Introduction
When it comes to buying or selling a property, it is essential to understand the significance of the original documents. These documents serve as the foundation of property ownership and provide crucial information about its legal status. In this blog, we will explore the original documents of a property, highlighting their importance and the role they play in real estate transactions.
Title Deed
The title deed is the most critical document that establishes ownership of a property. It is a legal document that contains detailed information about the property, including its boundaries, measurements, and rights associated with it. The title deed provides proof that the property is legally registered in the name of the owner.
Sale Deed/Purchase Agreement
The sale deed or purchase agreement is a contract between the buyer and the seller, documenting the transfer of ownership from one party to another. It outlines the terms and conditions of the sale, including the purchase price, payment terms, and any other specific agreements reached between the parties. The sale deed is executed after the full payment of the property and is registered with the relevant authorities.
Encumbrance Certificate
An encumbrance certificate is a vital document that verifies whether the property has any legal or financial liabilities, such as mortgages, loans, or pending litigation. It provides a clear picture of the property’s ownership history, ensuring that there are no legal claims or disputes that could impact the ownership rights.
Property Tax Receipts
Property tax receipts serve as evidence that the property taxes have been paid up to date. These receipts demonstrate compliance with local tax regulations and provide assurance to the buyer that there are no outstanding tax dues or penalties associated with the property.
Building Approvals and Completion Certificate
Building approvals and completion certificates are essential for properties that have undergone construction or renovation. These documents validate that the construction adheres to local building regulations and has been completed as per approved plans. They ensure that the property is legally constructed and safe for occupancy.
Conclusion
The original documents of property serve as the backbone of property ownership. Understanding their importance is crucial for both buyers and sellers, as they provide legal clarity and assurance. It is advisable to thoroughly examine these documents and seek legal assistance to ensure a smooth and transparent real estate transaction, safeguarding the interests of all parties involved.
