Buying a new house or property involves a major paperwork process. It takes several legal documents to finalize a sale.
Whether you are buying a property in Real estate Marbella or any other place, home buyers must go through the legal process. To make things easy, it is advisable to hire a real estate agent because they have good knowledge about these things.
As a first-time home buyer, you might wonder about the documents involved in the property-buying process. Take a look at the post below to get an idea.
Here is a brief down of the documents you need when buying a house:
Sale Deed
A sale deed is a crucial document when buying property. It proves the ownership of the property and must be in its original form. To establish ownership, you have to get the sale deed registered at the Sub-Registrar’s Office in the property’s location.
Extract
This is another essential document required for registering a new property and transferring ownership later on. This document proves that the property is recorded in the local municipal records. It also indicates that the said property is constructed in compliance with an approved plan.
Copy of Building Plan
It is also important to obtain a copy of the approved building plan. This document demonstrates that the property’s construction adheres to the legal rules and regulations set by the statutory body.
General Power of Attorney
To verify if a property transaction is authorized, the General Power of Attorney is required. This document confirms whether the purchase or sale is conducted by an authorized person.
Sale Agreement
The Sale Agreement is a document that contains various details about the property, such as possession date, specifications, terms and conditions, payment plan, and information about common facilities and areas.
Letter of Possession
The possession letter is issued by the developer and it specifies the date on which the buyer will be given possession of the property. The original copy of this document is needed for applying for a home loan.
Final Words
Buying a house involves important paperwork like the ones listed in this post. These documents are not just for the purchase but are also needed for home loans. Understanding these papers is essential for a smooth and secure home-buying process.