In the present times, a layman can also verify and attest to the authenticity of the documents without the help of a lawyer. Every single detailing should be checked and verified. There are quite a few steps that need to be followed.
Possession certificate represents the shift of ownership and interest in the property from the developer to a buyer. The Revenue Divisional Officer issues Possession Certificate in town and Tahsildar in boondocks.
When a property is inherited, a person is not levied with tax under the law. However, he may be made liable to pay capital gain tax in case he sells the property.
If you don’t have a deed document, then you may ask the mortgage holder for a copy. They may provide you with one or you may approach the registrar's office in whose jurisdiction the property falls, to acquire a copy of the property’s registration.
The occupancy certificate is one of the most important documents relating to properties. It is legally mandatory to obtain an occupancy certificate issued as occupancy without the occupancy certificate is illegal and the buyer of the property can be asked to evict the property.
A possession certificate is one of the imperative documents required for the transaction as it is a legal document that proves the possession or ownership of the particular property is called a possession certificate.
The possession certificate is issued by the authorities and shows the change in the possession of the property. The possession certificate should indicate that the possession of the property has been transferred to the buyer.
A document provided by the seller to the buyer at the time of sale of a property mentioning that the property has been transferred on a certain date is called a possession certificate. The possession certificate is issued by Tahsildar in rural areas and by RDO (Revenue Divisional Officer) in the urban areas.
The partial occupancy certificate also declares that the completed part of the project is ready for possession and occupancy. The partial occupancy certificate is issued based on the Building by-laws and it is made valid until the occupancy certificate is issued after the construction process has been completed.
In recent years there has been a boom in the real estate sector of our economy. Despite the introduction of the Real Estate Regulation Act, there have been various issues due to misrepresentation, fraud, cheating, forgery, etc