When you purchase a residential property, it is of paramount importance that you perceive the entire transaction as a legal procedure. Hence, you must evaluate all legal documents carefully before proceeding with the purchase. In other words, you must obtain all legal documents associated with the residential property that you wish to purchase from the realtors and have the papers vetted by a civil attorney, whom you have hired.
Only when the attorney gives you a green signal and expresses his satisfaction with the clauses in the documents, you should proceed with the transaction. Two of the legal documents that you should definitely obtain from the realtor are number one a possession letter and number two an occupancy certificate. The essential features and importance of these two documents have been discussed below.
Possession Letter and Occupancy Certificate
Both possession letter and occupancy certificate are issued by the real estate development firm from whom you are purchasing the residential property. For example, homeowners looking to buy 2 BHK flats Ghaziabad on NH 24 must obtain both the documents from the respective realtors who have been developing residential properties and integrated townships in the region. Some important details of both these documents have been listed below:
- Possession letter is issued by the real estate development firm stating the date of possession by the home buyer. The possession letter has to be produced while applying for the home loan.
- The occupancy certificate is issued by the local government authority, like a planning body to the respective realtors once the constructions are completed. This certificate indicates that the residential property has been built adhering to the laws and is ready for occupancy. Without the occupancy certificate, a homeowner may have to face hassles while applying for civic amenities.
Thus, in order to ensure that you get home loans and civic amenities with ease, it is essential that you obtain both the possession letter and the occupancy certificate from the realtor, while purchasing the residential property. Moreover, these are legal documents that realtors must provide the clients as a part of the transactions and homeowners must always ask for.