Property Knowledge: While buying property, make sure to check these 5 documents, without them you will not get ownership rights..

Property Knowledge: Everyone dreams of building their own house and for this, people work hard day and night to save every penny. This is such a dream that a person invests his entire savings to fulfill it. When this dream is about to become a reality, a long process of paperwork begins, in which a lot of documents and formalities have to be completed. (Property Documents)

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If you are taking a home loan, then there is a lot of paperwork from the bank and the administration. Many people have very little knowledge about property-related documents. But these documents present your claim on the property. Therefore, you must know about them before buying a house, building, or land.

Complete information is necessary before making a deal, especially in big things like buying a house. Taking legal advice is also beneficial in this. It is important to know about some important documents to buy a house-

Deed-

This piece of paper is the most important to buy a house. The original deed proves your ownership rights on the property. You have to go to the sub-registrar's office of the area where the property is located and get your property registered.

Occupancy Certificate-

The occupancy Certificate is an important document, which must be taken from the builder. If he does not give it, then the buyers have the right to take legal action against the developer. (occupancy certificate)

Possession Letter-

The developer issues a possession letter, which contains the date of possession of the property. Its original copy is necessary for a home loan. However, possession of property is not considered complete with just a possession letter; it is also mandatory to get an Occupancy Certificate (OC).

Mortgage-

A mortgage is a type of loan that the borrower uses to purchase or maintain a home or other forms of real estate. He agrees to pay it back over time. The property acts as collateral to secure the loan.

Mutation (Dakhil-Kharij)-

This document is used in the properties of the Gram Panchayat. It contains information about the previous owner. Although there is no need to provide the original document, if you buy property in areas under the Gram Panchayat, then it is mandatory to show it.

No Objection Certificate (NOC)-

Very few people would know that to build a project, the builder has to take 19 NOCs from different authorities. However, this number may vary in different cities. You can ask your developer for a copy of these NOCs to keep in your records.

Allotment letter-

An allotment letter is one of the most important documents to get a home loan. It is issued by the developer or Housing Authority. It contains details of the property and the amount of money the customer has paid to the builder.

Property tax receipts-

Homeowners have to pay taxes. Also, make sure that the previous owner has paid the property tax and there are no dues now. Property tax receipts also help in proving the legal status of the property.

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