Important Documents You Need to Buy a Commercial Property

Purchasing a commercial property is one of the vital decisions you will make for investment purposes. However, you need to put lots of effort, time, money, and energy to find the best commercial property in your preferred location. When it comes to commercial property, you will also need to get approvals by the statutory authority. Also, you have to get the property title verified by the lawyer to check agreements, easements, conditions, and restrictions to make a wise decision. Whether you are looking forward to investing in a commercial property in Gurgaon or any city, you need the following vital documents.

Mother Deed

Also called as the parent document, a mother deed is a vital paper that shows the origin of the ownership from the beginning (in case the property has several owners). This document includes the modification in property ownership, whether via inheritance, sale, gift, or partition.

Sale Deed

This is the crucial legal paper that works as evidence of sale and transfer of property ownership from one person to another. A sale deed needs to be compulsorily registered. Before executing the sale deed, it is vital for buyers to settle down each statutory payment like electricity bills, property tax, maintenance charge, society charges, water charges, and others.

Power of Attorney (POA)

It is a legal process for giving authority to the other individual by the owner of the property on their behalf. A person can give a General Power of Attorney (GPA) or a Special Power of Attorney (SPA) to transfer their rights over the property.

Building Approval Plan

The document of a building plan is approved by the respective municipal authority. The property owner needs to receive a sanctioned plan from the jurisdictional Commissioner. A building approval plan is sanctioned depending on the road width, zonal classification, plot depth, and floor area ratio (FAR). The building owner has to submit a set of documents to obtain an approval plan.

So, these are some important documents you need to purchase a commercial property in Gurgaon, Delhi, Udaipur, or any city in India. However, the forms and formalities may differ in each state.

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