6 Legal Documents You Must Check Before Buying a Property
Buying a property is a significant investment, and it is essential to ensure that everything is in order before signing on the dotted line. While it is exciting to find your dream home, overlooking crucial legal documents can lead to costly and time-consuming consequences. This is why it is critical to be aware of the essential legal documents you must check before buying a property.
In this article, we will explore the top five legal documents that you must review to ensure a smooth and hassle-free property purchase. So, if you are planning to buy a property anytime soon, read on to discover the critical legal documents you cannot afford to miss.
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The Title Deed is one of the most important documents when it comes to buying a property. It is a legal document that proves ownership of the property, and it contains essential details such as the owner’s name, property description, and any encumbrances. Make sure to verify the Title Deed with the concerned authorities to avoid any legal disputes in the future.
Property Tax Receipts:
Property Tax Receipts are proof that the property tax has been paid up to date. It is essential to verify the Property Tax Receipts to ensure that there are no outstanding dues on the property. This document is essential to check as any outstanding dues on the property may become your responsibility after the purchase.
An Encumbrance Certificate shows if there are any pending dues or legal disputes associated with the property. It is essential to check the Encumbrance Certificate before buying a property to ensure that there are no legal liabilities on it. The Encumbrance Certificate is obtained from the Sub-Registrar’s office, and it is recommended to check it for the past 30 years.
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The Completion Certificate is a legal document that is issued by the local authorities once the construction of the property is completed. It confirms that the property is constructed as per the approved plan and meets all the safety norms. It is essential to check the Completion Certificate to ensure that the property is ready for possession. Without a valid Completion Certificate, you may face legal hurdles during possession and occupancy.
Building Approval Plan:
The Building Approval Plan is a document that contains details about the construction plan approved by the local authorities. It is essential to check the Building Approval Plan to ensure that the property is constructed as per the approved plan and there are no deviations. You can request for the approved Building Plan from the local authorities or builder, and it is recommended to verify the plan with a professional architect.
The Sale Agreement is a legal document that outlines the terms and conditions of the sale between the buyer and the seller. It contains crucial information such as the sale price, payment terms, and possession date. It is essential to review the Sale Agreement carefully and seek legal help if required.
Buying a property is an exciting and significant investment, but it can also be a complicated process that requires careful attention to detail. The legal documents listed above are essential to ensure that you are making a safe and secure investment in the property of your dreams.
The information contained in these documents can help you avoid any legal disputes, protect your investment, and make an informed decision. It is always advisable to seek professional help from lawyers and property consultants, who can guide you through the entire process and help you make the right decision. Remember, taking the necessary precautions and reviewing all the legal documents can save you from future legal issues and financial loss.