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Property is precious. You have made a beautiful home with your hard work and you obviously have an emotional attachment to it. Whether you live in it now or are temporarily living away from it, your home is your sanctuary. The least you’d want to encounter is a legal wrangle.
As a homeowner, you have certain legal rights over your property, whether you live in a gated residential enclave or a standalone villa in a layout. There are ways that you can protect your home from any legal tussle, even those that could crop up later in life over small issues.
We list a few significant pointers you can put in place without losing time if you haven’t done it already.
Note: Every homeowner, including you if you are one, should have all the original property ownership and registration documents stored in a safe place where they cannot be accessed, stolen, or tampered with. Preferably, make digital copies too which can be printed when the need arises.
KEEP DOCUMENTS SAFELY
You need vital documents in order to show as proof that you legally own your home. These include:
- Sale Deed
This chief document is legally binding. It is a vital one that shows solid proof of the sale of the apartment to you by the developer. It is the legal transfer of the property from the seller to you the buyer. You need to appoint a lawyer who will prepare the sale deed on legal paper with the ‘date and place’ fields left blank for stamping by the bank where you will pay the stamp duty.
- Stamp Duty
As the legal homeowner, you will need to have the Stamp Duty payment on your home in order to get your sale deed stamped. This is another important receipt you need to have in your possession.
- Property Registration and Execution of documents
As soon as you pay the stamp duty, you need to have the documents registered with the sub-registrar under whose jurisdiction the property is situated.
- Apartment Mutation
The mutation of the title deed is a pertinent document that makes you the legal owner of your property. Mutation means the transfer of ownership of your apartment from the seller to you and is done after the registration is completed. Based on this document, you are allowed to pay property tax on your home.
Though this document can be made any time after the sale is done, it is required at the time of the transaction if you plan to sell your apartment in the future.
- Encumbrance Certificate
This important document certifies that your home does not have any financial or legal liabilities at the time of purchase.
If you have received your apartment as an inheritance or gift, you will need the Will along with the probate, and the Gift deed.
TYPES OF HOMEOWNERSHIP
This aspect of homeownership is extremely important if you have bought your home solely on your own or with your spouse or family members.
You will need to have the joint ownership documents in your possession if you all equally own the property.
Sole ownership
If you are the single owner of your home, meaning, you are the only signatory on the sale deed of the apartment, you can take a call on what you choose to do with your property. You will not have to ask anyone or take anybody’s affirmation if you plan to rent it out or sell it.
Joint ownership
If you have bought your home jointly with your spouse or any other family member, you both, or all of you, are the joint owners of the property. This means you will not have any legal rights solely to make any decision regarding the property without taking the concurrence of the other owners. You and the rest of the joint owners equally own the property even if you are the only one repaying the home loan.
LEGAL RIGHTS
As an apartment owner living in a gated community, you also enjoy certain legal rights. These include the right of possession, the right to sell, etc.
Right of possession
This is an essential title document that ascertains your legal ownership of your home. If you bought the apartment on a housing loan and have cleared your home loan repayment from the lending bank or home finance company, you can immediately obtain this document.
Being a homeowner is a matter of pride. Take care to keep all the important documents related to your ownership in order in consultation with a legal expert.
Trust and professionalism
There’s a lot a homeowner expects from the developer when they buy their forever home, particularly the documentation.
When it comes to owning a home from established and reputed developers like HM Constructions https://www.hmconstructions.com/you can rest assured that legal and property documentation will be in order and meticulously processed. In fact, at HM Constructions, the in-house property management team is endowed with impeccable professionalism to execute the paperwork with perfection to the last detail.
So, wherever you choose your luxury home from – whether it’s HM Tropical Tree https://hmconstructions.com/index.php/projects/details/hm-tropical-tree at RT Nagar, HM Grandeur https://www.hmconstructions.com/projects/details/hm-grandeur at Fraser Town, HM Concord at HM Symphony on Sarjapur Road, or HM Indigo http://hmindigo.co.in/ on Kanakapura Road – you can be satisfied with the touch of professionalism on a bedrock of trust.
Contact us at 888 0225555 to know about our projects.