If you have recently purchased a new house, plot or flat and got it registered, then know this important truth before being happy. Generally people believe that as soon as the registration is done, they have become the full owners of the property, but according to the property law, mere registration is not a guarantee of ownership. Registry i.e. Sale Deed is only a legal document that the seller has made an agreement to transfer the property by taking money from the buyer. To become the real and legal owner of the property, it is also mandatory for you to have some other important documents.
1. Mutation Certificate
The first and mandatory task that is done after registration is mutation i.e. filing-dismissal. Through mutation, your name is registered as Bauran-Owner by removing the name of the old owner in the government records of the local municipal corporation or revenue department. If you do not get the mutation done, the old owner will remain recorded in the government records. In such a situation, he can take a bank loan on that property or there is a possibility of fraud on you.
2. Possession letter
The possession letter issued by the builder or seller is a written proof that the possession of the property has been officially handed over to you. Without this, being an owner only on paper is considered incomplete.
3. Encumbrance Certificate
This certificate confirms that there are no old outstanding loans, mortgages or legal disputes over the property you are purchasing. This proves the property to be completely encumbrance free.
4. Property Tax Receipt
After registration and mutation, open a property tax account in your name in the Municipal Corporation or Local Authority. When you pay tax in your name and have the receipt, it is considered a strong and concrete proof of your ownership in the courts.
5. No Objection Certificate (NOC)
If you are buying a house in a society or apartment, take NOC from the RWA or builder. Apart from this, get the electricity and water connections transferred to your name immediately.
Also read- Buying a house in Gurugram will be expensive! Circle rate increased by 75%, know how expensive will the property be now?
