7 documents are required to buy your first apartment

Buy your first apartment and As a first apartment buyer, what’s the level of delight you are experiencing? Boundless, right? No hindrance in the journey, hopefully?

What? Feeling confused over the paperwork? Issues like-

• which document is needed for realtor?

• Any additional documents required to access all the facilities in the apartment complex?

going across your mind? Then waste no more minutes and engage in crisp guideline highlighting

Buy your first Apartment: The 7 Essentials For First Home Buy:

The Sale Deed

The foundation of the building needs to be right to cherish own home within it.

Just like that, it turns necessary for you to take the first step correctly in the aspect of property paperwork.

And the Sale Deed is that first correct step.

This document legally seals the sale & transfer of the ownership rights from the real estate company to the first apartment buyer. Also known as the Mother deed, it is the primary paper, the firm should prepare & offer the buyer.

A Sale Deed contains the significant details of-

• Price of the property as mutually settled between the realtor & client

• Every relevant term & condition

• legally-required payments over water, maintenance, electricity etc. – as will be agreed between you & the developer house

Make sure to register the Sale Deed at the office of Sub Registrar of the locality you are buying the home.

And within 4 months from the date you receive the Deed. Since past this time the document turns nullified – if not registered.

Sale Deed takes the prime role when, in future, you think of selling the property.

Allotment Letter for Buy your first apartment

If you have booked any under-construction flat from the top real estate company in Kolkata , the Allotment Letter turns one must paper to get from the organization.

It documents important details of:

Detailed house plan & special preferences of client, like a balcony or any partition
The entire construction timetable & hand-over date
Ways of payment available at the developing house & all the additional charges required to access the amenities of housing society
The down payment you need to make to the seller

The Allotment Letter emerges key in your interaction with a bank regarding what is first home buyer loan.

It is on viewing the mentioned amount of down payment in the document that the bank proceeds in approving your loan.

Moreover, the letter lawfully empowers

Pay 15% of the total property value to gain the Allotment Letter from your realtor without any hassle.

The ‘Khata’ Certificate

Another important document to have for:

• Making the home loan quicker

• Making the transfer of ownership rights full-proof

• Paying property taxes

• And applying for water & electricity connections.

The ‘Khata’ Certificate is issued by the Assistant Revenue Officer, under wh Once you register the Sale Deed & pay the necessary registration fees.

This definite property ownership paperwork enacts as an identification badge of your property, claiming that –

• It enjoys approval from every relevant government body

• Construction is at par with each building law & bylaws

‘Khata’ Certificate also enlists the necessary data such as:

• Exact size & location of your home

• Details about the built-up area & total carpet area

• Property Tax Identification Number – required to understand & pay the Annual Rental Value on your home

• An assessment of your estimated property tax in future

In contemporary times, a digital version that is E Khata also stays available for those wishing to pay property tax online.

Sale Agreement of Buy your first apartment

Essential to keep the total transaction process between you & the developer house documented. A Sale Agreement particularly highlights –

• The finally negotiated apartment price

• Accurate & complete break-down of the payment (including the EMIs) plan the buyer needs to fulfill

• Obligation of the builder to execute construction as per the blue-print shown to you

The document stays imperative for applying for a home loan.

No-Due Certificate for Buy your first apartment

This definite paper emerges significant when a first apartment buyer purchases an apartment in an already existing housing society.

It is a letter of confirmation

Sometimes, bank may ask you to produce a No-Due Certificate for approving the loan.

So get talking with the society secretary. Better safe than worry, right?

Stamp Duty Receipt for buy your first apartment

Do not lose this receipt, which validates –

• Your property-related registration process

• And will help to resolve any future tax or legal complications

Also ensure to maintain every single payment receipt you are receiving from the real estate firm– since bank will ask for copies of these as proofs of you actually paying the company.

Occupancy or Completion Certificate

One highly essential real property paperwork for each first apartment buyer. This is a testimony:

• municipal or corporation body

• End-to-end of construction is in accordance to Government Buildings Act, 1899 & maintains every safety protocol as laid down by the State Government

As a ground rule, get the Occupancy Certificate from the builder – since it establishes your ownership over the apartment.

Moreover, only after giving you this document can a developing house issue the Possession Letter.

And though the Possession Letter is important for bank loan,

Remember, without the Certificate, the Possession Letter retains no value.

Also Make Sure for buy your first apartment

Have copies of the Building Plan & Layout Approval if you are purchasing a flat in a completely new housing society

Gain respective No-Objection Certificates from the developing house showing clearances from the Environment, Fire, Airport authorities

As a client-voted top real estate company of Kolkata, vinayak realtech prides to maintain the most transparent & friendly property registration process.

And we are just a call away!