Buying a Kothi in Chennai? Check out these document lists!

Often people get entangled in property documents before purchasing a Kothi in Chennai. To make things easier for you, we have highlighted some important documents that should be in the process of buying your home. We have also listed some places that are popular to buy Kothi or Bungalow in Chennai.

Locations that are best for buying Kothi in Chennai-

Avadi- The average property price in Avadi starts from Rs 3,240 per sq. ft.

Villivakkam- The average property price in Villivakkam starts from Rs 5,600 per sq. ft.

Chengalpattu- The average property price in Chengalpattu starts from Rs 2,800 per sq. ft.

Kolathur- The average property price in Kolathur starts from Rs 5,300 per sq. ft.

Documents to check before buying Kothi in Chennai-

Sale Agreement

The sale Agreement gives an overview of the transactions, terms and conditions related to the sale, and other financial information. The sale agreement includes all financial information regarding the transaction.

Deed (Sale deed/ title deed/ conveyance deed)-

It is the most valuable form of legal paperwork required to start the process of buying a Kothi in Chennai. The buyer and the seller have to sign the sale deed in presence of a witness. In this way, you establish ownership over the property. The sale deed requires a third-party witness while making a purchase. The buyer and the seller sign the sales contract in the presence of a witness.

No Objection Certification

Before you buy a Kothi in Chennai, check the no-objection certificate. This certificate stated that the property is valid, legalized, there are no pending dues, and the property is free from other financial disputes. “No objection certificate” contains a description of a person’s permission to proceed with the purchase. This certificate is issued by the Indian government and is a positive sign that the property is for sale.

Encumbrance certification

Basically, the Encumbrance certificate gives you information about the registered transaction that took place in a specific period of time. This certificate ensures that the property is free from all types of monetary liability and legal disputes. Banks do not sanction home loans without an encumbrance certificate.

Extracts-

Extracts documents are necessary for the banks, and the banks do not sanction loans without extracts. Extracts give various information about the property like property details, previous owners, and other important details stated by the Indian Government. Without extracts, it is impossible to buy real estate that comes under the gram panchayats.

Conclusion-

If you face any problem related to property documents, it is advisable to consult an expert. You can consult experts such as builders and lawyers to prevent any misconduct.