Buying an apartment is a dream of every working individual in the community. Everyone is ready to spend a good chunk of their hard-earned money on buying a house or apartment. But have you ever been involved in the buying process before? If yes, you would know how trickier it is to go about things during this process. One critical aspect that you must pay close attention to is preparing the documents needed in the transaction. We will walk you through a checklist of essential documents that will help you in the process. Keep reading to know more!
Documents checklist for buying an apartment:
Before you proceed in the process, you need to be prepared for major paperwork. The process involves providing and acquiring various documents. The list of documents is long, and it would be best to pay attention to each one. However, the paperwork comes second to choosing your apartment. You can explore apartments for sale in JVC to buy an apartment of your choice. Let us discuss the documents needed once you finalize the decision.
1. The sales deed:
The document describing the ownership title of the property carries utmost importance. A sales deed is a document that establishes the ownership title of the apartment in the subject. The evidence of sale and property transfer from owner to the buyer must be clear, and a sales deed is what makes it clear.
The sales deed is prepared before the sale process is executed. Once the involved parties have agreed to the terms and conditions of the transaction, preparing a sales deed will be the next step to take.
2. The sale and purchase agreement:
A sale and purchase agreement are a comprehensive document containing useful information about the apartment in the subject. Moreover, it contains the terms and conditions that both parties must agree to. You can better think of it as a negotiation for the price of the apartment. The agreed amount of the apartment must also be mentioned in the agreement.
A detailed list of points that must be mentioned in the sale and purchase agreement is given below.
- Terms and conditions
- The payment plan
- The specifications
- The possession date
- Details about the area
- Details about facilities and perks
3. Building approval plan:
A common mistake first-time buyers make is not ensuring the requirements for building approval. Before the building construction, the builder must meet certain sanctions set by the local authorities. The sanction generally contains two points which are:
- The building plan
- The layout approval
When buying an apartment, you must ensure the builder has met the plan and layout approval criteria. It would be tomfoolery to ignore this document, and you may end up paying the ultimate price. The local authorities may come for inspection, which can cause trouble for you.
4. Possession letter:
A possession letter must be drawn in the name of the builder or seller, stating the date of the buyer's possession. This document must be presented at the time of the transaction since it will ensure the ultimate ownership of the property.
The possession letter must be prepared after the receipt of the completion certificate. However, having this certificate does not prove that you are the owner of the apartment. You still need to present an occupancy certificate to claim your ownership of the new apartment.
5. Completion certificate:
The Completion Certificate (or the Occupancy Certificate) is a record that expresses a few things. The first is that the apartment has been assessed upon completion and adheres to all laws under the nearby development authority. This record is needed to acquire utilities, for example, water supply, power supply, and the waste framework.
It doesn't fit for first-time home purchasers to purchase a property without the Completion Certificate. Without it, the building is considered illicit and can bring about punishment or even prompt removal.
6. Allotment letter:
An allotment letter will be required in case you are pre-booking an apartment that is still under construction. The letter will include all the essential details about the essential information like price and other specifications.
An allotment letter will help if you seek a loan from the bank or any other lending institution. The banker will ask for this letter to complete and support your loan application. The reason is that it contains the specific amount that the buyer will pay.
All the above-mentioned documents are necessary once you have finalized the decision of buying an apartment. You can explore apartments for sale in JVC for luxurious yet affordable apartments. Once done, you need to move on to arranging the documents.
Make your apartment buying process easier with property experts!
Buying an apartment sounds easy, but it is not a walk in the park. You need to look after various legalities and comply with the set standards and rules. The local authorities will interfere, and you may end up feeling exhausted. The best way is to take a property expert on board and let them do the talking.
