One of the
mandatory and crucial steps at the time of selling apartments is essentially
the checklist of property documents that needs to be kept handy. As you
transfer your house into another owner’s hands these documents also needs to be
transferred to them.
It is not
the case with Thrissur alone, but for a matter of fact, in every other Indian
state, the document verification process is one of the grilled up tasks that
complicates the process of selling flats or apartments as the government
emphasizes a strictly legal, statutory and regulatory property transaction
strategy.
As per
certain researches and statistical surveys, it is quite clear that around 80%
of the sellers are negligent of the importance of getting all the property
documents verified and are left in the dark, which actually delays the sale
process when they plan to sell. Buyers have done their part of research when
they come to buy the flat from you. You need to be prepared to produce these
documents whenever buyers demand to make the selling process smoother.
But most of
the time both the buyers and sellers have minimal information on the importance
of getting the property documents verified. So, there are certain things that
buyers and sellers need to know before they plan to sell or buy a house.
We have decided to help you with the property
transaction process by sharing the checklist
of property documents – Part I that needs to be handed over to the
buyer regardless of whether you are selling 1 BHK or 3BHK apartments in
Thrissur:
1. Title Deed /
Conveyance Deed/ Mother Deed/ Sale Deed:
Conveyance
Deed or Sale Deed forms the major legal property document that marks the
evidence of sale as well as indicates the transfer of ownership of property
from the seller to the buyer. Also, it is one of the crucially important
documents that is essential for resale by the buyer in future proving his
ownership over the property. A sales deed acts as per the sale agreement which
is drafted according to the terms and conditions of property transaction as
agreed by the seller and the buyer. Once the sale agreement is executed,
instantly you can proceed with the execution of the sale deed.
No matter
whether you own a 1 BHK or 3BHK apartments in Thrissur you need to mandatorily
get the Sale Deed registered from the Sub Registrar office that comes under the
jurisdiction of the area in which the property is located and hand it over to
the buyer.
Once it is
handed over to the buyer they have got only 4 months of time to get the Sale
Deed registered from the date of execution or else it is liable to be fined or
it becomes invalid.
It is
mandatory to produce all previous Sale Deeds in original during:
Property
Purchase
Home Loan
2. RTC Extracts:
It is mandatory
to define the “Title of the land” to identify whether the property was
constructed on the converted land. For instance, it provides information on
establishing “whether the land that was previously used for agricultural
purposes has been transformed into commercial one”. Generally, RTC Extracts are
issued by the Village Accountants.
All the
information related to the land that includes the land area extent with the
survey number or sub-survey number, the extent of Kharab land, the names of the
present and previous owners, their corresponding holdings and also the names of
the tenants are contained in RTC extracts. Also, it contains other relevant
details like the kind of soil/crop, any previous mortgages that was made,
charges exercised on the properties contained on the land, the land’s status
that implies whether it is Inam land or not, in case of land conversion the
exact date (situations in which agricultural land is converted for
non-agricultural usage) & the conversion order number, and also any related
references to mutants or inheritance with proof certificates that indicates the
transfer of property ownership, etc.
It is not a
mandatory document and there is no need to produce it in original though it
needs to be produced when you are selling your house.
3. Khata Certificate and Extracts
Khata is a
Hindi word that originally means “account” though it might be known in
different names across different states. With regard to the property
transaction, Khata represents the account of a person who holds property in the
city. Khata indicated in this context are of two types: the Khata Certificate
and the Khata Extract. Khata certificate serves 2 main purposes:
Registration
of a new property
Transfer of
a property
This
approval is provided by the Assistant Revenue Officer of the respective area.
The account
is entered in the records maintained by the local municipal committee which
indirectly confirms that the apartments or flats have been constructed
according to the approved plan.
It is
mandatory to obtain a Khata Certificate for the registration of your new
apartment after completing the tax payment process. The Khata Certificate is
issued stating that a person “X” is the owner of a property No “N”. This
certificate is mandatory when you apply for:
Water &
or electricity connection
Trading and
building license.
Also, the
Khata certificate that is issued will be handed either to the owner or his
immediate family members.
Khata
Extract as the name suggests extracts information such as the name, size of the
apartment, use of the apartment (commercial or residential purpose), annual
value and also when it was last assessed from an assessment register and is
mandatory while applying for trade license and also when you buy apartments or flats
in Thrissur.
It is
mandatory to produce it in original during:
Property
Purchase
Home Loan
4. Mutation Register Extracts
Again the
Mutation Register Extracts is required to define the “Title of the land”
whether the property is located on converted land as in #2. It is usually
issued either by the Tahsildar or by the Village Accountant. It provides access
to the extracts from a mutation register or an inheritance certificate that
contains the details of the previous owner, present owner, mode of acquisition
of the property, the total extent of the property and also an order stating
that the Khata account of the property was transferred into the ownership of
the present owner, that is in your name. It is not mandatory to produce it in
original though it might be needed at the time of property sale.
{Source: http://www.tbpl.in/house-for-sale-thrissur/}
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