All the documents you need before buying a resale property

Many homeowners opt to purchase resale company assets rather than under-production properties.

You’ll need a lot of cash and a few critical files before you go asset hunting. Here are a few essential business assets files that everyone should have before buying for collateral.

Deed of Sale

The sale deed is a sort of jail record that serves as documentation of a transaction and transfers ownership of items from the vendor to the consumer. The sale deed must be registered, and it is a requirement for each customer. Before signing the sale deed, it’s a good idea to check over the terms and conditions that the sellers and buyers could agree on.The buyer should also check to see if the property has a legal title. If there are any encumbrance costs on the property, the buyer is responsible for them, and they should be noted in the selling deed.

Plan for Construction

The Municipal authority or company must approve the building approval plan. The property owner must obtain an authorized officer’s approval for the proposal. The majority of authorities approve construction plans based on road width, zone categorization, plot depth, and floor area ratio. To get a construction approval plan, one must submit a certain set of paperwork to the owner. The title deed, PID number, assessment extract of property, and early sanctioned plans are among the documentation included in this plan. The property owner must hire a competent architect to design the full plan meeting.

Certificate of Encumbrance

An encumbrance certificate denotes the creation of ownership charges and responsibilities on a certain piece of property. It is retained as collateral for any house loan, and the EC is made up of different registered transactions that occur on the property over that period. It is a type of certificate that is required for a specific amount of time.

Receipt for taxes paid

Every structure is required to pay specific taxes to the government. Before purchasing a home, be sure that the owner has paid all of the taxes. You must obtain a tax-paid receipt to confirm this.

Attorney

The power of attorney (POA) is a legal document that allows the property owner to delegate powers to another person. One could provide the buyer a GPA or special power of attorney so that one’s property rights can be transferred to another person.

Duty on Stamps

Stamp duty is a type of sales tax levied by the government and must be paid in full at one time. This is a very necessary legal document to have when purchasing a new home.

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