As a first apartment buyer, what’s the level of delight you are experiencing? Boundless, right? No hindrance in the journey, hopefully?
What? Feeling confused over the paperwork? Issues like-
• What document is a must to have from the realtor?
• Which are the correct papers to produce in bank?
• Is any additional paperwork required to access all the facilities in the apartment complex?
going across your mind? Then waste no more of minutes & get engaged to the crisp guideline highlighting
The 7 Essentials For First Home Buy:
The Sale Deed
The foundation of the building needs to be right to cherish own home within it.
Just like that, it turns necessary for you to take the first step correctly in the aspect of property paperwork.
And the Sale Deed is that first correct step.
This document legally seals the sale & transfer of the ownership rights from the real estate company to the first apartment buyer. Also known as the Mother deed, it is the primary paper, the firm should prepare & offer the buyer.
A Sale Deed contains the significant details of-
• Price of the property as mutually settled between the realtor & client
• Every relevant term & condition
• The legally-required payments over water, maintenance, electricity etc. – as will be agreed between you & the developer house
Make sure to register the Sale Deed at the office of Sub Registrar of the locality you are buying the home.
And within 4 months from the date you receive the Deed. Since past this time the document turns nullified – if not registered.
Sale Deed takes the prime role when, in future, you think of selling the property.
If you have booked any under-construction flat from the top real estate company in Kolkata , the Allotment Letter turns one must paper to get from the organization.
It documents important details of:
• Detailed house plan & special preferences of client, like a balcony or any partition
• The entire construction timetable & hand-over date
• The builder’s accountability to buyer – if construction gets delayed or you experience issues post-possession
• Ways of payment available at the developing house & all the additional charges required to access the amenities of housing society
• The down payment you need to make to the seller
The Allotment Letter emerges key in your interaction with a bank regarding what is first home buyer loan.
It is on viewing the mentioned amount of down payment in the document that the bank proceeds in approving your loan.
Moreover, the letter lawfully empowers –
You to stop paying & get reimbursement from the real estate house – in case you do not receive what has been promised in Allotment Letter.
Pay 15% of the total property value to gain the Allotment Letter from your realtor without any hassle.
The ‘Khata’ Certificate
Another important document to have for:
• Making the home loan quicker
• Making the transfer of ownership rights full-proof
• Paying property taxes
• And applying for water & electricity connections.
The ‘Khata’ Certificate is issued by the Assistant Revenue Officer, under whose jurisdiction your apartment is falling. Once you register the Sale Deed & pay the necessary registration fees.
This definite property ownership paperwork enacts as an identification badge of your property, claiming that –
• It enjoys approval from every relevant government body
• Construction is at par with each building law & bylaws
• The property is recorded with your city’s Urban Development Department
‘Khata’ Certificate also enlists the necessary data such as:
• Exact size & location of your home
• Details about the built-up area & total carpet area
• Property Tax Identification Number – required to understand & pay the Annual Rental Value on your home
• An assessment of your estimated property tax in future
In contemporary times, a digital version that is E Khata also stays available for those wishing to pay property tax online.
Essential to keep the total transaction process between you & the developer house documented. A Sale Agreement particularly highlights –
• The finally negotiated apartment price
• Mention of all the amenities you have been promised
• Accurate & complete break-down of the payment (including the EMIs) plan the buyer needs to fulfill
• Obligation of the builder to execute construction as per the blue-print shown to you
The document stays imperative for applying for a home loan.
This definite paper emerges significant when a first apartment buyer purchases an apartment in an already existing housing society.
It is a letter of confirmation given by the society about your home being free of any monetary dispute from banks or any financial organization.
Sometimes, bank may ask you to produce a No-Due Certificate for approving the loan.
So get talking with the society secretary. Better safe than worry, right?
Stamp Duty Receipt
As sale of the property is registered, you require to pay a certain percentage (around 5% for Panchayat areas & 6%-7% for Corporation locality) of the total transaction cost as Stamp Duty to your respective State Government.
Do not lose this receipt, which validates –
• Your property-related registration process
• And will help to resolve any future tax or legal complications
Also ensure to maintain every single payment receipt you are receiving from the real estate firm– since bank will ask for copies of these as proofs of you actually paying the company.