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KEY LEGAL CHECKLIST FOR BUYING A PROPERTY.
March 10, 2023
Buying a property is an exciting time and a major milestone in life which comes with a huge investment and a process that requires a considerable amount of time and effort. Before taking the plunge, it is important that you do your due diligence and make sure that you understand all of the legal aspects of the property before you commit to the purchase. To ensure that you are making a wise decision, here’s a guide to the key legal steps to consider when purchasing a property in Mohali.
The Building Plan Approval is a document that gives permission to the builder to construct a building or modify an existing one. It must demonstrate that the proposed construction is in line with the rules and regulations of the local body. This approval process is important to ensure that all requirements and regulations are met and that the safety, health, and welfare of the public are protected.
A sale deed is a legal document that transfers and conveys a right, title, or interest in real property from the seller to the buyer. It is a written instrument that serves as evidence of the transfer of the ownership of the property from the seller to the buyer and is usually executed in the presence of witnesses. The Sale Deed is done before the sale is officially concluded, ensuring that all of the requirements of the sale agreement are met.
Mother Deed outlines the rights and responsibilities of the seller and the buyer and records the transfer of ownership from the seller to the buyer. The Mother Deed is the most important document in a real estate transaction and should be reviewed by an experienced real estate lawyer prior to the closing of the transaction.
Sale and Purchase Agreement
A Sale and Purchase Agreement is a legal document that outlines the terms and conditions of a real estate transaction between a buyer and a seller. It is an agreement that, once signed and exchanged, binds both parties to the terms outlined within it.
The following is a checklist of items to consider when reviewing a Sale and Purchase Agreement:
-Property Details: Make sure the address, legal description, and other pertinent details of the property are correctly stated.
-Purchase price: Verify that the agreed-upon purchase price is accurately stated. -Closing date: Ensure that the closing date is clearly stated.
-Contingencies: Review any contingencies included in the agreement, such as loan approval, inspection or appraisal results, or other conditions that must be satisfied before the purchase can be completed.
-Rights and obligations: Verify that the buyer’s and seller’s rights and obligations are clearly outlined.
-Signatures: Make sure that both the buyer and seller have signed the document.
A Completion Certificate is a document issued by a local government agency to certify that a construction of project has been completed in accordance with the applicable laws, regulations, and standards. This document is important for both the builder and the owner of the property to ensure that all the necessary work has been done according to the building codes and regulations set by the jurisdiction. It also serves as a record of the construction process.
A Possession Letter is an important document that is issued by a builder to the buyer of a flat or property. It is issued after the builder has received a Completion Certificate from the local authorities. The Possession Letter confirms that the builder has handed over the flat to the buyer and that the buyer is now the legal owner of the flat. When attempting to buy or sell flats in Mohali, a Possession Letter from the legal owner of the flat is necessary.
A Khata Certificate is a document issued by the municipal or revenue authorities in India. It is a record of the ownership of a particular property and contains important details such as the size, location, and land area of the property. The Khata Certificate is used to prove the legal status of the property. The Khata Certificate can be used as legal proof of identity when applying for loans, subsidies, and other government benefits.
An Allotment Letter is an official document issued by the developer of a property under construction that specifies all of the details of the property and the payment plan for the buyer. It is crucial if you plan on booking a home that is currently under construction because it outlines the total cost of the property, including any other additional fees or charges if you are interested in buying apartments in Zirakpur.
Power of Attorney
The document outlines the rights and responsibilities of the individual granted Power of Attorney, including the ability to make decisions and take actions on behalf of the real owner. The individual granted Power of Attorney has a legal obligation to act in the best interests of the real owner and should not abuse the power granted by the document. If you are in the market for flats for sale in Chandigarh, you need to be aware of the rights of the Power of Attorney holder.