Possession Certificate And Its Significance For Construction Companies And Owners
A possession certificate ensures that the property you bought is now under your name. It is transferred from one owner to the other successfully. If you don't have a possession certificate then you might be in some serious legal trouble. So, being an aware buyer, you must have the certificate done in your favor when you are buying a property.
Some of the Best Construction companies in Pune ensure that you get the possession certificate as soon as you purchase the property. They have a proper system to take care of all the certificates and legal documents.
What is a Possession Certificate?
It is a legal document that transfers the ownership/possession of the land from the first owner to the buyer. The certificate is important because it tells that the land is legally sold and now the buyer owns all the property rights.
If you don’t have a legal certificate, then the property rights are still with the builder, so they have the right to vacate the property anytime they want with help of civil authorities.
The possession certificate is issued within 30 days of purchase. The laws of the possession certificate differ from state to state and the rules are very different from one another. So you must be aware of the local rules and regulations of this certificate.
Contents of a Possession certificate
A possession certificate consists of the change in ownership. It demonstrates that the ownership of the property is passed to the buyer. It guarantees that the buyer is fully interested in owning the property. Both parties have to register for the same property, which means the builder/seller must sign the above declaration that the property is no longer owned by them and the buyer must sign to take over the property. It also includes additional items like parking area, garage, etc. as per the sale agreement.
Some of the Best Construction companies in Pune make sure that the possession certificate is with the buyer as soon as possible so that the buyers don’t have to hassle for it.
Another important thing about the certificate is the verification of the document with the date of possession in it.
Documents required for Possession Certificate
The documents required for a possession certificate are:
- Copy of sale deed agreement
- Identification and signature proof of the applicant
- Certificate of encumbrance
- Copy of registered sale agreement
What is a conditional Possession certificate?
Sometimes buyers accept conditional Possession certificates for reasons like faulty buildings, pending repair projects, poor construction quality, the used of different materials to build the property, etc. This conditional possession certificate states all the requirements for the acceptance of a conditional letter by the buyer.
The Best Construction Companies in Pune make sure that if they give away a conditional certificate; they live up to their word and fix all the issues before they hand over the complete possession certificate to the buyer.
So, here are a few things you need to know about a possession certificate. It is a very important document when you buy a property.TO know more click here bramhacorp.in
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