Must-Have Documents When Buying a New Residential Property

There is no denying that most people make one of the biggest investments in their lives in purchasing their dream abode. One needs to be extremely vigilant and patient when in the middle of the procedure of buying an elegant apartment or villa in the desired location. Keep in mind that hurrying up things while buying a new residential property is not wise. You may experience immense troubles later if you do so.

Taking a slow and steady step is prudent, besides having all the required documents for one of the cheap villas to buy in Dubai. Many first-time homebuyers do not know that the kinds of documents actually vary depending on the type of residential space they want to own.

Give this article a thorough read if you are on the lookout to buy an exquisite villa or apartment to stay in with your family. You must always keep in mind that owning your dream home is not possible if you are unable to fulfil the legal requirements. Organising and checking necessary documents can be very tedious, but you have to do so to own the property where you’ve always wanted to stay.

Without further ado, let’s check out the documents you will require for the successful completion of the process of purchasing a new apartment.

Sale Deed

Without the sale deed, it is not possible to become the owner of a residential property, be it an apartment or villa. Therefore, real estate professionals consider it the most vital document. It functions as the proof of the purchase and possession transfer from property developers or builders to the purchaser.

You have to make sure that the sale deed is duly registered. Both parties (seller and buyer) should clear all sorts of confusion prior to executing the sale deed. You must not forget to thoroughly check the terms and conditions mentioned in the sale agreement before proceeding.

Mother Deed

Another crucial document is the Mother Deed. It is responsible for tracing the ownership of a residential property. You need to provide your bank with this specific document while you avail a loan against the apartment you wish to buy. One has the liberty to get in touch with local authorities for assistance while preparing this essential document.

Sale Agreement

This particular legal document will include all sorts of particulars of the residential property you wish to buy. Generally, it consists of the terms and conditions, facilities, apartment specifications, and information related to the common space within the property besides the payment plan and possession date.

The sale agreement is clear-cut evidence that the developer is responsible for the villa you want to own. You have to submit this document to the bank when you make an application for a home loan.

Encumbrance Certificate

Having an encumbrance certificate means you have proof that your new residential property doesn’t have any mortgages and pending legal dues. Every leading financial institution asks for this particular document before the approval of a home loan.

Ensure you check this certificate properly to know whether the title of the new residence is clearly mentioned. You will learn whether there are any legal problems associated with the apartment while checking this vital document. In addition, this certificate will also include transactions that you make over time.

Occupancy Certificate

Getting hold of this specific certificate implies that proper inspection has been done after the complete construction of the residential space you intend to buy. This document also suggests that the developer has adhered to the stringent laws under the local development authority. This particular document states whether a residential property is ready for occupancy.

No-Objection Certificate

It is paramount to check the No-Objection Certificates from the local authorities before you opt for one of the cheap villas to buy in Dubai. Get in touch with Everhomes if you want to fulfil your dream of owning posh and spacious villas or apartments at an affordable price.

Being a leading real estate property seller, it takes care of everything that would help potential buyers in some way. Hence, you will be provided with NOCs if you contact this reputed company to buy your next home sweet home.

Besides the ones enumerated above, do not forget to keep other important documents such as an allotment letter, copy of the property plan and mutation certificate handy.