Are you planning to purchase a property? 

Well, that’s great! But you have to prepare yourself for pertinent paperwork as the procedure involves acquiring as well as providing various documents (to the higher authorities and financial institutions like banks if you are going to take a home loan). The documents are necessary to ensure your ownership over the home or property)

The process of buying a residential property in Mohali is a long and tedious one. It involves legal documents, which need to be well prepared.

The following are some of the legal documents required for purchasing flats for sale in Mohali:

1. General Power Of Attorney

This document is mandatory to demonstrate that the sale or acquisition of a particular property is handled by an authorized representative acting on behalf of the owner. This must be produced in its original form to qualify for a house loan.

2. Copy Of Building Plan

To ensure that the property is being built lawfully and in line with established rules and regulations, a buyer must obtain a copy of the building plan that has been approved by the statutory body.

3. No-Objection Certificates (NOC)

When developing a housing complex, a developer may require to give up to 19 NOCs from several authorities. However, the number may vary depending on particular state regulations. It is recommended to request copies of  NOCs from your agent or developer and keep them for your records.

4. Sale & Purchase Agreement 

This is a formal contract between the vendor and purchaser that defines all aspects of the transaction, including price, who pays for closing costs, and any other terms that need to be covered in order to complete the sale process.

5. Origination Letter 

This is a letter from your lender or mortgage broker to the seller of your home informing them that you’re purchasing their property. It should include information about your down payment and closing costs as well as an estimate of how long it will take you to close on your new house (this could be several months). The originator also needs to include an offer letter that outlines terms such as interest rate and loan amount.

6. Credit Report 

You will need this report before applying for any type of loan in order to determine if you qualify financially for a mortgage or other types of credit cards.

7. Payment Receipts

If you are purchasing a new home, request the developer to give you the original payment receipts. Ask the seller to provide you with a copy of the invoices or receipts to the bank if you are purchasing a resale property.

8. Property Tax Receipts

It is paramount for the property owner to pay taxes. Make sure there are no outstanding property tax obligations from the previous occupier or owner. Property tax invoices are also helpful in demonstrating the property’s legal status.

The Bottom Line, 

There are a number of legal documents required to buy an apartment for sale in Chandigarh that needs to be prepared before you can finalize the purchase of your property. These documents usually include an agreement between the seller and buyer, as well as an inventory list and appraisal.