When you buy a home in a reputed housing project like the HRH City Vasant Valley, then you can be quite sure that all the legal documents are in perfect order. However, it is your duty to check every single legal document about that property so that everything is above board and you don’t face any issues later on. In this article, we have shared with you some of the documents that you have to check when you are buying a property, even if it is built by a reputed builder like the advitya homes Faridabad.
The sales deed
The sales deed is one of the most important legal documents about the sale of any real estate. It proves that there was a financial transaction for the acquisition of a property between two parties. It also mentions all the terms of the sale. The sales deed is completed before you enter into the sales agreement.
The name of this document suggests it includes the name of the person who owns the property. If you want to get a loan from the bank against your property, then you will need this legal document. As it establishes your ownership over the property against which you are taking the loan.
Sales and purchase agreement
In this agreement, the buyer and seller agree on a range of terms and conditions. One such as about negotiating the market value of the apartment. Both the buyer and seller have to agree on the price of the apartment for which this agreement is signed.
The developer must approve the building plan from the appropriate authority before he/she can even begin the construction. The approval of the building plan is one under the building bylaws, Master plan as well as the local body act that has jurisdiction over that area. If you fail to verify whether the builder has built the apartment according to the plan approved, then you may fall foul of the law after you get ownership of the flat.
Letter of possession
When you are buying or selling an apartment, you will need a possession letter from the developer of the property. This letter has the name of the builder and it is provided once the completion certificate has been obtained.
This legal document certifies that relevant authorities have examined the construction project upon completion and have found that it complies with all the rules and laws that are enacted by the local municipal corporation. A completion certificate is only given when utility services such as electricity, drainage, and water are provided for.
These are just some of the important legal documents which you should check before you take possession of the property that you have bought.