Important Documents You Must Verify Before Buying a Property

Buying a residential property in Mumbai is often much more than investing in real estate. It is a significant financial decision that can impact you and your family’s future. It is the culmination of dreams and aspirations. First-time homebuyers face major concerns about verifying documents and builder permits and ensuring all the paperwork is in order. We at Blox help you navigate this maze by verifying all the licenses and documents online through tech tools.

But what are these documents that you need to look for and verify? Here is a guide –

Title documents: The key to a clean and legally established sale is verifying the documents that establish land ownership. These include the sale deed, the title deed, and the mother deed. Let us understand what each of these means.

• Sale Deed - The sale deed is a legal document that establishes the sale of the land on which the real estate company developed the property. It has information about the seller and the buyer, the plot's extent and address, etc.
• Title Deed - The title deed confers the ownership of the land to the developer and allows them to build on it. If the real estate developer has bought the land, the sale deed acts as the title deed. If they have inherited it or received it as a gift, there may be a gift deed or conveyance deed that you will need to look for and verify. Your real estate developer may have built the property based on a will or a power of attorney from the previous owner. In such cases, these need to be verified.
• Mother Deed - The Mother Deed shows the origin of the land or property and the chain of sale or succession across time till the current ownership.

Developer documents: To establish the developer's intent to sell you the property or to secure financing, you may require several documents.

• Allotment Letter - If you are investing in an under-construction property in Mumbai, the developer will issue you an allotment letter confirming the flat, dimensions, and details.
• Sale Agreement – The real estate developer will also provide you with a sale agreement. This is different from the sale deed. This document will clearly outline the details of the project and the terms of allotment, the payment plan and the possession date (for an under-construction property in Mumbai), the facilities and amenities to be provided and the cost of the common area, etc. This document is necessary for securing home loans to buy residential flats in Mumbai. 
• Khata extract, khata certificate, and building plan – The developer also needs to provide you with a Khata extract and a Khata certificate. The Khata certificate is given to the developer when they register the property and is necessary for receiving the building licence. It also helps in securing the electricity and water connections for the project. The Khata extract is an assessment of taxes for the project. The developer will also provide you with a detailed site plan for the project and the flat you plan to invest in.
• RERA Certificate – It is mandatory for Mumbai developers to register on the MahaRERA site and provide you with a certificate.

Other documents: When the sale is completed, the developer will also need to provide you with building plan approval documents, building permits, NOC, and an Encumbrance certificate. Upon completion of the project and during the apartment handover, you will receive the Completion certificate (for completed projects) and Possession certificate.

Most buyers, particularly first-time investors, find the document verification process overwhelming. Your dedicated Relationship Manager at Blox will smoothen the process with their expert guidance and with the help of online verification systems, making home buying a joyful experience.