3 Must Have Documents when Purchasing a Property for a NRI / OCI / PIO
Posted on October 01 2020
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Purchasing a property is an important financial decision and it is absolutely essential to keep the documents in order. The 3 must have documents when purchasing a property are as follows:
1. Mother Deed: The Mother Deed, also known as the parent document, is one of the most important and essential legal document when purchasing a property. The Mother Deed traces the ownership of the property from the start (if the property has had various owners) and provides the history of ownership. It is a document that helps in the further sale of the property, thereby establishing the new ownership. In case of absence of the original Mother Deed, certified copies should be obtained from the registering authorities. Mother Deed includes the change in ownership of the property, be it through sale, partition, gift or inheritance.
2. Encumbrance Certificate (EC): The Encumbrance Certificate provides details of the ownership or liabilities or any charge created on a property that is held against a home loan or as security or as a mortgage. An EC or encumbrance certificate generally consists of all the registered transactions done on the property during the period for which the certificate is sought. Hence it is a certificate sought for evidencing the property purchase/sale, the presence of any transaction or mortgage.
3. Completion Certificate (for a ready property): A Completion Certificate is issued by the municipal authorities denoting that the building is in compliance with their rules in terms of height, distance from the road, and is constructed as per the approved plans etc. This document is important at the time of purchasing a property and seeking a home loan. If a completion certificate is issued, then it can be assumed that the construction has been done as per the sanction plan.
It is very important for a Resident or for a NRI / PIO / OCI (Non Resident Indian, Overseas Citizen of India, Person of Indian Origin) to do a thorough legal check through an experience and qualified NRI Property Lawyer as the essence of the value of the property is in the clarity of the title and the documents.
Our qualified and experience Lawyers and Advisors have in-depth experience, especially in NRI / OCI / PIO property purchase and property sale transactions. We specialise in Cross Border Tax, Legal and RBI/Banking assistance for your Transactions with reference to property laws in India, US, UK, Singapore and DTAA.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
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