Once you have chosen the house of your dreams, the next important step automatically is to finalize the deal and execute the legalities associated with property purchase. Whether you have chosen a 2BHK in Pune or a 3 BHK in any other city, the important legal documents are common to almost all property purchases in most Indian states. Say for instance, you have finalized one of the many 2 BHK flats for sale in Pune. The legal and financial documentation starts immediately after this stage.
As a lay person, you might not be aware of the exact nature of documents to ask for. In many cases you might not be know the right way to verify important details about the title, ownership, and marketability of the property. Here are some details that are not to be missed when you finalize your dream home in Pune:
Documents indicating the property title
Most disputes that arise during property dealings pertain to the title of the property. There is no doubt that the title of the property needs to be clear. A document referred to as a ‘title card’ bears the names and ownership status of the present owner, and all previous owners dating back 30 years. Hence, it is important to check at the outset if your chosen property is marketable. This document can be obtained on request and it needs to be prepared by a lawyer.
Knowing the title not only gives you a peaceful ownership experience, but is also important if you are thinking of availing a loan from a financial institution. Unless you have this document, you will not be disbursed a loan by banks and other financiers.
Allotment and development letters
Most buyers of a 2 BHK in Pune prefer to opt for property that is still under construction. This gives them enough time to arrange for finances and plan other aspects such as their jobs and their kids’ school before they shift. So, if you are purchasing property that is under construction, a vital document to ask for would be the allotment letter.
This letter states that you have been duly allotted the property in question. It is also a record of details such as the area allotted to you and the floor plan, the total cost and installments for the same, date of possession, and action to be taken in case of delays, and so on.
If the land, on which property is being developed, was not originally owned by the developer, then you also need to ask for a copy of the development agreement. This is an agreement between the original owner and the builder to construct residential or commercial property.
Sale deed, and stamp duty
This is an important document when purchasing 2 BHK flats for sale in Pune, or any other property. The sale deed is a mandatory document that records the agreement between the seller and buyer. It also states the stamp duty paid on the property (the stamp duty is a certain percentage of the total price of your property that is paid to the government).
Thus, whether you are buying a 2 BHK in Pune or other property, these basic documents are a must-have.
Buying a 2 BHK in Pune – The Legal Documents