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6 Important documents to check before buying a resale apartment

Buying a property, is not only buying a dream home but also your investment for life.

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6 Important documents to check before buying a resale apartment

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  1. Buy, Sell &Lease 6 Important documents to check before buying a resale apartment

  2. Buying a resale property has always proven to be advantageous from choosing a strategic location to acquiring finer properties at better prices. Although a resale apartment may be old, it is a good investment option owing to the low availability or supply of new properties in the area. 

  3. Documents required buy a resale apartment Sale Deed Mother Deed Encumbrance Certificate (EC) Khata Certificate and Khata Extract Occupancy Certificate (for a constructed property) Possession Certificate (PC)

  4. Sale Deed One of the core legal documents that evidence the proof of property sale and transfer of ownership between the seller and the buyer is the Sale Deed. It is important that a Sale Deed should be registered and before it is executed, one should execute a ‘sale agreement’ and should ensure that all the conditions between the seller and the buyer are complied with.

  5. Mother Deed Mother Deed is the second most important document that traces and evidences the origin/antecedent ownership of the property from the beginning, in case the property has changed various hands. Mother Deed also helps in smooth selling of the property by establishing the current ownership. 

  6. Encumbrance Certificate (EC) Encumbrance means charges in the ownership or liabilities created on a property that is held against a home loan as security. An EC consists of all the registered transactions done on the property during the period for which the EC is sought. Simply put, it is a certificate sought for a particular period evidencing the property purchase/sale, the presence of any transaction or mortgage. One should submit a copy of the Sale Deed to obtain an EC.

  7. Khata Certificate and Khata Extract Khata is derived from the word ‘account’. It is an account of a person owning a property. It typically consists of KhataCertificate and Khata Extract. A Khata Certificate is mandatorily required for the registration of a new property and the transfer of a property. Khata Extract is nothing but obtaining the property details from the assessment registrar. It is needed while property buying and acquiring trade license.

  8. Occupancy Certificate When the builder applies for this Certificate, an inspection is carried out by the authorities to ensure that the construction meets all the specified norms. This certificate is obtained after the completion of the construction. It is important at the time of buying a property, seeking a home loan, before the builder allows people to take possession of the property and, for the transfer of Khata. Basically, it certifies that the project is ready for occupancy.

  9. Possession Certificate (PC) A Possession Certificate has to be mandatorily issued by the Builder / Developer to the first owner. A PC confirms proper construction and allows people to take possession of the property. This document is not reissued at the time of resale; however, it is passed on to the successive owner.

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