Legal Documents to Check before Buying Flats in Patna
Despite of the fact that buying flats in Patna is now much easier than ever before, it is here still referred important for you as a home-buyer to tread with caution.
Yes… you heard it right!!!
Cautiousness is important while buying 2/3/4 BHK flats in Patna.
As a single wrong decision while buying home can turn your entire experience (that might be a cherished dream) into a nightmare.
Regardless of the fact that real estate is among-st the most expensive purchases, landing a lemon might prove to be a financial disaster.
The fluctuating real estate rates, property tax rules and several other changes in the industry really makes it extremely difficult to purchase a property in Patna. However, situation can get handled via taking time out for conducting due diligence before finalizing any property deal.
Though buying into a project which is backed by financial intermediaries such as banks and engaging a lawyer for carrying out due diligence are trustworthy shortcuts. However performing a detailed check of flats in Patna that is to take for possession has been referred just the best way to avoid aforementioned sort of situation.
Important Checklist for possession of flats in Patna
The checklist can be broadly divided into two major categories:
- List of Documents to Verify
- Things to check within the project and respective unit.
Verify the set forth vital documents
Before taking the keys from the builder or an owner of flats in Patna, it’s important to ensure that you have received the original documents and photocopies of all the vital documents from the builder/owner.
The important documents one must be obtaining are as follows:
New property/under construction from the builder
|Commencement Certificate: Issued to the builder by licensing authority once specifications in the IOD get fulfilled.|
|Completion Certificate: A legal document stating whether the building has been constructed according to the regulations and norms or not.|
|Encumbrance Certificate: A compulsory legal document which assures complete ownership of the property without any sort of financial or legal liabilities.|
|No Objection Certificate (NOC): Builders require an NOC from several government departments before initializing construction of the project. These include BWSSB/BESCOM, KPTCL, Environment Clearance|
|Occupancy Certificate (OC): A compulsory certificate issued by the civic authority signifying compliance of the approved to the approved plan and several other building laws.|
|Tri Partite Agreement (if any): In a case if the builder has taken a loan for developing the property.|
|Building plan approvals: State whether the building plan has been approved by the local authority or not. In a case of not being authorized, it’s an illegal construction.|
|Khata: The document implies the person’s name under which the property’s records are maintained into the local civic body’s office.|
|General Power of Attorney (GPA): A legal document where one party authorizes another party for acting on his behalf as his legal representative and taking binding legal and financial decisions.|
|Letter of No Dues: Letter of possession is issued only and only after all the balance payments get received. Till all the clearances are documented internally, the builder will cannot sign the possession letter.|
|Land-use Certificate / Conversion Order|
|Registered deed of conveyance|
|Agreement by maintenance agency|
|Details of electricity, power backup and water.|
|Car parking allotment and details.|
|In this case, majority of the documents are the same as the above with the set forth few differences.|
|Up-to-date receipts of property tax paid by the owner.|
|All the aforementioned documents are to get obtained at the time of registration.|
|GPA in the case of other person authorized by the owner to sell the property and handle all transactions.|
While a buyer may have gone through the vital documents and have visited site before purchasing flats in Patna, it has been yet referred important to ensure that everything is in the place as being expected. The aforementioned simple checklist will for surely help you out in having peace of mind before occupying your dream 2/3/4 BHK flats in Patna.