WHAT DOCUMENTS DO YOU NEED TO BUY A HOME IN THE USA?
In this article, we will let you know about the documents you need to buy a home in the USA. For most US citizens, buying a home is just a dream. An average person spends a big part of their life working towards purchasing a home. The home buying process, however, is often trickier, especially if one is a first-time buyer. The type of documents required varies counting on the kind of property you want to purchase. This article is a home buyers’ guide by Izabella Lipetski for those who are involved in the home buying process for the first time. let’s look at the list of documents:
1) THE SALE DEED FOR HOME
First on our list is the Sale Deed which is a legal document that contains proof of the Sale and the transfer of property from the one who builds it to the person who is buying it. The sale deed is typically implemented before the sale agreement and after the Agreement of the terms and conditions described in detail in the sale agreement as agreed to by the individuals concerned.
2) THE MOTHER DEED FOR HOME
This is also a crucial document. The Mother Deed is important as it traces the ownership of the property. Mother deed is usually required by banks when a buyer avails a loan against the property. An individual approach the local authorities for help while generating this document.
3) THE SALE AND BUY AGREEMENT
The Sale and buy Agreement contains a list of terms and conditions that are agreed to by both the customer and the seller. A superb example of this can be the negotiation for the worth of the property. The Agreement contains the agreed amount of the property by both the customer and the seller.
4) THE BUILDING APPROVAL PLAN
Before the beginning of construction, the builder is required to get the required agreements under the provisions of the Building Bylaws, Design, and local Body Acts. Moreover, this Agreement involves two factors A the Building Plan and B the Layout Approval. One mistake that first-time homebuyers often make isn’t ensuring that the builder meets the terms and conditions of the Building Plan and Layout Approval before buying the house. Above all, not meeting the terms and conditions could find yourself in negative results if the local authorities are available for spot checks, which are quite common in newer buildings.
5) THE POSSESSION LETTER
Next is the Possession Letter, which is a document made by the builder maintaining the date of the buyers’ possession of the property. In other words, this document is formed in the builder’s name and is made post the receiving of the Completion Certificate. In conclusion, this letter isn’t proof of one’s ownership of the property. For that, the house buyer must get an Occupancy Certificate.
6) THE COMPLETION CERTIFICATE
Next on our list is the Completion Certificate (or the Occupancy Certificate) is a document which states that the building has been examined upon completion and follows all the laws under the public corporation or the local development authority. This document is required to avail utilities like water system, electricity supply, and the other system. However, first-time home buyers shouldn’t shop for a property without the Completion Certificate, as without it, the building is considered illegal and ends in a penalty or can even cause eviction. Therefore, it is possible for the customer himself/herself to approach the municipal corporation and invite a Completion Certificate just in case the builder fails to get one.
7) THE KHATA CERTIFICATE
Next on our list is the Khata Certificate which is a revenue document that contains details of the property. These details include size, location, area that it’s built upon to pay property taxes. It’s also a type of identification and is required when taking a home equity credit. It’s vital to make sure that the Khata Certificate is a part of the house buying process because it’s needed to use for the electricity and water system.
8) THE ALLOTMENT LETTER
Last but not least, an Allotment Letter is crucial if you propose booking a home that is currently under construction. It includes all the small print regarding the payment of the flat and any extra fees that you need to bring any additional facilities. This letter is significant when it involves getting a loan from the bank because it mentions the quantity that’s required to be paid by the customer.
Summing up, this article contains all the information about the document you need while buying a house. If you need any help, you are in the right place. Izabella Lipetski is the best real estate agent in East Bay, California and she can help you understand all the requirements for buying or selling a home. In addition, she can help you make the right decision when it comes to buying a home.
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