When you are looking for Flats in Mumbai, doing proper research and due diligence will ensure that your investment in the Property in Mumbai is safe and legally compliant. You need to check the following documents to ensure a safe investment in the property.
1. Title Deed Verification
The first is the Title Deed, which confirms the ownership of the property. You must make sure that the seller provides a clear and marketable title deed; there should be no disputes related to the ownership of the property. It is advised that you check the ownership for the past 20-30 years to avoid any future legal complications associated with the property.
2. Sale Agreement
It contains the payment terms, the payment schedule, the possession date and other specifications related to the property and penalties if any delays by any of the parties. It is important to carefully review these documents before purchasing a Flat in Mumbai.
3. RERA Registration
Under the RERA Act (Real Estate and Regulation) Act, all the resisdentials projects need to be registered under the act. You must check the RERA registration number and can verify it online on the RERA website to ensure the project is legally compliant as per the laws, and be safe from any fraudulent practices when investing in Property in Mumbai.
4. Occupancy Certificate (OC)
The occupancy certificate, or OC, is the document provided when the building is considered safe as per the layout for residential use; without this certificate, basic facilities like electricity or water supply are not provided.
5. Completion Certificate (CC)
The CC or completion certificate is provided by the municipal authorities of your local area. This certificate confirms that the building meets all the rules and regulations, and the construction is completed as per the approved layouts.
6. Encumbrance Certificate
An encumbrance certificate is the certificate provided by the sub registrar where the property is registered. This certificate confirms that the property is free from any financial or legal liabilities.
7. No Objection Certificates (NOCs)
Noc or the No objection certificates need to be taken from different authorities of various departments like the fire safety department, water supply and electricity department.
8. Property Tax Receipts
You must ensure that the property taxes and maintenance bills are cleared by the seller before completing the sale of the property; if anything is pending, it will become the liability of the buyer.
9. Society Share Certificate
If the property is in a cooperative housing society, you cannot miss this important document, the share certificate, which confirms the ownership of the property in a cooperative residential housing society and confirms transfer of ownership.
Also, read blog on Documents and Papers to Check Before Buying a Flat
Conclusion
Due diligence cannot be neglected when buying property. By properly checking all the documents, you can be confident when investing in Flatius in Mumbai without any legal obligations or financial risks. A verified property in Mumbai will give you peace of mind and secure your investment.
