Required Documents For Resale Flat Purchases - A Comprehensive List
Buying a resale flat? Before signing on the dotted line and submitting your payment, make sure you have all the necessary documents. This checklist will lead you through the paperwork required for purchasing a resale flat, from bank account statements to copies of utility bills.
Identification documents such as passports, identity cards, and more.
When buying a resale flat, you will need to provide a valid copy of your identification such as your passport or identity card. You may also be asked for a driver’s license, birth certificate, marriage certificate or deed poll documents for a legal name change if applicable
Sales Agreement photos and other details of the home being purchased.
When purchasing a resale flat, photos and other details of the home being purchased must be included in the Sales Agreement. This documentation can help prove that the buyer is fully aware of what they are buying and the conditions in which it is being sold. Additionally, both parties should have a copy of the photos, ensuring peace of mind for everyone involved.
Bank loan disbursement documents like mortgage documents demand loan statements etc.
When opting for a bank loan to purchase a resale flat, it is important to submit the necessary documents from the bank. This includes obtaining a mortgage document, demand loan statement, and other relevant loan disbursement documents from the bank. These documents provide vital information about the home loan, such as its initial amount and interest rate. Obtaining these documents before or during your flat purchase process is essential in ensuring that everything goes as planned.
Valuation report by a bank-approved valuer to assess the true worth of the property being purchased.
A valuation report by a bank-approved valuer is one of the most important documents required when purchasing a resale flat. This report assesses the true worth of the property you are purchasing which helps you and the bank to understand if you’re overpaying or not. Additionally, it helps with other aspects such as calculating property taxes, validating insurance coverage, and determining eligibility for any loan-related schemes that might be available in your city.
Understanding the Documents Needed for Resale Flat Purchase
Purchasing a resale property goa is a dream come true for many. With its lush landscapes, mesmerizing beaches, and vibrant local culture, who wouldn’t want to make a home here? However, with such a major purchase, it’s important to be prepared for the process before signing any contracts. Proper documentation is essential for smooth and stress-free transactions.
Therefore, before you sign on the dotted line and submit your payment, make sure you have all the necessary documents for buying a property. To make sure you’re on the right track, here is a checklist that will lead you through the paperwork required for purchasing a resale flat in Goa, from the basics to the complex.
Also check this blog – What to know before Buying Property in Goa (Step by Step Guide)
Sale Deed
The Sale Deed is the most important document you need in any property purchase, including a resale flat. It is the legal document that transfers the ownership from the seller to you, the buyer, and contains all the details of the property, such as its location, size, ownership, and other important details. To ensure everything goes smoothly and without complications, make sure you have a comprehensive and up-to-date Sales Deed when you are buying a house in Goa.
After finding a suitable property and conducting due diligence, the next step is to enter into an agreement with the seller. This agreement should clearly outline the terms and conditions of the sale, including the purchase price, payment terms, and possession date. The agreement should be registered with the Sub-Registrar of Assurances to ensure that it is legally binding.
Mother Deed:
The Mother Deed is an important legal document that traces the ownership history of a property from the date it was first purchased. It is also referred to as the parent document or the original sale deed and is an integral part of verifying the property’s ownership and ensuring there are no legal disputes or discrepancies. Having a Mother Deed is an essential part of buying a property Goa
Property Tax Papers / Khata Certificate and Khata Extract
These are issued by the local municipal corporation or the development authority. A Khata Certificate is considered to be an authentic document that is issued to certify the ownership of the property. This document is a valuable asset as it proves that you are a legal owner of the property in Goa, and are responsible for all the taxes and dues associated with it. The Khata Certificate is essential during property registration, transfer of the property, and even while obtaining loans against it. A Khata Extract is a comprehensive report of the property’s tax history, which includes taxes and dues such as sanitation and water tax, property tax, electricity bill, etc. This document comes in handy when you plan to avail of loans against your property or make a property transfer.
Encumbrance Certificate:
An Encumbrance Certificate is a crucial legal document in your journey to own a resale property Goa, which serves as a guarantee that a property is free from any encumbrances – such as loans, liens, and mortgages – and is used to prove the genuine status of the property. It is issued by the sub-registrar’s office and is required to be obtained during any sale or mortgage related to a particular property.
Occupancy Certificate:
Ensuring the Occupancy Certificate is an essential part of the process when buying, renting or mortgaging a property in Goa. This significant document verifies that the building was constructed according to the accepted plans, and is safe to be occupied. The local municipal corporation must authorize it, providing assurance that the structure was built lawfully and securely, to guarantee the security of those who inhabit it. As property buyers in Goa, it is essential to make certain the property you are purchasing holds this valuable paperwork.
Building Plan Approval:
Are you ready to move into your resale property goa with the peace of mind that it has been legally approved and deemed safe for inhabitants? If so, obtaining a Building Plan Approval document is essential for all property owners. A Building Plan Approval, issued by the local municipality or development authority, is a document that confirms that a building or flat has been constructed as per the approved plan. This document is necessary to ensure that the property you are investing in has been constructed legally.
Property Tax Receipts
Property Tax Receipts are essential documents that show the property’s tax payment history. They are issued by the local municipal corporation or the development authority and are necessary to ensure that the property’s taxes have been paid on time.
NOC from Society:
When you buy a resale property in a society, it is important to obtain a No Objection Certificate (NOC) from the society. The NOC confirms that there are no outstanding dues or legal disputes related to the property. In other words, it assures that the transaction can take place without any hurdles or legal hassles. A No Objection Certificate is an integral part of the real estate in Goa. It is a use case, which is required to determine the legality and authenticity of the transaction, thus ensuring that all stakeholders have access to credible information.
Power of Attorney
The process of transferring property ownership is not always straightforward or easy. In some instances, the seller might not be able to complete the transaction in person due to certain factors beyond their control. In such cases, a Power of Attorney (POA) holder can help complete the transfer of ownership for your shortlisted property goa. A POA holder is an authorized person whom the seller appoints to execute the Sale Deed on their behalf. A POA holder must be someone whom the seller trusts, as they will be responsible for signing the Sale Deed on behalf of the seller in order to complete the transfer of ownership.
Check this blog – Things to know before Buying a Flat in Goa: A Complete Guide
Valuation Report
A valuation report by a bank-approved valuer is one of the most important documents required when purchasing a resale flat. This report assesses the true worth of the property Goa you are purchasing which helps you and the bank to understand if you’re overpaying or not. Additionally, it helps with other aspects such as calculating property taxes, validating insurance coverage, and determining eligibility for any loan-related schemes that might be available in your city.
Identity and Address Proof
The buyer must provide identity and address proof, such as a passport, Aadhaar card, or driver’s license, to verify his or her identity and address.
Whether you’re an NRI looking for a home abroad or investing in real estate in India, understanding how the process works is essential for ensuring that your transaction goes smoothly and successfully. By following these steps and preparing all necessary documents beforehand, NRIs can make sure their purchases go off without a hitch and ensure that their investments are secure for years to come!
In conclusion, buying a resale flat involves several legal formalities, and it is essential to review and verify all the required documents to ensure that the property has a clear title and is free from legal disputes. The above-mentioned list of documents is comprehensive and covers all the essential documents that a buyer should obtain before completing a resale flat purchase.
Mohidin Properties and Holdings is a leading real estate firm that can help you find the perfect property in Goa. Contact us today to learn more about our services.
Phone – +91-9373113145, +91-9049442699
Landline – +91-8322512415, +91-8322512418, +91-8322514755
Email – groupmail@mohidins.com
