The Essentials

In the age where buying a home or property is slowly becoming a fantasy, one can only depend on the apartments and flats to call one’s home but securing a house for rent in this manner also comes with its own risks. So when you do buy a home ensure to inquire about the below mentioned three important documents.

• Possession Letter

The developer issues a possession letter in favor of the buyer mentioning prospective completion date of the house. The letter is also required when applying for a home loan.

• Conditional Possession

Unforeseen circumstances such as faulty construction or repairs may cause the buyer to have taken possession of the building. In such cases a conditional possession document is presented, where it may be mentioned the reason for the unsatisfaction of the home buyer.

• Occupancy Certificate

Occupancy certificate, which is also known as completion certificate or the pass certificate, is the proof of building’s completion as per the approved plan. As a homebuyer you may an OC certificate to apply for a home loan for a resale property, to re-sell your flat and to take utility connections. Builders need to collect the certificate from local town planning authority when the construction has been completed successfully and the residential complex is in suitable condition to live.