11 Important Property Documents Required for Purchase of Property in Kochi as Per RERA

Posted onJan 28, 2024

For many, owning a home is a cherished lifelong dream; and many work towards achieving this with all their efforts. Today, people are not looking simply for homes but for stepping up their lifestyles. This is why we see that the demand for premium lifestyle flat increases in Kochi by the day.

However, there are a lot of factors to consider, and a lot of legalities to comply with; you also have to be aware of the real estate market trends in Kochi. Additionally, there are many documents that you need when you are purchasing real estate in Kochi. If you’re feeling overwhelmed as a first-time buyer, relax. Here is a list of documents you need as described by RERA:

1. Sale Agreement

This document includes the terms and conditions on which the sale is based, and also mentions the value of the property, loan amount, and so on. The loan for resale property will be a percentage of the lower of either the agreement or market value.

2. Sale Deed and Title Deed

This is the most important document and it records the actual ownership transfer from seller to buyer. You have to mandatorily register the sale deed. All parties involved must sign the sale agreement; buyers must ensure that the title is clear and that there is no encumbrance charge before they sign. It must be registered in the sub-registrar’s office in the location of the property.

3. Title Search and Report

Property title search refers to the process of verifying the property’s title history as registered with the authorities. Joint tenancy, names of title holders, description of the property etc. is included here, and is important when you’re applying for home loans.

4. RERA Certificate

Properties constructed on land plots larger than 500 square metres, or had more than eight apartments have to be registered under RERA. This certificate is a testament to the credibility of the builder, especially regarding the previous constructions.

5. Receipt of Property Tax

The receipt proves that the previous owner has paid all taxes due and that there are no pending taxes. They serve as a testament to the legal standing of the property and are important documents of property support.

6. Encumbrance Certificate

This document confirms that there are no loans or encumbrances on the property and is essential if you’re applying for a housing loan as it includes details of all transactions of the property.

7. Occupancy Certificate

This certificate is issued by the municipal corporation once construction and inspection are completed, and confirms that the building was constructed as per the plan passed and is fit to be occupied.

8. NOCs

The developer must obtain no-objection certificates from various authorities like Environment, Pollution, Sewage, Traffic, Forest, SEZ, and any others that are applicable.

9. Sanctioned Building Plan by Statutory Authority

The plan has to be submitted to keep customers informed of the approved plans, and enables them to check for deviations.

10. Power of Attorney

A POA gives power to a trusted individual to take care of all the transactions on your behalf, and is essential if you cannot be present yourself for whatever reason. This ensures seamless management of all property-related activities and protects your interests.

11. Development Agreement with the Builder

This document is a legal agreement between the property developer and the purchaser, and it sets the terms and conditions of property development.

There is tremendous  growth of luxury flats in Kochi. Varma Homes helps you in arranging the necessary documents so that you can own one of these without hassle!

conclusion

In conclusion, purchasing property in Kochi, especially in the context of the rising demand for luxury flats, requires not only an understanding of market trends but also a thorough knowledge of the necessary legal documents. The Real Estate (Regulation and Development) Act (RERA) has outlined a comprehensive list of essential documents to streamline and safeguard your property purchase. These documents, ranging from the Sale Agreement to the Development Agreement with the Builder, form the backbone of a legally sound and secure property transaction.

Navigating through this documentation process can be daunting, especially for first-time buyers. However, it's vital to ensure that all these documents are in order, as they collectively ensure the legality and legitimacy of the property transaction. They protect the interests of the buyer and guarantee that all aspects of the property, including ownership, encumbrances, compliance with regulations, and agreement terms, are transparent and legally compliant. With the assistance of reputable developers like Varma Homes, who can help in arranging these documents, aspiring homeowners in Kochi can realize their dream of owning a premium lifestyle flat with confidence and peace of mind. Remember, thoroughness in this process not only secures your investment but also paves the way for a hassle-free future in your new home.