Pre-Purchase Verification
Know Your Property (KYP)
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Building Approval Verification
Pre-Purchase Verification
Building Approval Verification
In this process we independently verify the Buildings Municipal Application File to check for certain important documents to ascertain the authenticity of the Building and thus the Flat/Property under consideration. Here also there are Two Situations.
- The project is supposedly Complete.
- The project is under construction.
1.Completed Project
Documents To Be Verified
- P.R.Card in name of Society
- EE TC Final NOC
- CFO Final NOC
- SWM Final NOC
- SWD Final NOC
- S.G. Final NOC
- S.P. Final NOC
- H.E. Final NOC
- Survey Remarks
- Civil Aviation Final NOC
- Pest Control Final NOC
- MTNL Final NOC
- Reliance Energy Final NOC
- MOEF Final NOC
- Occupation Certificate
- Building Completion Certificate
2. Under Construction Projects
Documents To Be Verified
- P.R.Card
- D.P.Remarks
- T.P.Remarks
- R.L.Remarks
- EE TC NOC
- CFO NOC
- SWM NOC
- SWD NOC
- S.G. NOC
- S.P.NOC
- Remarks from Dy Che. (RSD)
- Water Works Remarks
- H.E. NOC
- Remarks from A.A & C
- Survey Remarks
- Site Elevation Remarks
- Spot Level Remarks
- Civil Aviation NOC
- Pest Control NOC>
- SWM Excavation Permission
- Debris Removal Permission
- Debris Management Plan
- Collectors NOC
- MTNL NOC
- Reliance Energy NOC
- Status of Road
- Rain Water Harvesting Plan
- MOEF NOC
- Design of Road Crust
- Concession Remarks
- I.O.D.
- Plinth C.C.
- Plinth Completion Certificate
- Further C.C.
- Further C.C. compliances(1-29)
- Full C.C. compliances(1-29)
- Occupation Certificate
- Building Completion Certificate
RERA Verification
Pre-Purchase Verification
RERA Verification
In this process we independently verify the Buildings RERA Application File to check for certain important documents to ascertain the authenticity of the Building and thus the Flat/Property under consideration. Here also there are Two Situations.
- The project is supposedly Complete.
- The project is under construction.
1. Completed Project
Documents To Be Verified
- Project Details
- Promoter / Land Owner / Investor Details
- Litigation Details
- FSI Details
- Detailed Verification specific to floor plan of Flat under Consideration
- Bank Details
- Development Work Completion Status
- Building Details
- Individual Work with Completion Status %
- Project Professional Information and Verification
- Uploaded Project Document verification with Municipal Document Verification for close to 60 Departments and Stage Vise Municipal Approval Permissions
- Sample Agreement Verification
- Society Formation and Inclusion Conditions
Link to Download 1-13
2. On Going Project
Documents To Be Verified
- Project Details
- Promoter / Land Owner / Investor Details
- Litigation Details
- FSI Details
- Detailed Verification specific to floor plan of Flat under Consideration
- Bank Details
- Development Work Completion Status
- Building Details
- Individual Work with Completion Status %
- Project Professional Information and Verification
- Uploaded Project Document verification with Municipal Document Verification for close to 60 Departments and Stage Vise Municipal Approval Permissions
- Sample Agreement Verification
- Society Formation and Inclusion Conditions
Physical Site Verification
Pre-Purchase Verification
Physical Site Verification
In this process we independently verify the Site Physically to check for the physical properties of the Flat. Here also there are Two Situations.
- The project is supposedly Complete.
- The project is under construction.
1. Completed Project
SITE VERIFICATION CRITERIAS
- Carpet Area Verification
- Floor Height Verification
- Internal Amenities Verification
- Internal Finishes Verification
- Q/C for internal Finishes
- Project Amenities Verification
- Parking Allotment Verification
- Fire Safety Checks
2. Under Construction Project
SITE VERIFICATION CRITERIAS
- Carpet Area Verification
- Floor Height Verification
- Internal Amenities Verification
- Internal Finishes Verification
- Q/C for internal Finishes
- Project Amenities Verification
- Parking Allotment Verification
- Fire Safety Checks
Agreement Verification
Pre-Purchase Verification
Agreement Verification
Agreement Verification is a very important step in the successful culmination of any property purchase. Our Legal team will independently verify the Agreement for sale and will study it for important Criteria's enumerated below. Here also there are Two Situations.
- The project is supposedly Complete.
- The project is under construction.
1. Completed Project
AGREEMENT VERIFICATION CRITERIAS
- Title Clearance
- Property Details
- Developer / Promoter Details
- Carpet Area Verification
- Floor Location Verification
- Internal Finishes Verification
- Internal Amenity Verification
- Project Amenity Verification
- Completion Time Period
2. Under Construction Project
AGREEMENT VERIFICATION CRITERIAS
- Title Clearance
- Property Details
- Developer / Promoter Details
- Carpet Area Verification
- Floor Location Verification
- Internal Finishes Verification
- Internal Amenity Verification
- Project Amenity Verification
- Completion Time Period
Registration
Pre-Purchase Verification
Registration
WHAT THE LAW SAYS
Registering the documents relating to the transfer, sale, lease or any other form of disposal of a property is compulsory by law under section 17 of the Indian Registration Act, 1908. The registration of an agreement to buy or sell a flat in Maharashtra is compulsory under Section 4 of the Maharashtra Ownership Flats Act, 1963.
Once a property is registered, it means that the person in whose favor the property is registered is the lawful owner of the premises and is fully responsible for it in all respects.
If the required documents are not duly registered, then Section 49 of the Indian Registration Act, 1908 states that the documents will not have any bearing on the property, and that they do not confer any transaction rights over the property. In other words, the law does not recognize unregistered owner and does not give him any rights over the property.
PROCESS OF PROPERTY REGISTRATION
The registration of a property involves adequate stamping and paying the registration charges for a sales deed and having it legally recorded at the sub-registrar’s office.
If the property is purchased from a developer, registering the property amounts of an act of legal conveyance. If it is the second or third transaction for the property, it could involve a duly stamped and registered transfer deed. The process is now computerized in most states, and involves the issuing of a token number for registering the document on a specified date. The process can take anything from seven to fifteen days.
The documentation will vary depending on whether the property is being transferred from the developer or if it is a secondary sale. If the property is already under lien, then the mortgaging agency will have its own format.
There are various costs involved, and these vary from state to state. Currently in Mumbai, the costs can amount to 5% of the total registered value of the property, but this depends on exact location. According to states, it can vary from 3-8%, again depending on exact location and registrar jurisdiction. It is very advisable to anticipate and factor the cost of legal registration of the purchased property into one’s overall budget. The exact figure involved can be worked out with the developer or real estate agent and finances accordingly planned.
REGISTERING A MORTGAGED PROPERTY
If a property that is under mortgage is to be registered, the mortgaging bank will require an NOC from the housing society in a prescribed format. It would then initiate the loan disbursement, depending on the repayment eligibility of the purchaser. The document will be duly registered on bank’s confirmation of disbursement to the seller after obtaining all the originals from the sub-registrar’s office. The housing society will need to receive an intimation, without which the existing owner cannot create any third-party lien or exercise any right to further sell or grant a leave and license on the property
- The project is supposedly Complete.
- The project is under construction.
1. Completed Project
PROCEDURE
Bring all the documents mentioned in the part 1 of our article
Submit the application form and all other documents at the token window. You will be given a document number.
Please wait in the seat till your token number is announced.
Once the token number is announced, all parties (seller and buyer) should be present before the sub-registrar office in order to execute the document. Photograph, thumb impression and signature should be affixed on the document in the presence of sub-registrar office.
Pay the registration fee and service charges (Rs. 20 per page) in cash based on the receipt.
The document will be returned within 30 minutes of obtaining the receipt.
Apply Online
You can also register a land or property through the following link : https://services.midcindia.org/services/FillFormAnon.aspx?AMId=40
You can register yourself on the website and apply online.
You can also fill the form take the print out and physically submit it to MIDC office.
REQUIRED DOCUMENTS
- Stamp Duty Paid.
- Sale Deed.
- Aaadhar Card
- P.R.Card.
- Title Clearance Certificate.
- Occupation Certificate.
- Building Completion Certificate.
- Assessment Bill.
- Development Agreement.
- Adjudication Document.
- Receipt of Stamp Duty Paid.
The registration process can be an easy sail if you have the right documents. A document has to be stamped by the authorities for the stamp duty to be considered paid. The document needs to be stamped by the Stamp Duty Ready Reckoner which is a public document that is available for inspection at SRO. In order to register property documents, one would need to go to the local registration office with the original document and a photocopy of the document. The document must be typed or printed only on one side, with the other side remaining blank, and should be in black color. The photocopy of this document should also be taken on one side of the paper only and on a paper that is 90 GSM thick. Ensure that there is some butter paper between two sheets of photocopies. Apart from the sale deed, the following documents would also be required for registration of the documents. Aadhaar Card If land belongs to government or semi-government body, NOC from such government or semi-government body has to be obtained. Property card of the land which is being registered. This document is required irrespective of whether a land, building or a part of a building is being sold. It is also required even if the seller is not recorded as the owner of the property in property card. All owners are expected to produce this document at the time of registration. If the building that is being sold is an old property, and the seller or the buyer wants to obtain benefits of depreciation, then the new owner would have to produce one of the following documents as proof of old construction: Building completion certificate Assessment bill of the building Original registered agreement between builder and original purchaser of the particular flat under consideration or of any other flat in the building. It is better to get the document adjudicated in case the building is very old. To do this, you would need the following things: Receipt of payment of original stamp duty Registration fee and computer service charges that has to be paid at the sub-registrar's office. Make sure that you take along at least two witnesses along yours
Investing in a home almost always requires financial commitments that can continue for at least a couple of decades. Considering the magnitude of the commitment, it is critical that the decision must be safeguarded by the meticulous maintenance of records pertaining to the property in question. In order to ensure that these property records are updated correctly during transfer of ownership, the registration of the home must be done right. Registration of property in India falls under section 17 of the Registration Act 1908. The aim of the Act is to make sure that the transaction in question has all the correct information and that legal records of the same are maintained.
Authenticity and credibility of property Before registering a particular property in your name, you need to ensure that all existing documents regarding the property are clear and straightforward. Lawyer’s backing Consult a lawyer to confirm that property documents provided by the seller or developer are genuine. This is important so that you don’t end up getting documents that are ambiguous or inexact transferred to your name.
Requisite documents Registering a property requires the following documents to be presented at the time of registration:- Sale deed in present seller’s name.
- Khata certificate and extract from authorities
- Latest tax paid receipt
2. Under Construction Project
REGISTRTION CRITERIA
- Carpet Area Verification
- Floor Height Verification
- Internal Amenities Verification
- Internal Finishes Verification
- Q/C for internal Finishes
- Project Amenities Verification
- Parking Allotment Verification
- Fire Safety Checks
Possession Formalities
Pre-Purchase Verification
Possession Formalities
Once Steps 1 thru 5 are complete we come to the last but not the least of steps in completing our Property purchase formality. Taking Physical Possession and giving the Developer a Possession receipt acceptance concludes that all the Developers Conditional Obligations towards the sale of the Property are complete and that we accept the same with no obligations pending towards him. Once all the Due Diligence is completed from our end we will give you a Compliance Checklist from our end that enumerates the various compliances that your case required and a summative report on the same. Once we are satisfied that all the paperwork and site compliances are in order we shall accompany you to the Developers office and complete the Physical Possession Formalities.