Documentation Process for Purchasing a New Home
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Documentation Process
22 April 2019 - 14:00, by , in NRI, No comments

The documentation process is lengthy before purchasing any Real Estate asset and can turn out to be quite cumbersome for first-time buyers. Buying a home is one of the most significant investments of your life and a significant milestone. It is always beneficial to be well informed about how the documentation process works and all the necessary documents required. Whether you are an investor who is planning to venture into real estate or a home buyer who is unsure about the process that goes into getting your ideal dream home, it’s always a good idea to consult an expert. The following are the necessary documents before a real estate transaction can be completed:

Title Deed

The simplest way to understand a title deed is that it is a document that proves ownership of a property. It gives specific rights to the person who holds it. It is an important document and is a particular requirement when a property is being transferred or sold to a new person.

Commencement Certificate

A commencement certificate is a legal document that is issued by authorities like local Municipal Corporation after inspection of the site. The document lays out the deliverables by the builder and gives a green flag for the construction to commence. Without a commencement certificate, the development will deem to be illegal and will attract imposition of penalties and even an eviction notice.

Completion Certificate

A completion certificate is proof of the fact that the building has been constructed and completed by government safety norms and regulation. It is a critical mandatory document to complete documentation process.

Occupation Certificate

An Occupation Certificate (OC) attests that the building has been constructed with adherence to Building Regulations, Safety Regulations, provision for utilities, etc. It is issued after proper verification by the local planning authority and certifies that the building is fit to be occupied. This certificate breathes life into any residential structure in India. The OC cannot be obtained by the builder unless the Planning Authority has issued a Completion Certificate.

Building your home is an exciting and emotional ride. It is not uncommon to dedicate the majority of the time into designing and familiarizing yourself with the community and stay focused on the amenities of the location. However, it is essential to take out time to understand the documentation process of what may be the most significant financial and emotional investment of your life.

 

See Also: Important rules for NRIs investing in Indian Real Estate

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