6 Must-Have Documents when you are a Homebuyer

Are you a homebuyer looking for property in India?

While the search for your dream home is in itself a daunting task, there is a high stack of paperwork to get through before you own your home. How do you know which documents are absolutely necessary and which are not, while investing in real estate in India?

PropTiger gives you a list of 6 must-have documents that will help you navigate the most important purchase of your life.

1. Sale Deed:

This is the main legal document where the title of the property you are buying is conveyed by the seller. This document proves the buyer is purchasing a property and therefore has ownership rights over it. It also mentions that the property you are purchasing originally belonged to a particular seller or development authority.

2. Chain of Ownership:

When you are buying a property you must be aware of which other buyers have bought this property before and how their transactions were conducted. You need to make sure you have at least one copy of all these ownerships and how the transfers took place.

The builders should give you full authentication to know about the chain of ownership on the property purchased.

3. Clearances:

As a homebuyer, you must ensure that the property is approved by the municipal corporation. You must make sure that the builder or development authority issues the completion as well as the possession certificate. The No Objection Certificate must also be issued.

4. Search Report:

This report is prepared by an advocate after a proper search is done on the title of the property. The search will declare and approve that there is no existing mortgage, litigation, condition or claim given by other owners, or the builders themselves. 

Make sure to have your advocate search the builders' agreement.

5. Title Certificate:

This certifies that the property has a marketable title, which is said to be taken up for a period of 30 years. The builders or development authority must have an annex copy with a mutual agreement of the purchaser that state the following details:                                       

A clear statement of the title of the property

That the title is marketable

That it is free from nuisance 

6. 712 Extract, Index II:

This document is prepared by land authorities, which in simple terms state the features of the property you are going to purchase. This includes:

Survey number

Location of the property

Dimensions that the property is worked on

Date of launching, development and when the key is handed over to the homebuyer