6 Important Documents Needed in the Home Buying Process
Buying a home is an exciting experience, but it can be stressful. It involves multiple processes and can be complicated if you lack professional guidance. Also, you have to sign various documents, and you can make costly blunders if unsure of how to go about it. For this reason, most investors engage real estate experts to help in the property buying or selling process.
Why engage a professional agent in property dealings?
Realtors play a significant role in the property buying and selling process. They have vast experience and knowledge and will guide you in every step. The experts will advise on the steps to take and assist you locate the most suitable property for your needs. Also, they understand the area and will identify a property in the desired location. What of the fetuses? Richmond Hill real estate agent will tell you that all properties have distinct features. And it’s easy to get a home with the desired features when you engage an expert.
The process also includes various documents, and an agent will help you understand the vital details before signing. Lastly, buying property involves negotiations, and the professional will help determine the best price.
What are the essential documents involved in the property buying selling process?
1. Sale deed
The sale deed is a legal document that shows evidence of the sale and property transfer during property selling transactions. The sale deed is executed before the sale agreement but after compliance with the terms of the sale. This document is vital, and you need it if you plan to sell the property in the future.
2. The mother deed
The mother deed is yet another important document in property transactions. It traces the ownership property and comes in handy during loan applications. It’s necessitated by banks during loan applications when seeking a loan against your property. But, you should seek help from the local authorities to create the document.
3. Sale& Purchase document
This agreement contains the terms and conditions of the sale agreed by the buyer and the seller. It may contain details of the agreed-upon price of the property and any renovations that the seller promises to make on the property.
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4. Possession letter
A possession letter is issued by the property developer to the buyer stating the date of property possession. It includes the builder’s name and details and is not a title deed. The letter is issued once the developer acquires a completion certificate from the relevant authorities. It’s not a property title but acts as proof of promise by the builder that they will grant possession to the buyer as per the date mentioned in the letter.
5. Allotment letter
An allotment letter is a legally binding construction and crucial when booking a home under construction. The document includes various details concerning the payment of the property and any additional fees that the buyer may need to make for extra facilities. The letter is handy when seeking a bank loan as its states the amount that you should pay.
6. Khata certificate
A Khata is a legal revenue document; it contains the property details such as size, location, an area that the property is built upon, and many more. It’s used for filling and remitting property taxes, and you’ll still need it when applying for a home loan. What’s more, you need the Khata certificate when applying for electricity and water supply.
The property buying and selling process involves various documents. You can make grave blunders, particularly if you’re a beginner, hence the need to engage a professional agent. The expert will help you understand the terms of each document and negotiate other details when buying selling property. Also, they will help you locate the right property for your needs, which saves a lot of time and money.