Real estate is an industry that involves a high-priced product like property and that demands a lot of security from the buyer and the seller end. To regulate the process of buying a home, there is a layered procedure made by the government that includes some of the legal documents which need to be worked on to get ownership of a property.
Some of the documents required for buying an apartment in Mumbai are mentioned below:
A Sales deed doc:
The sales deed is a legal document that you get once you have completed the transaction of buying a property. This is one of the most important documents when buying a home, as it acts as a sale proof and ownership transfer of the property. A sales deed is a registered legal document that needs a thorough read and a study of the terms and conditions.
Completion certificate & occupancy certificate
There are new projects in Mumbai being developed every day and whenever any project is in the making, there is a completion certificate and an occupancy certificate issued for it. The completion certificate determines that the construction of the project is done, and the occupancy certificate determines that the project is ready to be occupied.
Site/building plan:
The building plan is a legal document that is to be issued by developers in Mumbai when making projects. This document needs to be verified before you make any investment in the property. The site/building plan is always approved by the local municipal authority. This contains the blueprint of the entire project. The approved document is proof that the construction happened in accordance, and you can then invest in it.
Encumbrance certificate:
The encumbrance certificate is a vital document to verify the property not having any dues left. This certificate is proof that the property you are going to invest in has no legal or fund-related liabilities and that you can safely move into your new home without any obligations.
Mutation certificate:
There are always taxation's attached to any transactions made, which can be checked by the records of your account in the government database. The mutation certificate is that legal document that identifies you with respect to your government records which determines if you are liable for any taxation over your investments.
In conclusion, real estate buying is one of the most complicated processes there, mainly because the verification of such heavy funds requires a lot of attention and evidence. Make sure you are aware of the documents involved in this industry before making any deals.
