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Documents Required to Buy a Commercial Property in India

Market Of India
Documents Required to Buy a Commercial Property in India

When venturing into the realm of purchasing a commercial property in India, it's essential to navigate the documentation process with precision. These crucial documents serve as the foundation for a smooth and legally secure transaction. Here's a rundown of the key documents you'll need:

  1. Title Deed: The cornerstone of property ownership, the title deed establishes rightful ownership and details the property's history of transfers.
  2. Sale Agreement: This document outlines the terms of sale, including the purchase price, payment schedule, possession date, and other vital terms.
  3. Mother Deed: The original deed that traces the property's ownership history from its inception, providing a comprehensive lineage of ownership changes.
  4. Property Tax Receipts: Proof of paid property taxes ensures there are no pending dues, preventing any future legal entanglements.
  5. Encumbrance Certificate: This certificate validates that the property is free from any legal disputes, mortgages, or financial liabilities.
  6. Approved Building Plan: Verify that the property's construction adheres to the approved building plan from the local municipal authority.
  7. Completion Certificate: For ready-to-move properties, this certificate signifies that the construction is completed as per the approved plan.
  8. Occupancy Certificate: If applicable, this certificate confirms that the building complies with all safety standards and is fit for occupation.
  9. No Objection Certificates (NOCs): Obtain NOCs from various departments like the local municipality, environmental authorities, and the society (if applicable).
  10. Conversion Certificate: If the property's land use has been changed from agricultural to non-agricultural, this certificate is vital.
  11. Power of Attorney: If a Power of Attorney was used during any phase of the property's transaction history, it needs to be verified.
  12. Mutation Document: This document records the change in ownership of the property in official land records.
  13. Joint Development Agreement (if applicable): In cases of joint development, this agreement outlines the responsibilities of both parties involved.
  14. Agreement to Sell: A preliminary agreement that precedes the sale agreement, highlighting the intention to sell and buy the property.
  15. PAN Card and Aadhaar Card: Required for all financial transactions and to establish your identity.

Each of these documents plays a pivotal role in safeguarding your investment and ensuring a legitimate purchase. Engage legal experts to verify the authenticity and legality of these documents, creating a secure pathway to owning your dream commercial property in India.

Market Of India
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