Apartment society: What are the main documents required to sell a property?
Property documents are one of the most important items which are required while selling a property. If you are planning to sell your property, you should be prepared to display all your property documents which will be initially scrutinised by the buyer before selecting the property. It is also very important that every buyer should demand for all the legal documents before finalising the deal.
Documents required:
Sale deed:
Property seller should have an original conveyance or sale deed while selling the property. The property seller should also register the original deed from the registrar and give out a copy of the conveyance deed and the sale deed along with a photocopy of the receipt from the sub-registrar. Giving a copy of this will trace the ownership of the property and in case there are few documents missing, the property seller can be alerted instantly. A property seller should also keep in mind that possessing clear documentation and title of the property will fetch him a higher price. If the property has been passed by the previous owner, it is mandatory that the current owner has the previous agreements with him.
The society documents:
It is mandatory that one has to seek the permission to transfer the property from a competent authority/society. The society documents signify the ownership of a person. Also the owner should produce the original stamped receipts of payments which have been made by the former sellers to the builder/development authority.
Share certificate:
It is important that a copy of the share certificate is issued by the society, as this denotes the membership of the owner within the society. A NOC should be produced from the CHS stating that the owner has every right and the society has no objection for the transfer of the share certificate. Another certificate stating that you have no outstanding payments to be made should be produced from the society. The property seller should fill and sign the society’s membership transfer form.
Sale agreement:
This agreement is made in order to denote the sale of a property and is a base document. After the complete documentation clearance, the buyer and the seller should sign an agreement stating the sale and confirmation of the property along with terms and conditions. The sale deed should be prepared and executed by preceding the sale. The sale deed should be prepared based on the agreement to sell. The agreement will be thus signed and executed by both the parties with the use of a non-judicial stamp paper which can be produced as legal evidence. This document also mentions the terms and conditions and the sellers intentions of selling away his property.
Sanction plan:
A sanction plan is another important document which is issued by the competent authority for the approved building plan and occupation certificate.
Encumbrance certificate:
This is a certificate which is used in property transactions and is an evidence of free title. This document helps a buyer to know that the property which he/she will be buying has no legal dues. A property buyer should ensure that the property he intends to invest in has clear and marketable title.
Letter of allotment:
This is a primary document which a seller should keep in order and this letter converses the allotment of the property to the buyer and is given by the relevant society or authority.
