How to drill for a perfect property?

Knowing these factors will never lead you to disappointment (When buying a property deal)

Documents you should have! If you have a plan to buy your dream home, almost every bank will provide loans. But when you plan to buy a property, what documents do you need to bring with you?

Money9 provides you with detailed information about the nine essential documents when buying a property. Sell a house or property. It establishes the transfer of ownership from the seller to the buyer. All terms and conditions agreed upon by the buyer and seller are written in signatures, photos, and even thumbprints. Provide a sales contract to the bank. 

Mother deed: When a buyer wishes to obtain a loan from a bank or other financial institution, the mother’s contract is another important document required by the bank. The file tracks the ownership history of the property. Documents prepared before the sale of the property. It contains a detailed description of the property and determines the terms and conditions between the buyer and the seller, including the agreed purchase price.

Building Approval Plan: This document establishes the necessary sanctions based on building regulations, master plans, and local entity laws. This includes two things: construction plan and design approval. Details of the property are listed here. 

The bank or financial institution needs these details. It is mandatory. The document is drafted by the builder. It represents the date the buyer owns the house, made in the name of the builder, and created after receiving the completion certificate. It is not proof of property ownership.

Proof of completion or proof of occupancy This is very important for buying an apartment in a recently constructed building. This also applies to the purchase of an apartment sold by the previous owner. This document mentions whether the building passed inspection after completion. Confirm that the building complies with all laws enacted by local authorities and is essential for the use of basic services such as drinking water, electricity, and sewer connections. Do not buy a new apartment without these documents, as this may be considered illegal.

Alien certificate: is a guarantee that the property does not bear any legal or monetary liabilities, such as mortgages or pending loans.

Khata certificatE This is an income document that contains detailed information about the house, such as size, address, etc. This is a form of identification and may be necessary to obtain a home loan. Connecting water and electricity supplies are also necessary. 

Transfer Letter If you plan to book a house that is still under construction, this is a crucial acquisition. It includes all the required details about the payment of the property. It also includes the cost of additional services. The bank may require it when applying for a housing loan.