How to Apply to Buy a New Property in BangaloreMarch 7, 2019
Known as the garden city of India, Bangalore offers safety, a pleasant climate, and excellent education. The lakes and gardens all around Bangalore make it a perfect city to live in. If you are looking for properties for sale in Bangalore, check out residential projects by DLF Woodland Heights
From studios to luxury apartments, they offer a wide range of housing options. But before you buy, do verify all the property-related documents before investment.
Here is a list of documents that a property should have:
A sale deed is a document that acts as proof of sale and transfer of ownership of the property. A sale deed comes into play after a buyer and a seller reach an agreement. You need a sale deed to register a property.
Before making a sale deed, it is important to check that the property is free from creditors or any other parties. This is critical regardless of whether you are buying property at DLF Woodland Heights or elsewhere. It helps you avoid any possible legal trouble in the future.
In most cases, the seller clears all the statutory payments. These include property tax, water charges, and other charges before executing the sale deed.
A mother deed helps to trace the origin of the property. It is a core document for further sale of the property. It also acts as proof of ownership. Any change in ownership has to be traced with the help of a transfer document.
Keep in mind and scrutinize this before making any property related transaction. Each ownership of the property should be in a sequence. This deed should mention the seller as the current owner before you buy it.
Building approval plan
You will have to submit a building plan to construct anything new on the property. The Bangalore Development Authority (BDA) or Bangalore Metropolitan Region Development Authority (BMRDA) or Bangalore International Airport Area Planning Authority (BIAPPA) sanctions it. Without a building plan, construction of any building is illegal.
(for properties undergoing construction):
A commencement certificate (CC) is required before starting a new construction. The developer does this part, with the help of the local authorities. First, the developer submits the plan for the project to the municipal authority.
The authority checks if it is fit for doing any construction. This document proves that the project meets the criteria laid down by the authority. Without a CC, any construction is illegal. It can also attract penalties and even an eviction notice.
Power of attorney:
Power of attorney is a legal procedure that gives authority to a person to act on behalf of the property owner. For example, when you transfer your rights over your property, you need power of attorney.
There are two types of power of attorney: special power of attorney (SPA) and general power of attorney (GPA). Unlike GPA that gives broad authorisation to the agent or developer, in SPA, the power given to the developer is limited.
Receipts for property tax should be up-to-date. A khata is issued only when property taxes are paid. So, ask the seller to settle all the dues with the municipality before buying a property.
Verify all the details of the latest tax receipt and crosscheck the owner’s name and the taxpayer’s name. Make sure they are the same. Also, ensure that other bills such as the water bill, and electricity bill have been paid.
This certificate is an entry in the local municipality. It is mandatory for registering a new property or transfer of property. As mentioned earlier, a certificate can be obtained only if the taxes are paid. Like any other property document, this certificate also proves ownership of the property.
Completion certificate (already constructed property):
- This is another type of completion certificate that is obtained after finishing the construction. The municipal authorities provide it if the building meets their requirements. This document is important when you buy a property. Besides, it is also the key when you seek a home loan.
Today, you can get a home loan easily from most banks and non-banking financial companies (NBFCs). Do check and compare the interest rates across the lenders and pick the right one.
So, by now you know what to do to buy a property for sale in Bangalore. Ensure that all the documents are in place for a safe investment. DLF Woodland Heights has amenities such as swimming pool, jogging track, and banquets for residents. This makes it the ideal choice if you are looking to buy a place soon.