Important Documents Required To Purchase A Commercial Property Property buy sell online in USA is a lifelong investment and a dream for most people. It does not take a lot though, for it to become your nightmare. If you want to get started, it is important to determine whether the property is commercial or residential. If it is a commercial real estate property then it should have the necessary documents including statutory authority approvals and the plot and land should be in an area that is designated for commercial purposes. If not then the land must be converted to commercial use. It is important to verify the originality of the property allocation letter. You need to check for property covenants, easements, liens, restrictions and conditions, resolutions, agreements, and ordinances that may affect the property by having the title to the land verified by a real estate lawyer.
The sale deed This is an important document that proves the sale and transfers the ownership of the property from the property seller to the buyer. It has to be mandatorily registered. It is crucial that before the sale deed execution, you should execute the sale agreement and check for compliance with the relevant terms and conditions as agreed upon by the seller and buyer. Before sales deed execution, the property buyer should ensure the commercial property has a title. He should confirm if the commercial property is subject to encumbrance charges.
A property seller should settle the statutory payments such as cess, tax, water charges, electricity charges, society charges, maintenance charges and so on before the sale deed is executed. Mother deed This is another important document during a property buy sell online transaction. It is also known as the parent document and it is a very important legal document that traces the antecedent or origin ownership of the property from the beginning if the property has had various owners. The mother deed is a document that helps in the sale of the property, hence establishing the new property ownership. In case of the absence of the original document, certified copies should be legally obtained from the registering authorities. The mother deed includes the change of ownership of the commercial property, be it through partition, sale, inheritance or gift. It is important and records the references to the previous property ownership in a sequence and should be unbroken and continuous. One should refer to the records from the property registering office in case of a missing sequence and have the property updated until the current property owner. A building approval plan This document is sanctioned by the respective municipal or corporation authority. A property owner has to get an approved plan from an office authorized by the commissioner or directly from the jurisdiction commissioner. However, authorities sanction a building approval plan based on road width, zonal classification, floor area ratio, and plot depth. A set of documents should be submitted by the property owner to obtain a property building approval plan. If you are new to property buy sell online in USA transactions then you should know that the document includes property assessment extract, a title deed, property PID number, earlier sanctioned plans, city survey sketch, property drawings, foundation certificates, copies of demand drafts and so on.