Query about Legal documents

Q: What all documents should be checked before buying a property and what all agreements should be signed at the time of giving the token amount and agreeing on the payment terms? Please help.

Gurmeet,

27th February 2013

Legal in Mumbai

documents for buying property

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While paying the token amount you should ensure that the following documents are in place: a receipt for the payment made, a sale agreement mentioning the token amount, a construction agreement mentioning the period, schedule and stages of construction. A four partite / tripartite agreement if you are going for a bank loan, the bank will have a checklist mentioning all these. Regarding the legal documents you should consult an advocate before you proceed. Because even though the basic documents are same, some papers vary from project to project. An approved project with a bank means the project has clear title.

Nitesh Patil, Pune

28th February 2013

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Checking the legal documents before buying a property is a must do. The documents that need to be checked are the title deed, prior title deed of last 15 years, no encumbrance certificate, tax receipts, approved plan and NOC for building construction, affidavits if any. Take the help of a good advocate to check all the documents are in place. If you are buying property from a builder check the previous track records of a builder to see if all the previous projects have been delivered on time. Also if a project is approved with bank, you need not worry about the legal documents. You can check the documents while signing the agreement as per the checklist of a bank

Uday kumar, Chennai

28th February 2013

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