Hello, Can you please advise on the list of documents required for buying an underconstruction resale property (original buyer is an investor)? The CRM at Mantri Webcity says only the Transfer Agreement (between the original assignor and assignees) will be provided and not the Sale and Construction Agreements. Regards, Pranay
1) The original sale deed between land owner and builder's.
2) Search report of that property regarding how many times sale deed took place for last 60-70 years. Is there any dispute or legal issues is currently going on.
3) Details report on whose name the property is.
4) For new buildings construction plan sanctions by Municipal Corporation, Town Planning permission, N.A. Plot permission and development agreement between onwer and builder's.
1)you need NOC from
Builder or society for purchase of flat
2) latest receipt of payment of property taxes bill
3) latest bill of society maintenance paid by seller
4) sale deed executed by builder in favour of original purchaser
5) original documents of title
6) OC issued by muncipal corporation
Noc and building plan municipal corporation
Original sale deed
Title search report
Joint developer agreement
Thank you Mr. Ganesh Kadam. Dear Mr. Ajay Sethi, The property is under construction and not registered yet. So it is one of those investor units the original buyer brought to sell at a premium later on. So property tax paid receipts, sale deeds, etc are not available. I am buying the unit through the builder (Mantri Developers Pvt Ltd) whose CRM says only the Transfer Agreement will be issued (which states the original assignor/ buyer is transferring all rights of the unit allocated to him to the assignee/ i.e.,me in this case). The Sale Deed will be issued in my name when the property is ready to occupy/ register (expected to be in August 2019).
Title deed, land records, development agreement, development power of attorney, tax receipts, rent receipts
1) obtain no dues certificate from the builder that there are no outstanding dues payable by the builder
2) obtain NOC for transfer from the builder
Dear Sir,
Usually property sold by reputed builders and their assignees deemed to have proper documentation. If you wish to purchase such property you have to purchase the same without second thought but there is a risk factor of 10% since it being sold by third party. Please think twice before investing since delivery date too far.
S.4 of the real estate act provides for the list of documents to be furnished by the promoter at the time of registration of real estate projects. You should obtain all such documents in addition to the written agreement for sale. It shall not be styled as transfer agreement and even if it is styled as transfer agreement, the context of such document should reflect the real essence of sale agreement.
The project should have been registered as it is ongoing in the real estate regulatory authority website.
Apart from the sale deed, other papers that are needed in the sub-registrar's office are a letter from the society giving details about the number of floors in the building, the construction year, the apartment's built-up area and the number of elevators, etc.
It is also crucial to check whether the seller is the true owner of the property. The buyer should seek clear ownership history if the property has changed hands multiple times. The registrar will establish the authenticity of these documents.
Ensure that the seller doesn't have any dues pending to the society or against the house which you may have to pay later.
Also required is an assessment bill to the society from the local civic body, a copy of the property card and a receipt for the payment of the registration fee.
The builder will not provide any documents to you.
The builder would have given all the documents tothe seller, you should demand all the documents from your vendor only and not from the builder.
You pay the token money and ask the owner to apply for the NOC.
Once the NOC is ready you need to sign the agreement to sell with seller to approach the bank for loan.
Generally owner will ask for the full prermium and 10-25% of the amount he has already paid to the builder to sign the NOC.
bank will sanction the loan as per the BSP and other charges in the BBA.
Take photocopies of the Allotment letter and payment receipts to the bank and get the loan sanctioned.
Along will NOC seller need to get the account statement from the builder.
Get the bank draft made in favor of seller after loan sanction, go to the Builder office with the transfer papers, submit the transfer papers to the builder after getting it signed from the seller, give the bank draft to the seller, take originals from the seller, get it transferred/endorsed those in my name from the builder