7 Things You Must Do After Buying A House
House buying is among the biggest purchases we make in our lifetimes. After completing the drill, we would want to believe the battle is won and heave a huge sigh of relief. However, the truth is that there are many things that require your immediate attention after the property has been transferred in your name.
Keep property documents safe
After buying a house, you should make at least two to three photocopy sets of all property-related documents. If you have taken a home loan, make sure you take photocopies of all the documents before handing over the originals to the bank.
Digitisation of documents
It is advisable to scan the complete set of documents which can be stored in a digital format. Keep one set of these digital copies in your bank locker. Digitisation of record always comes in handy.
List all original documents submitted to bank
The day you start compiling documents which you need to submit for your home loan process, make a list of documents that you are submitting. Don't forget to keep their photo copies with you. On the day of the execution of the sale deed, you must have handed over the original sale deed and other relevant documents to the bank. It is advisable to take an undertaking from the bank that all the documents are stored with it.
Watermark your sale deed
After the conveyance deed has been registered, you would need the photocopy of your sale deed for electricity meter transfer, property tax transfer, etc. Normally, home buyers take the help of agents by handing over the photocopies of sale deed to them. It's an unsafe practice because it can lead to misuse of the sale deed. Create a watermarked copy using adobe writer and use this to hand over to agents or government offices.
Transfer electricity, water meter connections in your name
As soon as you buy a house, get the electricity and water meters transferred in your name. Before the registration of the property, take an NOC (no-objection certificate) from the previous owner.
Get the records updated
Apart from that, don't forget to update property tax records, and your name in the local voters' list. Some people assume that it will be done automatically based on property registration, but it is not the case. It is advisable you update your permanent address after buying a house in all records, including the passport, the bank, the driving licence, the ration card, the voter ID, etc.
Transfer society share certificate in your name
In a majority of housing societies, each property owner owns a society share. If this is so, transfer the share in your name. For this, you need to hand over a photocopy of the sale deed to the society management and request for the share transfer or amendment in the deed of declaration.