Documentation for Resale Property
Documentation is extensive for a resale property as compared to a new one. The previous agreement, known as the ‘link agreement’ is required along with registration and stamp duty receipt.
The allotment letter which the seller may not have if he has purchased the house on a loan is also required. This could make things difficult, especially if you (the buyer) plan to purchase the house on home loan.
If the resale flat is being purchased in a registered co-operative society, look for the following list of documents:
- Original share certificate of the Society.
- Allotment letter from the society in your name.
- Copy of the lease deed, if executed.
- Certificate of the registration of the society.
- Copy of the byelaws of the society.
- No-objection certificate (NOC) from the society.
- 7/12 extract or property register card in the society’s name.
- Copy of N.A permission for the land from the collector.
- Search and title report (with the details of documents) for the last 30 years.
- Copy of order under the Urban Land ceiling Act.
- Copy of the building plans sanctioned by the competent authority.
- Commencement certificate granted by Corporation/Nagar Palika.
The latest receipts of taxes paid.
- Original Agreement to assign/Deed of assignment.
Besides these documents mentioned above, there is more to be done.
Once the buyer gets the documents relating to the house checked by his lawyer, he may decide to proceed with the transaction. If you are the seller, be ready with what is known as a ‘No Objection Certificate’ (NOC).
The NOC is indicates to the buyer that the concerned society has no objection to transfer the share certificate in favour of the intended buyer and admits the concerned person/persons as member/s of the society.
It also mentions that the seller has no default/outstanding payments to be made to the society as of date.
It is after obtaining this certificate that the process of agreement for sale begins.
It is also necessary to check the latest payment receipt made by the seller to the society for the out goings to ascertain and ascertain if the seller has paid all the dues to the society.
As a buyer of the concerned property, you should ask for a copy of the last electricity bill paid by the seller. Make sure that the agreement has a mention of the fact that the said property is not mortgaged to anyone. If it is mortgaged (say, to a bank) on or before the date of execution of the sale/conveyance deed, make sure that the agreement mentions that the mortgage account is clear.
As a buyer, make sure that the society’s transfer forms, etc for transfer of ownership are duly filled and signed by the seller and purchaser and should be submitted to the concerned Society.
Documents may slightly vary if the house is located in the following:
- Society has not been registered.
- Originally allotted by a development authority.
- Check for the following documents in the above cases:
- Previous chain of agreements with past owners in original with original receipt of registration (if any).
- Original letter of allotment issued to the first owner by the development authority.
- In case the latest agreement is pending the registration, obtain the original receipt issued by the sub-registrar acknowledging the pending registration needs to be taken along with a certified true copy of that agreement.
- Original stamped receipts of payments issued to the previous and present owners by the builder/development authority/society.
- Transfer permission from the respective authority (development authority/society)
- Copy of the approved plan and ‘Occupation Certificate’ (OC) issued by a competent authority like the Municipal Corporation, specifying the user permission of the premises.
However, there may be certain additional requirements. As a buyer, it is advisable to consult a lawyer for legal opinion regarding the documents.