Important documents while buying Commercial Office Space/Retail shop in resell transaction

After identification of the preferred property, identifying and knowing the right documents in ascertaining clean Title and ownership is very important. Some of the important documents are mentioned below.

  • Builder Buyer Agreement – This is an agreement between the Allottee and the Builder. It is a contract that contains all the terms and conditions which have to be complied with by both the buyer and the builder. This document helps in ascertaining the chain of buyers in case of property endorsements.
  • Allotment Letter/ Endorsement Letter – Allotment Letter is issued by the builder to the first Allottee and gives details about the exact unit details such as unit no, area, etc. Endorsement Letter is issued by the builder in case of transfer of unit before the Registration. Essentially it has the same value as an Allotment Letter.
  • Possession Letter – Possession Letter is a very important letter which gives/ implies the actual possession has been taken by the Allottee/Endorsee. This document is crucial for Bank Loans and Unit Registration with the Sub – Registrar.
  • Conveyance Deed/ Sale Deed – A conveyance deed is a legal way of transfer of legal rights of ownership of the immovable property from one entity to another. Conveyance Deed is registered with the Sub- Registrar’s office. A sale deed is a kind of conveyance deed when the property has been sold by one entity to another.
  • Property Tax/ MCD Registration – Property Tax is an important mode of revenue for the municipal corporation. It also helps to ascertain the clear Title of the said immovable property.
  • Transaction Receipts – Having a trail of previous payment receipts gives a more complete overview of the property.

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