Important Documents Involved in Commercial Property Investment A commercial property is used for the purpose of some kind of business activity. The buildings that feature corporate offices and/or retail spaces are the most common variants of commercial properties found today.
No matter whether people plan to invest in a buy commercial property in Gurgaon, Chennai, Delhi or some other urban hubs of the nation, it is crucial that they are orderly aware of the diverse important documents that are involved in such kind of real estate investment. Before choosing to invest in any commercial property, it is important that people make sure that it has got all the necessary approvals by the statutory authority. Here are some important documents that are involved in the process of purchasing a commercial property:
Sale deed: This is a crucial document that acts both as a proof of sale and transfers of ownership of a property, and requires to be registered mandatorily. It is vital to execute
the sale agreement and check for compliance of various important terms and conditions as agreed between the seller and buyer before the execution of the sales deed.
Mother deed: Also referred to as the parent document, the mother deed basically is used for the purpose of tracing the antecedent ownership of the relevant property right from the beginning. This document is important for furthering the process of the sale of the property and establishing the new ownership.
Building approval plan: This plan is ideally sanctioned by the Corporation or Municipal Authority of the relevant region. Realtors typically have to get their building plans approved from the authority. These plans are largely sanctioned on the basis of zonal classification, plot depth, and road width, as well as floor area ratio (FAR).
Encumbrance certificate (EC): Encumbrance certificate refers to the charges in the ownership, and includes the various registered transactions that are done on the property for a certain period of time. This certificate is usually sought for evidencing the property purchase or sale.
Details about other important documents involved in a commercial property investment can easily be found on the web. No matter whether people are planning to invest in buy commercial Property in Gurgaon or Noida, they need to be well aware of all the vital documents involved in the process.