Important Documents You’ll Need To Have In The Home Buying Process

Are you planning to buy a home? Buying a home is more than a dream for many of us. The amount of paperwork it takes to buy a home is sometimes unexpected and shocking. The thought of keeping track of all that documents which include hundreds of pages as well as other expensive records is more than a little nerve-wracking process and scary as well.

The home buying process can be complex sometimes in reality, especially in the case of first time home buyers. The kind of property you choose generally decides the required documents. In this article, Fortune Infra Developers serves as a guide for first time home buyers. Well, let’s get ready for the main paperwork as the procedure involves providing several documents in case you are taking a home loan and acquiring some documents which state your ownership over the property. Essential documents that you need to have in the home buying process includes:

1. The Sale Deed

This is the most important piece of paper and legal document for property purchases. The sale deed generally contains evidence of the sale and property transfer details like from the builder to the individual, etc. Sale deed establishes the rights of the title of the property. Many times home buyers want to sell their property after a few years, and in this case, the sale deed is important.

2. The Mother Deed

The Mother Deed is an important document that is generally required by banks when a home buyer avails a loan against the property. An individual buyer may approach the local consultants and authorities for help while creating this document.

3. Agreement - Sale and Purchase

The sale agreement includes all kinds of information, terms and conditions, possession date, details about the payment, facilities and common areas, etc. This original document has to be shown for property purchases and getting a home loan.

The purchase agreement is provided to the buyer by the builder/developer and sets a possession date of the property. The original copy of this document again has to be shown for acquiring a home loan.

The Sale and Purchase Agreement contains a list of terms and conditions that are agreed to by both the buyer and the seller.

4. The Building Approval Plan

Builder is supposed to get the necessary sanctions before the commencement of construction under different provisions like Building Bylaws, Master plan and Local body acts. The sanction is dependent on two factors and i.e. the layout approval as well as the building plan. Sometimes first-time buyers make a mistake in terms of not getting clarified about terms and conditions.

5. The Possession Letter

This document is provided by the builder/developer to the buyer, which states and confirms the possession date of the property. This is required and to be produced if going for a home loan. This document is made in the developer’s/builder’s name and is produced post the receipt of the Completion Certificate. However, this letter is not proof of an individual’s ownership of the property. So better to get an Occupancy certificate for property ownership.

6. The Occupancy or Completion Certificate

The Completion Certificate is required for getting a home loan. This paper proves that the building is constructed as per an approved plan. An Occupancy Certificate is issued by the local authority to the builder/developer to showcase that the building is finally ready to be occupied and the construction has been done as per a sanctioned plan. The document states that the building has been verified upon completion as per law and local development authority.

First time home buyers should buy a property with the Completion Certificate as without this certificate the building is believed illegal and can charge a penalty or can even lead to eviction.

7. The “Khata” Certificate or Extracts

This terminology is not the same in all the states. Khata certificate is familiar with different names in different states. This is an important document for the new property registration. This document is proof that the property has a record in the local municipal which contains the details of the property like location, size, built-up area, etc. to pay property taxes and whether the construction has been done as per approved plan. This is an important document for processing the home loan. For electricity and water supply also, this certificate is required and a part of the home buying process.

8. The Allotment Letter

An allotment letter is one of the most important documents if you plan to book a home that is under construction and you are applying for a home loan. It is given outby a housing authority or developer that includes the description of the property and details regarding the payments by the buyer to the developer and extra fees if you make additional facilities. Moreover, an allotment letter is delivered to the first holder and other owners can ask for a copy of the original letter from the seller.

Keep Aside Your Documents For Your New Home

Buying a home is an awesome experience and you should not be left out of this overwhelming experience. If documents are pondering you many times to buy your home, then keep your worries aside. Fortune Infra Developers assists all the home buyers and sort out the issues immediately. If you find difficulty at any stage of the buying process, visit our website at www.fortuneinfradevelopers.com or Call/WhatsApp directly on +91 9594900010. Stay tuned for more real estate updates.