Some documents you need to verify carefully when you buy property Purchasing property from approved developers by bank Every bank has a ...
Some documents you need to verify carefully when you buy property
Purchasing property from approved developers by bank
Every bank has a list of certain approved developers. These are those developers whose credentials have been verified by the bank. The documentation is fairly simple in this case and includes:
1)Agreement to sell
2)Lien agreement in favour of
3)the bank
4)The schedule of payments
5)to be made
Purchasing freehold residential plot or house
The main documents to be verified in such cases are:
Copy of the sale deed through which the seller got his title to the property Copies of all earlier sale deeds - to verify the chain of past owners of the property Registration details of sale deed (which establishes title of the property to the purchaser) Agreement to sell the property. This always precedes the sale deed. Receipts of payments made by the purchaser to the seller Copy of the sale deed for registration purposes
Purchasing a flat in a group housing society from an original member of the society
In such a case, these documents need to be referred to:
Share certificate issued by the society Lease deed of society Registration details of the society Bye-laws of the society No objection certificate from the society Approved building plan Proper title of builder Undertaking from the society (in case the property is still under construction) Allocation letter Allotment letter Possession letter Receipts of payments made to authority Permission to mortgage Authorisation letter signed by seller Receipts of payments made by purchaser to seller Verification of signature of seller from his bank
Purchasing a flat in a group housing society from a power ofattorney holder, include these to the above:
General power of attorney Special power of attorney Will Agreement to sell the property These lists of documents may look long and cumbersome, but it always pays to be cautious. These do not constitute an exhaustive list. They are indicative
If seller is a power of attorney (POA) holder of a government development authority
Usually banks and financial institutions give loans only upto the first power of attorney holder due to attendant risks involved otherwise. However, in such a case, these documents need to be referred to:
Allocation letter by the authority Allotment letter by the authority Possession letter Receipts of payments made to authority Permission to mortgage Authorisation letter signed by the seller Receipts of payments made by purchaser to seller Verification of signature of seller from his bank General power of attorney Special power of attorney Will Agreement to sell the property
Purchasing property from approved developers by bank
Every bank has a list of certain approved developers. These are those developers whose credentials have been verified by the bank. The documentation is fairly simple in this case and includes:
1)Agreement to sell
2)Lien agreement in favour of
3)the bank
4)The schedule of payments
5)to be made
Purchasing freehold residential plot or house
The main documents to be verified in such cases are:
Copy of the sale deed through which the seller got his title to the property Copies of all earlier sale deeds - to verify the chain of past owners of the property Registration details of sale deed (which establishes title of the property to the purchaser) Agreement to sell the property. This always precedes the sale deed. Receipts of payments made by the purchaser to the seller Copy of the sale deed for registration purposes
Purchasing a flat in a group housing society from an original member of the society
In such a case, these documents need to be referred to:
Share certificate issued by the society Lease deed of society Registration details of the society Bye-laws of the society No objection certificate from the society Approved building plan Proper title of builder Undertaking from the society (in case the property is still under construction) Allocation letter Allotment letter Possession letter Receipts of payments made to authority Permission to mortgage Authorisation letter signed by seller Receipts of payments made by purchaser to seller Verification of signature of seller from his bank
Purchasing a flat in a group housing society from a power ofattorney holder, include these to the above:
General power of attorney Special power of attorney Will Agreement to sell the property These lists of documents may look long and cumbersome, but it always pays to be cautious. These do not constitute an exhaustive list. They are indicative
If seller is a power of attorney (POA) holder of a government development authority
Usually banks and financial institutions give loans only upto the first power of attorney holder due to attendant risks involved otherwise. However, in such a case, these documents need to be referred to:
Allocation letter by the authority Allotment letter by the authority Possession letter Receipts of payments made to authority Permission to mortgage Authorisation letter signed by the seller Receipts of payments made by purchaser to seller Verification of signature of seller from his bank General power of attorney Special power of attorney Will Agreement to sell the property
