Home Buying Essentials

Owning a property is an important thing in ones life

. However, one needs to be careful while buying land/house to avoid falling into legal hassles. The legal status of the land is one of the first issues that you should consider before confirming a property. Don't give any advance before getting confirmation about the legal status of the property. The process of buying a property is a long one and it involves a number of certificates and documents like Khata, occupancy certificate, possession certificate and so on.

Khata:

The term Khata literally means an account. And this Khata is an account of a person who has property in the city.A BBMP Khata certificate is needed for registration of a new property and for transfer of any property. It can be obtained from the Assistant Revenue officer (of the respective area) of the BBMP. This certificate is necessary for any property owner.

Khata Certificate is obtained for any new registration. This certificate is necessary to apply for water connection, electricity, trade license and building license. The Khata certificate is given only to the owner of the property or to his family members. It takes maximum of One week to get the certificate.

Khata Extract is required to get trade license, or to buy a particular property. It is an extract from the assessment register about any particular property. It has the details of the property in a particular format. An extract is the only way to get the details of any property.

Encumbrance Certificate:

Encumbrance Certificate is provided by the registration office. This is the certificate to show that there are no loans or mortgages on the said property. Buyers ask for this certificate when a new transfer is taking place, so that the buyer knows what all transactions have happened.

The encumbrance certificate is to confirm that the property is still in the name of the person who is selling it. This certificate can be obtained in maximum 10 days time.

Occupancy Certificate:

Occupancy Certificate is a very important document. This is given by the engineering department of the BBMP. It evidences the completion of the building as per the approved plan and compliance of local laws. Without the occupancy certificate, it is difficult to get the water and sanitary connection. Financial institutions insist on occupancy certificate to sanction loans.

The occupancy certificate is obtained at the end of the construction. This certificate is mandatory for any builder before he allows people to take possession of the property. This certificate was made compulsory by the BBMP to ensure proper construction in the city.

Possession Certificate:

This certificate is issued by the BDA at the time of allotment of the site. Thus a possession certificate becomes the first thing one need to get in any property deal. The BDA issues this to all the layouts approved by the BDA. BDA is the allotting authority. After the Possession Certificate is obtained a sale deed or a title deed is signed.

Sale Deed:

Sale Deed is a crucial document as it proves the purchaser has become the owner of a property after buying it. The sub-registrar obtains the sale deed from the parties involved in the transaction and releases it to the new owner.

Agreement of Sale:

This is an agreement signed between seller and buyer. This is a written contract specifying the terms under which the buyer agrees to buy particular real estate and the seller agrees to sell it.This agreement has to be signed before the sale deed. Once the sale deed is registered the buyer becomes the property owner.

by: JeniRelo

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