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Things to do after Getting your Home Possession
January 17, 2018 fc Real Estate after Getting
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Possession Srishti Chandola
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Have you received the possession of your house?
Really confused about what actually to do next?
The home buying process is complete by the time
you get the possession of your home. There is,
however, nitty-gritty that must take care of
instantly after possession of the house. Let's
take the look at these. Storage and digitization
of property documents The first step should be
making at least two or three sets of the
photocopies of all buy related documents. Make
sure that you have the photocopies of such
documents ready before handing over originals to
the concerned bank (in case, house is bought on a
home loan). It is advisable to keep original
documents in a bank locker. Keep a one or two
photocopies at home for the reference while third
can actually be kept in the office. Also, it is
wise to digitize all the documents before storing
these in a bank locker. Scan complete set
documents, as well as store soft copies, either
in the pen drive/external hard disk or compact
disk. Make at least three copies of the
CD. Transfer of water and electricity meter Water
and electricity meters in the name are most
dependable proof of property ownership. Have
these in your name is initial address proof which
will help you get Voter ID and Aadhar Card done
from the new address. Till the home is ready,
these bills will be in name of the developer.
Once you get the possession of the home, get bill
transferred by getting a separate meter
installed. Although, the procedure is varied with
several water and electricity boards, most of the
water and electricity board offices need to
submit proof of address' (voter ID, passport,
Aadhar, and driving license), identity proof'
(Aadhar card, passport and PAN card) and
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ownership proof (a copy of sale deed/a copy of
conveyance deed) along with the duly filled
application forms. If the house purchased in
resale property, you may have the additionally
submit no objection certificate from the previous
owner to get bills transferred. Most brokers get
this nonobjection certificate prepared before the
registration of property. The changed name began
reflecting on bills within somewhat 2 months of
filing the application at the concerned
offices. Property tax transfer Most of the
homebuyers feel that registered sale deed is only
rightful ownership proof of property. The result
to this is that the updating name in property tax
documents is at times overlooked. Unless new
buyer starts a change in name of the official
property tax records as well as obtain mutation
certificate, all the old receipts are made in
name of the old buyer, which actually makes the
exercise equally important for the buyers and
sellers. The process of getting the name changed
in property tax is easy or simple provided that
one has all the important documents in
place. This certainly needs to do with the local
municipal body. Before you request any change in
name, ensure you have the receipt of last paid
tax, attested copy of sale transaction deed, a
non-objectionable certificate from associated
residential society and duly-filled application
form with the signatures. The documents must
actually be submitted to the commissioner of
revenue for subsequent and verification change in
property tax documents which generally takes
15-30 days time. Society share certificate
transfer If you have bought an apartment in a
cooperative residential society, one needs to
secure society share certificate (in case of
buying new flat) or get the transferred in your
name (in case of a resale purchase). However, one
can take out time in obtaining the certificate,
many residential societies dont really allow any
renovation work with the unit until the homeowner
has such document. For this, one will have to
succumb a photocopy of sale deed in the society
or the developers registered office. The final
step Take the help of your developer or call the
broker to find out whether one missed out on any
of the important documents or not. Once you are
assured, the initial process of updating the new
address in the banks, passport, driving license,
investments, voter id and ration card. The wise
buyer should actually consider meeting the local
property lawyer and make the will, mentioning who
actually will inherit property after the event of
an unfortunate incident.
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