Buying an under-construction property in India involves a lot of paperwork and legal documentation that must be carefully verified before making a purchase. Here are some of the key legal documents that should be checked:
Title Deed: The Title Deed is the most important legal document that establishes the ownership of the property. It is essential to verify that the title is clear and marketable, meaning that there are no encumbrances or legal disputes associated with the property.
Approved Building Plan: It is important to verify that the building plan has been approved by the local authorities, and that the construction is being carried out in compliance with the approved plan.
Commencement Certificate: The Commencement Certificate is a document issued by the local authorities that allows the builder to begin construction. It is important to ensure that the builder has obtained this certificate before starting the construction work.
Sale Agreement: The Sale Agreement is a legally binding contract between the buyer and the builder that outlines the terms and conditions of the sale. It is important to carefully review this document to ensure that all the terms and conditions are fair and reasonable.
Occupancy Certificate: The Occupancy Certificate is issued by the local authorities after the construction is completed and the property is deemed fit for occupation. It is important to ensure that the builder has obtained this certificate before handing over possession of the property.
Encumbrance Certificate: The Encumbrance Certificate is a document that shows any outstanding dues or charges against the property. It is important to verify that the property is free from any encumbrances before making a purchase.
Verifying these legal documents can help ensure that the buyer is making a sound investment and minimize the risk of any legal disputes in the future. It is advisable to consult a lawyer or a real estate expert to help with the verification process.
