People buy a resale property because it comes with several advantages like there is no activity delay, and it is ready-to-move-in acreage as able-bodied as there is no account tax or VAT burden. However, if you are affairs a resale acreage you should do alone afterwards all-important enquiries i.e. due diligence; for instance, you may analysis acceptance appellation annal and ensure that the property specifications accommodate to the claims.
Though there are assorted abstracts that are to be arrested like the builder-buyer acceding and aboriginal transaction receipts adjoin the installments paid, etc. actuality are 5 abstracts that you have to analysis afore affairs a resale property.
Five documents you must check
First thing first, you must ask for ‘Sale Deed’ as it’s the core legal documents that are proof of property sale and transfer of ownership between the seller and the buyer. Make sure that the Sale Deed is registered and when going for execution ensure that all the conditions between the seller and the client are complied with.
Second, you have to analysis ‘Mother Deed’ or ancestor certificate as it’s the certificate that traces and is affidavit of the agent or anterior affairs of the acreage from the beginning. Mother Deed consists of the change of affairs of the acreage via sale, gift, allotment or inheritance, etc. and the client knows the beforehand owners. If the aboriginal Mother Deed is missing, the client should access the certified copies from the registering authorities.
Third, if you are affairs a resale property, you have to access ‘Encumbrance Certificate’ or EC which denotes the accuse in the affairs or liabilities created on a acreage that is captivated adjoin a home accommodation as security. You can access EC appointment a archetype of the Auction Deed and bushing the Form 22 and affixing a non-judicial stamp to the jurisdictional sub-registrar’s office.
Fourth, you have to access ‘Occupancy Certificate’ if it’s a complete acreage which is accustomed alone afterwards the authorities backpack out an analysis on the acreage and works as a affidavit of actuality that the activity complete by the architect has met all the accustomed norms. Occupancy Certificate is aswell bare if you administer for a home loan.
Fifth, you should ask for ‘Possession Certificate’ which is mandatorily issued by the Architect or Developer to the original client and confirms able architecture and allows the owners to yield possession. Though it is issued alone to the original buyer, it passes through the consecutive buyers from the original buyer.