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Things to do after Getting your Home Possession

© January 17, 2018 fc Real Estate # after Getting your Home Possession, india property blog, india property website blog, property blog, property blogs in india, property website blog, Real estate blog, real estate property blog, real estate propertywebsite blog, real estate website blog, Things to do after Getting your Home Possession £ Srishti Chandola

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Have you received the possession of your house? Really confused about what actually to do next? The home buying process is complete by the time you get the possession of your home. There is, however, nitty-gritty that must take care of instantly after possession of the house. Let's take the look at these.

Storage and digitization of property documents

The first step should be making at least two or three sets of the photocopies of all buy related documents. Make sure that you have the photocopies of such documents ready before handing over originals to the concerned bank (in case, house is bought on a home loan).

It is advisable to keep original documents in a bank locker. Keep a one or two photocopies at home for the reference while third can actually be kept in the office. Also, it is wise to digitize all the documents before storing these in a bank locker. Scan complete set documents, as well as store soft copies, either in the pen drive/external hard disk or compact disk. Make at least three copies of the CD.

Transfer of water and electricity meter

Water and electricity meters in the name are most dependable proof of property ownership. Have these in your name is initial address proof which will help you get Voter ID and Aadhar Card done from the new address. Till the home is ready, these bills will be in name of the developer. Once you get the possession of the home, get bill transferred by getting a separate meter installed.

Although, the procedure is varied with several water and electricity boards, most of the water and electricity board offices need to submit ‘proof of address' (voter ID, passport, Aadhar, and driving license), ‘identity proof' (Aadhar card, passport and PAN card) and

ownership proof a copy of sale deed a copy

‘ownership proof (a copy of sale deed/a copy of conveyance deed) along with the duly filled application forms.

If the house purchased in resale property, you may have the additionally submit no objection certificate from the previous owner to get bills transferred. Most brokers get this nonobjection certificate prepared before the registration of property. The changed name began reflecting on bills within somewhat 2 months of filing the application at the concerned offices.

Property tax transfer

Most of the homebuyers feel that registered sale deed is only rightful ownership proof of property. The result to this is that the updating name in property tax documents is at times overlooked. Unless new buyer starts a change in name of the official property tax records as well as obtain mutation certificate, all the old receipts are made in name of the old buyer, which actually makes the exercise equally important for the buyers and sellers. The process of getting the name changed in property tax is easy or simple provided that one has all the important documents in place.

This certainly needs to do with the local municipal body. Before you request any change in name, ensure you have the receipt of last paid tax, attested copy of sale transaction deed, a non-objectionable certificate from associated residential society and duly-filled application form with the signatures. The documents must actually be submitted to the commissioner of revenue for subsequent and verification change in property tax documents which generally takes 15-30 days’ time.

Society share certificate transfer

If you have bought an apartment in a cooperative residential society, one needs to secure society share certificate (in case of buying new flat) or get the transferred in your name (in case of a resale purchase). However, one can take out time in obtaining the certificate, many residential societies don’t really allow any renovation work with the unit until the homeowner has such document. For this, one will have to succumb a photocopy of sale deed in the society or the developer’s registered office.

The final step

Take the help of your developer or call the broker to find out whether one missed out on any of the important documents or not. Once you are assured, the initial process of updating the new address in the banks, passport, driving license, investments, voter id and ration card. The wise buyer should actually consider meeting the local property lawyer and make the will, mentioning who actually will inherit property after the event of an unfortunate incident.

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