreement would contain the agreed pricing of the flat by both – the buyer and the seller.

4) The Building Approval Plan

Before starting work, the contractor must get the request sanctions under the terms of the Building Bylaws, Master Plan, and Local Body Acts. This sanction is divided into two components: A) the Building Plan and B) the Layout Approval. One common error made by the first-time home purchaser is failing to ensure that the architect follows the terms and conditions of the Building Plan and Layout Approval before purchasing the property. Objection to the terms and conditions can result in negative consequences if the local authorities conduct spot checks, which are very normal in the latest buildings.

5) The Possession Letter

The Possession letter is a document made by the builder on that particular date on which the buyers will take possession of the property. This record is generated by the builder’s name after receiving the Completion Certificate. This letter, however, doesn't need evidence of possession of the land. To do so, the purchaser must get an Occupancy Certificate.

6) The Completion Certificate

The Occupancy Certificate (OC) is a paper that defines the structure that was assessed upon completion and that it complies with all public corporation or local government authority regulations. This paper is necessary to define services such as water, power, and drainage. It is not suitable for first-time homebuyers to purchase a property without an OC certificate because the house would not be complete. This is considered criminal and can result in a conviction or even expulsion. If the contractor fails to obtain an OC certificate, the buyer will contact the local corporation and request one.

7) The Khata Certificate

A Khata is a revenue paper that includes information about the property, such as its dimensions, location, and the area on which it is constructed, for paying property taxes. It is often used as identification and is needed when applying for a home loan. It is important to include the Khata Certificate in the home-buying process since it is used to apply for electricity and water supply.

8) The Allotment Letter

If you want to book a property that is still under renovation, you must have an Allotment Letter. It contains all of the information about the payment of the flat as well as any additional payments that you will have to pay for any additional services. This letter is important when applying for a bank loan since it specifies the price that the lender would pay.