- Sanction Plan: Issued by Bangalore Mahanagara Palike (BMP) when the plan is as per the building bylaws and all the requisite documents are enclosed and are in order.
- Occupancy Certificate: Issued by BMP on the completion of construction, in the case of both residential and commercial high-rise buildings.
- Khata Certificate: An account of a person who has property in the city under BBMP (Bruhat Bengaluru Mahanagara Palike) jurisdiction and consists of all the required details.
- Permit title of property: The project should be as per the prescribed land use by the city’s planning and development department.
- Pre-approval certificate: Given by specific home loan lenders after they examine the details of the builder and the project.
- Encumbrance certificate: Includes all the transactions related to a specific property for a specific time period. It is kept as a security for any legal liability of its owner which has not been discharged as on date.
- Sale deed: One of the most valuable legal documents at the time of purchase of a property, governed by the Registration Act. No sale is legally complete till a sale deed is signed between the buyer and the seller.
Property transactions valued at around 50 lakhs and above add to the burden of the buyers as they have to deduct tax (TDS) from sellers and remit the same to the government, before getting the property registered from 1st June 2013.
While checking the reliability of brokers, check for their clean service record. A broker of good repute will provide the buyer with comprehensive services from document verification to registration and charge a two per cent commission for it.
Kanchana Dwarakanath, Magicbricks.com Bureau