North India Statesman
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Buying your own home is everyone’s biggest dream of life… and often the biggest and scariest investment. We get so excited after seeing the beautiful balcony, luxurious kitchen and sparkling floors that we forget to check the most important thing of that house, i.e. its ‘documents’ properly.
And this is where people invest their entire life’s earnings. A small mistake can turn your dream home into the biggest trouble.
You don’t need to be a lawyer or property expert. Just be a conscious buyer. Next time whenever you go to finalize a property, do not give even a single rupee advance to the builder or owner without seeing these 7 important documents.
These 7 papers are stronger than the foundation of the house:
1. Sale Deed or Deed: This is the real identity card of the property.
It is the most sacred document of any property. This is sure proof that the person selling the house to you is its real owner. Read it carefully, see whether the name of the old owner, address and complete details of the property are written correctly on it or not.
2. Mother Deed: Consider it as the ‘birth certificate of property’.
It tells the complete story not just of the current owner, but of all the owners of that property since its inception. It is like a chain. If any link of this chain is broken or missing, then understand that something is wrong. This shows how and when the ownership of the property changed.
3. Encumbrance Certificate (EC): This is the ‘character certificate of the property’
This document states that there is no loan, debt, or any legal dispute going on over the property you are purchasing. EC ensures that the property is free from all kinds of encumbrances. It is safest to get EC removed after 15-20 years.
4. Property Tax Receipts: The Most Ignored Paper
This sounds very trivial, but it is very important. Always ask for property tax receipts of the last 3-4 years from the previous owner. This ensures that there is no government debt on the property. If tax is not paid, this burden may fall on your head in future.
5. Building Approval Plan and Occupancy Certificate (OC): ‘Official Fitness Certificate of the House’
Has the builder built the house as per the government plan? Is the building safe and legal to live in? The Occupancy Certificate (OC) guarantees this. Living in a house without OC is illegal and such houses can also be demolished.
6. Account Certificate/Extract: Your name in the ‘Government Books of Accounts’
This document is issued by the municipality or local authority and is proof that the property is registered in government records and has an account number.
7. No Objection Certificate (NOC) from Society/RWA
If you are buying a house in a housing society, do not forget to take NOC from that society. This ensures that the old owner does not owe any maintenance or other dues to the society.
This paperwork may seem a bit boring and a headache, but believe me, these few papers will save your lifetime earnings from sinking. To avoid being cheated of lakhs, the most sensible step is to hire a good lawyer by paying a small fee.
