Blog Banner

8 Important Documents that Need To Be In Your Home Buying Process

8 Important Documents that Need To Be In Your Home Buying Process

The Prestige City is the revolutionary template for a residential township that has set the new standards for community living. Set in the pristine locales of East Bangalore in one of the most sought-for housing harbours of the city, ‘The Prestige City’ is the perfect blend of world-class housing destination and strategic location. The premise is coming up in the serene neighbourhoods of Yamare, just off Sarjapur – Marathalli Road close to all essential conveniences and facilities. This well connected township lies in close proximity to prime business destinations of Whitefield, Electronics City, Koramangala and Marathalli. Connectivity of a residential property plays a major role in its value estimation and also contributes to the potentiality of futuristic value appreciations. The Prestige City has it all - an ideal location, brand Prestige, luxury residential units of multitudinal size & price ranges, residential plots of diversified size spectrums and superlative features making it the best-ever investment option, both for end users and investors.

If you want a home buyer’s manual, there isn't any. But surely there are a few things you need to look into before buying any home:

1. The sale deed: the essential legal document that contains evidence of the sale and the transfer of the property from the builder to the individual. After a few years, the individual may want to sell the home, then this document becomes essential. It is executed before the sale agreement and after the compliance with the terms and conditions detailed in the sale agreement as agreed by the individuals concerned.

2. The Mother deed: this is an important document that traces the ownership of the property. This is required by the bank when the buyer avials a loan against the property. Anybody can approach the local authority to create this document.

3. The sale and purchase agreement: contains a list of terms and conditions agreed by both buyer and the seller; like the negotiation of the flat price. This will contain the agreed-upon amount of the flat by the buyer and the seller.

4. The building approval plan: before beginning the construction, the builder is required to get necessary sanctions under Buildings Bylaws, Master Plan, and Local Body Acts. It has two factors: a) the building plan b) the layout approval. You must ensure the builder meets the conditions of the building plan and layout approval before buying the house. Not meeting these terms and conditions, could end up in negative results if the local authorities come in spot checks, which are common in new buildings.

5. The possession letter: the document made by the builder stating the date of the buyer's possession of the property. The document will be in the buiders name, and created post the receipt of the completion certificate. This is not proof of one’s ownership of the property. The home buyer should get an occupancy certificate.

6. The completion certificate occupancy certificate: the document that states that the building has been inspected upon completion and follows all laws under a municipal corporation or the local developmental authority. This document avails utilities like water supply, electricity supply, and the drainage system. It is illegal or can result in a penalty or even lead to eviction if the buyer being the first time buyers buy a property without a completion certificate.

7. The Khata Certifiucate: Khata is a revenue document that contains details of property likle size, locxation, area, etc, to pay property taxes. It is a form of identification and is required to take a home loan. It is a part of the home buying process and is needed to apply for electricity and water supply.

8. The Allotment letter: if you plan to book a home that is under construction, that includes details regarding the payment of the flat and extra fees and any additional facilities. This letter is crucial while taking a loan from the bank since it mentions the amount required to pay by the buyer.

Enquiry Now