Buying a flat - make sure to collect all your documents

When you buy a flat make sure you get these original documents:

  1. Possession Letter
  2. Society Share Certificate
  3. Agreement for Sale (Between Builder and you)

Make sure you get copies of these:

  1. Society blue-print (It's the plan layout of the entire society and not just of your individual flat). It's requires a big xerox machine to take a copy. The document is asked for by some banks. If you eventually plan to sell your flat the new buyers bank may insist on a copy of the blue-print. You might be told that you could file an RTI and get the document. However, avoid the fuss by keeping a copy right at the time of purchase. 
  2. Agreement to sale (the one the builder gets when they purchase the land) 
  3. Commencement Certificate (approval for building the society) 
  4. Copy of Development agreement (Landowner to Builder) 
  5. NOC from the developer
  6. NA Order
  7. Layout Sanction Plan
  8. Society Registration Certificate 
  9. Completion Certificate
Some of the above documents are found in the builder file. Get a copy of the builder file and most of the document in the above list would be in it. If you are seeing documents written in local languages that you do not understand get someone who can read and identify the documents for you. Mark them in your language for future reference. 


When you are selling your property you need to:

  1. See legal adviser and make a 'Memorandum of Understanding' when you have found a buyer. This will set the terms and conditions for both parties to abide by when doing the deal. It details the payment plan and the time period in which the deal need to be completed.
  2. Get the NOC from the society for the sale (this tell the buyer that you have no obligations/dues in the property you are selling) 
  3. Submit your 'Society Share Certificate' to the society so that the buyer of your flat may be issued Share certificates in his name by the Chairman/Secretary of the society.  

NB: 

  1. Share certificates are originally issued by the builder. However, if you have not collected this from the builder and the builder has handed over all the responsibilities to the society, then the builder is no longer responsible for issuing you the duplicates. Ideally you should find the documents from the Chairman/Secretary of society. However, if the chairman/secretary has changed several times during the course of years, it might be difficult to trace your documents. You may hold people responsible, but it was your duty to collect your documents in the first place. Luckly, the Chairman/Secretary has the authority to issue duplicate with a resolution passed by the required number of society members for the same.
  2. Share certificate entitle you to a share of the value of the society in the event that all the residents have planned to sell the property or the property has been damaged in a natural calamity. 
  3. Share certificates and NOC from society need to be dealt with only when the final agreements are made for the sale. 

If there are requests for sample copies of any of the documents listed above, I will be happy to post them as well.  

Comments

  1. Anoop6 September 2014 at 05:09

    thanks, Good info

    ReplyDelete
    Replies
    1. Joy of Reading25 May 2015 at 19:11

      Very few people like my post. Good to hear on a +ve tone from you. Thanks!

      Delete

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