Documents Required for Buying a Flat in Jaipur
Buying a flat is one of the milestone events in Indian families. It is a high-value purchase therefore we must ensure the process is smooth and trouble-free. If we do not exercise due diligence in the process, it can lead to financial and legal issues in the future. Most people are unaware of the legal process and documents required to buy apartments or flats in Jaipur. In this blog, we will provide a necessary framework for the documents required to buy flats in Jaipur.
Title deed – A title deed is a legal document that establishes the property ownership. It is one of the vital documents and the basis of the sale-purchase transaction. The title deed establishes whether the seller retains the right to sell or not. It must include the name of the current property owner, the address of the property, etc. Check the title deed during the process of searching for an apartment for sale in Jaipur.
Chain documents – The title deed is part of the chain of documents. Chain documents are a step ahead and trace the entire history of ownership of the land and building ever since it was allotted or sold. This is a vital document especially if you want to avail bank loan. This is even more vital in the case of resale flats for sale in Jaipur.
Sale Deed – A sale deed is a legal document that helps in transferring ownership from one person to another. It is one of the key documents in buying a flat in Jaipur. The sale deed includes vital information like the name and address of the buyer and seller, the location and address of the property, property sale or transfer value, etc. As an owner of the flat, this sale deed will provide proof of the ownership in any legal issues in the future.
Sanction Plan – The builder needs to obtain sanction from the local authority. In the case of Jaipur, the Jaipur Development Authority sanctions the building plan. Before purchasing a property scan the sanction plan. Without a sanction plan, you might end up with legal issues. It provides a framework to check if there are any deviations from the approvals provided by the local authorities. Some people also term it as the building plan approval.
Rera Registration – Rera registration is a must for all Jaipur flats for sale. Rera Act provides that projects must be approved by a specific authority from 2019, onwards. No builder can sell a project without Rera registration. This act was introduced to defend the interests of the home buyers. Check the Rera registration number of the project and documents.
Tax Receipts – The land and building are subject to tax by the local authorities. Previously called land and building tax, now it is called Urban Development Tax or UDT. This is paid on an annual basis. Ensure the builder has paid these local taxes for the previous years and that there are no arrears. If the amount is outstanding it might present legal issues in the future. In many cases, tax receipt forms part of chain documents as discussed above.
Bank APF – Builders and developers tie up with banks, housing loan companies, and NBFC to ensure home buyers can easily obtain housing loans on buying a flat in Jaipur. Once approval is obtained, an approval number is issued and called APF or Approved Project Financial. For a layman, having an APF code means that the project has been vetted and is free from legal discrepancies or issues. If the builder doesn’t provide an APF code, one should be cautious of such projects and further investigation is a must.
Project completion Certificate – The project completion certificate should be checked if the project is completed. This certificate is issued by the Jaipur Development Authority. In case, the project is still under construction, the project completion certificate cannot be issued and will not be relevant.
Fire NOC – Fire NOC is required for all residential buildings which include apartments in Jaipur with a height of 15 meters and above. This certificate is issued by Jaipur Municipal Corporation.
Other documents Other than these mandatory certificates and legal papers, one must furnish Aadhar Card and PAN card to register and buy a flats in Jaipur.