Buying a house is a big milestone in life, especially if you intend to use it for yourself. However, the excitement of owning a real estate property can soon disappear if you fail to verify certain things. Here is a list of 6 critically smart things to do immediately after registering a property against your name.
1. Make sure your property documents are in place
Whether you are buying a flat or a plot in India, you must be very precise about the set of documents that prove your ownership over the said unit. In order to ensure full safety of your documents, make sure that you have protected storage place with you. Smart investors always make at least 3 copies of the property documents and store them in different locations.
Tip: If you don’t have a safe location, get a bank locker and store the documents there.
2. Digitize your documents
Scan the complete set of documents in digitized manner in DVDs and in external portable HDD. Digitization of the documents ensures that your property papers remain safe in case the hard copies get lost, damaged or stolen.
3. Don’t delay the transfer of electricity/water meter
In India, delaying the registration and transfer of electricity and water meter can prove very costly. Get NOC formats online or from real estate broker agents to check if the property registration has been made against the right person.
Always take the NOC from the owner at the time of the registration with third party witness.
4. Register the property with local municipality/ Gram Panchayat
Depending on the location of your new real estate property, you must immediately transfer your property tax papers/ Khata/ EC records to the local self-governing body. In most cases, the papers are automatically processed, but it may take more than 60 days.
If you live out of India, or in a different state away from your present property location, it is imperative to get it done yourself. Start the follow-up process with the local municipality as soon as possible to avoid any complications.
5. Get your Sale deed watermarked
Once the property is registered in your name, the sale deed suggesting the transfer of the electricity meter, Property Tax papers and society membership papers carry high importance. It is a safe practice to get all these papers watermarked so that they are not misused by any agent or institutions.
Tip: Always watermark your Sale Deed before sending them to the agents in the government office for taxation and property registration. Same applies in cases where you are availing or closing down loan account against the registered property.
6. Get your new address updated
Update your new address across all permanent ID documents like Passport, bank passbooks, investment papers, driving license, voter’s ID and ration cards.
Check with a local property lawyer to plug out all the legal and compliance issues before you finally start living in the new property.