If you are planning to sell a property, the documents are very important. They will probably be first scrutinised by the prospective buyer before even looking at the property. The buyer will insist on checking the original documents before finalising the deal.
These are the documents you need to have in order:
Letter of allotment
The letter that confers allotment of the property to you from the relevant society or authority is a primary document you need to have in order.
The original conveyance or sale deed from the previous owners of the property is needed. If you have lodged the original deed for registration with the registrar, you need to provide a copy of the conveyance deed or sale deed along with a photocopy of the receipt from the subregistrar where the documents have been lodged for registration.
This traces the ownership of the property. Missing documents in this chain can raise a red flag. A property with clear documentation and title commands a higher price in the market. The chain of previous agreements with past owners in original with original receipts of registration or the original letter of allotment issued to the first owner by the development authority is important.
A copy of the approved building plan and occupation certificate issued by the competent authority is another relevant document.
Permission to transfer the property has to be obtained from a competent authority -development authority or society – signifying your ownership. Original stamped receipts of payments made by the previous and present sellers to the builder or the development authority has to be made available.
A copy of the share certificate issued by the society in your favour indicating your membership in the society is a relevant document. A NOC from the CHS certifying that the society has no objection to transferring the share certificate in favour of the potential purchaser is needed if applicable. You also need to produce a certificate from the society certifying that you have no outstanding payments to the society. The society’s membership transfer form for transfer of ownership needs to be filled and signed.
The encumbrance certificate is used in property transactions as an evidence of free title. When buying an apartment, land or house, it is important to confirm that the land or property does not have any legal dues. A prospective home buyer must ensure that the property he intends to purchase has a clear and marketable title.
Once the documentation is cleared, the parties can then enter into an agreement to sell and confirm the terms and conditions. After this, they can start preparing the sale deed. Agreement to sell precedes execution of a sale deed. The subsequent sale deed is based on the agreement to sell. This agreement is also signed and executed by the seller and buyer on a non-judicial stamp paper. As such, it has legal value and can be produced as evidence.
An agreement to sell is a base document on which the sale deed is drafted. Every document of transfer of property by sale is preceded by an agreement to sell. It spells out in clear-cut terms the conditions under which the seller is intending to sell the property and the terms and conditions under which the buyer is intending to purchase it.
Source: Times Property in The Times of India, Hyderabad