Purchasing a luxury apartment in India is a significant investment, and it's crucial to undertake thorough due diligence to ensure your investment is secure. Here are the key documents you should review before making a luxury apartment purchase in India:
Title Deed (Sale Deed):
This is one of the most critical documents to check. It proves the seller's ownership of the property. Ensure that the seller has clear and marketable title rights. Cross-verify the details mentioned in the deed with the property's actual status and ownership history.
Mother Deed:
The Mother Deed is the chain of documents that establish the property's ownership from its origin. Review this document to trace the property's ownership history. It should be continuous and unbroken.
Encumbrance Certificate:
This certificate confirms that the property is free from any legal dues or mortgages. It's essential to check for any encumbrances or liabilities on the property.
Property Tax Receipts:
Verify that the seller has paid all property taxes up to the date of purchase. Outstanding property taxes can become your responsibility after the purchase.
Approved Building Plan:
Check if the luxury apartment building has received proper approval from the local municipal authority or the relevant government body. Ensure it complies with all local construction regulations and zoning laws.
Occupancy Certificate (OC):
The OC is issued by the municipal authorities, indicating that the building is safe for occupancy. Without this certificate, you might face issues with utilities and legal occupancy.
Completion Certificate:
This certificate is issued after the construction is completed, and it confirms that the building adheres to the approved plan and is ready for occupation.
Sale Agreement:
Review the sale agreement to understand the terms and conditions of the sale, including the sale price, payment schedule, possession date, and penalties for delay.
Allotment Letter:
If you're purchasing an apartment in an under-construction project, the builder will provide an allotment letter, confirming the unit's allocation to you.
No Objection Certificate (NOC):
Check if the builder has obtained NOCs from various authorities, including environmental clearances, water supply, electricity supply, and fire department, if applicable.
Society Bye-Laws:
If the apartment is in a cooperative housing society, review the society's bye-laws to understand the rules and regulations governing the society.
Maintenance and Common Area Charges:
Get clarity on the maintenance charges, parking charges, and other common area charges that you'll need to pay as a resident.
Builder-Buyer Agreement:
If you're purchasing from a builder, carefully review the builder-buyer agreement. Ensure it includes all promises made by the builder, including amenities and construction quality.
Completion Schedule:
For under-construction projects, review the builder's completion schedule to understand when you can expect possession of your apartment.
Payment Receipts:
Keep copies of all payment receipts made to the seller or builder. These receipts serve as evidence of your financial transactions.
Legal Due Diligence:
Consider hiring a legal expert or property lawyer to conduct a thorough legal due diligence of the property. They can help identify any legal issues that might not be apparent during a personal review.
RERA Registration:
For projects under the Real Estate (Regulation and Development) Act, 2016, verify the builder's RERA registration and project details on the RERA website. This ensures transparency and compliance with the law.
Home Loan Approval:
If you're taking a home loan, ensure that your loan is approved by a reputed financial institution. The bank will conduct its due diligence before approving the loan, which provides an additional layer of security.
Local Land Records:
Check the local land records to verify the property's ownership and history independently. This can be done through the local municipal office or online land record portals.
Physical Inspection:
Lastly, physically inspect the luxury apartment to ensure it matches the specifications and amenities promised by the seller or builder.
Remember that purchasing a luxury apartment is a significant financial decision, and due diligence is your best protection against potential risks and disputes. Consulting with legal and real estate experts can provide you with additional peace of mind and confidence in your investment.
Purchasing a luxury apartment is not just about acquiring a property; it's about securing your future and ensuring a life of comfort, opulence, and serenity. At 360 Life Enlightened Living, we understand the gravity of this decision, and our mission is to provide you with the pinnacle of luxurious living while offering you complete peace of mind through transparent and meticulously verified documentation.
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