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Property Document Check

Maintaining real estate asset documents is very essential. This is because in case you decide to sell the exact real estate asset, you would have to show all these papers to the prospective buyer. Also, they may be required for payment of real estate asset taxes, computation of taxable income, computation of capital gains, computation of wealth tax and so on. They are also required if you have to make a legal claim on the exact real estate asset. Documentation is one of the most essential and critical areas in the whole process of acquisition of real estate asset. They need careful analysis by a buyer. You should check the headline of the exact real estate asset and its mortgage status. A clear headline is also a precondition to get a loan from a bank, in selling the exact real estate asset.

Here are some major documentsthat you should ensure are in order and kept safely:

CONVEYANCE OF SALE DEED:

This is the papers through which the headline of real estate asset is communicated by the oseller to the purchaser. Conveyance action helps a buyer in determining whether the exact real estate asset suggested to buy connected to the owner or not.

PERMISSION FOR NON-AGRICULTURAL USE

In situation a area suggested to buy is an farming area and if you plan to develop it for residential or other use, it has to be transformed to non-agricultural area. To be able to do so, a non-agriculture purchase has to be obtained from the enthusiast of the region where the exact real estate asset is located. You also need the invoice evidencing the payment of nonagricultural tax. In case the transformation from farming use to non-agricultural use is not done within the predetermined interval, there should be the transaction from the power concerned increasing the interval.

PERMISSION FOR TRANSFER FROM SOCIETY:

A lawyer makes the look for review. This document is released after using a look for on the headline of the exact real estate asset, which is designed to be purchased. It declares whether the exact real estate asset is unencumbered, and has a clear and valuable headline. A look for review regarding is taken for a period of the last 30 years. A developer annexes a copy of this review with the contract to sell with the designed customer. It also declares whether there is an current mortgage, lawsuits, condition or claim, which is likely to affect the headline of the customer adversely.

7/ 12 EXTRACT

This extract is issued by the tahsildar or the land power concerned. It gives details of the exact real estate asset such as study number, location, area date from which current proprietor is authorized as proprietor etc.

INDEX II

This is from the office of Sub-registrar of Promises. It contains names of the sellers and buyers of property. You should check the title of the property and its mortgage status. A clear title is also a prerequisite to get a loan from a bank, in reselling the property.

YOU ALSO NEED TO MAINTAIN

• Share certificate issued by the society
• Allowance page from the authority
• Rental action of society
• Signing up details of the society
• Bye-laws of the society
• Accepted building plan
• Proper headlineof builder
• Permission to mortgage
• Undertaking from the society (in case the property is still under construction)
• Allotment letter
• Receipts of payments made to authorities
• Receipts of payments made to seller
• Power of attorney
• Will Agreement to sell the property
• Khata certificate
• Receipts of payments of property tax, electricity bills and water charges