Decoding Real Estate with a Legal Expert
There is no doubt that Real Estate and documentation go hand in hand. Also, when it comes to the biggest investment of your life, it becomes even more important to be well informed and understand how the process of documentation works. The Realtyism series by House of Hiranandani is here to inform and educate those who are still new to real estate investments. Whether you are an investor who is planning to venture into real estate or a home buyer who is unsure about the process that goes into getting your ideal dream home, it’s always a good idea to consult an expert. Here’s a video with a real estate expert which will guide you through the documentation process that is involved in the purchase of a new home:
- Title Deed: A very basic understanding of the title deed is that it is a document to prove ownership of a property. It gives specific rights to the person who holds it. The title deed is specifically required when a property is being transferred or sold to a new person. Watch our video to understand how the title deed works and all you need to know about it.
- Commencement Certificate: A Commencement Certificate is a legal document issued by authorities like your local municipal corporation (similar to our HMDA approved plots in Hyderabad), after inspection of the site. This document establishes builder deliverables and allows for commencement of construction. Failure to acquire a Commencement Certificate, will result in the construction being considered illegal, levying of penalties and could even attract an eviction notice.
- Completion Certificate: A completion certification is an important and mandatory legal document attesting the fact that a new building has been constructed and completed according to all government mandated safety norms and regulations.
- Occupation Certificate: This certificate is what breathes life into any residential structure in India. The Occupancy Certificate is issued by the local planning authority to certify that the building is fit to be occupied. The OC is issued only after verification of adherence to Building Regulations, Safety Regulations, provision for utilities etc. The OC can only be obtained by the builder after the Completion Certificate is issued by the Planning Authority.
Buying your first home is an exciting and emotional adventure. Aspects such as designing your home, familiarizing yourself with the community, discovering the perks of your location etc. may certainly be a better part of this adventure. However, be sure to dedicate yourself to understanding the documents and procedures related to the biggest investment in your life.