Real estate has always been one of the most popular investment options amongst people. As the value of real estate ideally goes up over time, and the cash flow from it is more predictable than most other investment options, purchasing a property in Ghaziabad, Noida, Delhi, or some other flourishing city would definitely be a prudent move for any investor. However, while investing in a property, it is important that people make sure that they have all the relevant documents in place to ensure the viability of the deal.
Here are some important documents people should have in place while purchasing a property:
· Sale Deed: This is an extremely important legal document that acts as a proof of sale of the property, as well as its transfer of ownership from the seller to the buyer. The sale deed of a property has to be mandatorily registered. Prior to the execution of the sale deed, the buyer should see to it that the property has a clear title, and the seller has settled various statuary payments like the electricity charges, water charges, property taxes, etc.
· Mother Deed: Also referred to as the parent deed, this legal document ideally traces down the antecedent or the original owner of the relevant property. This deed includes details and information regarding the changes in the ownership of the property over time, whether it is through sale, inheritance, gift, or partition. In case there is no mother deed for the property, the buyers must obtain the necessary certified copies from the appropriate authorities.
· Building Approval Plan: This document ideally is meant to certify that the relevant building layout is approved by the planning authorities in charge of it. These authorities generally sanction the approval plan for a building on the basis of plot depth, floor area ratio, road width, and zonal classification.
· Encumbrance Certificate: This document states and certified whether the property in question has any monetary or legal liabilities attached. Buyers can always obtain this certificate from the office of the appropriate registration authorities.
Having these documents in place when investing in a property in Ghaziabad, Noida, or any other city for that matter, is of extreme importance as these documents seal the credibility of the purchase.
