Selling your property? What documents you need to have in order?
These are the documents you need to have in order:
- Letter of allotment
The letter that confers allotment of the property to you from the
relevant society or authority is a primary document you need to have in
order.
- Sale deed
The original conveyance or sale deed from the previous owners of the
property is needed. If you have lodged the original deed for
registration with the registrar, you need to provide a copy of the
conveyance deed or sale deed along with a photocopy of the receipt from
the sub registrar where the documents have been lodged for registration.
This traces the ownership of the property. Missing documents in this
chain can raise a red flag. A property with clear documentation and
title commands a higher price in the market. The chain of previous
agreements with past owners in original with original receipts of
registration or the original letter of allotment issued to the first
owner by the development authority is important.
- Sanctioned plan
A copy of the approved building plan and occupation certificate issued by the competent authority is another relevant document.
- Society documents
Permission to transfer the property has to be obtained from a competent
authority ,development authority or society signifying your ownership.
Original stamped receipts of payments made by the previous and present
sellers to the builder or the development authority has to be made
available.
A copy of the share certificate issued by the society in your favor
indicating your membership in the society is a relevant document. A NOC
from the CHS certifying that the society has no objection to
transferring the share certificate in favour of the potential purchaser
is needed if applicable.
You also need to produce a certificate from the society certifying that
you have no outstanding payments to the society . The society's
membership transfer form for transfer of ownership needs to be filled
and signed.
- Encumbrance certificate
The encumbrance certificate is used in property transactions as an
evidence of free title. When buying an apartment, land or house, it is
important to confirm that the land or property does not have any legal
dues. A prospective home buyer must ensure that the property he intends
to purchase has a clear and marketable title.
- Sale agreement
Once the documentation is cleared, the parties can then enter into an
agreement to sell and confirm the terms and conditions. After this, they
can start preparing the sale deed. Agreement to sell precedes execution
of a sale deed. The subsequent sale deed is based on the agreement to
sell.
This agreement is also signed and executed by the seller and buyer on a
non-judicial stamp paper. As such, it has legal value and can be
produced as evidence .
An agreement to sell is a base document on which the sale deed is
drafted. Every document of transfer of property by sale is preceded by
an agreement to sell. It spells out in clear-cut terms the conditions
under which the seller is intending to sell the property and the terms
and conditions under which the buyer is intending to purchase it.
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