Owning a home is one of the life’s biggest achievements. But the road to buying a home isn’t rosy. It’s full of complexities. Once you sign the sale deed, the journey to owning a home doesn’t end there. In fact, the real journey starts post-purchase. There are many home buying checklists after purchase.
In this blog, we will explain those must-do things and tips to check out all the apartments for sale in Lucknow and own a property in the true sense.
Important post home buying checklist you shouldn’t miss out
Carefully arrange and manage your property documents
The first rule to owning a property is to keep all the documents handy. It’s important to manage each property document carefully. Thoroughly check the registered Title deed to ensure every detail is legit. If you want to change the deed, then it needs an “Endorsement” signed by the seller. It emphasizes on cross-checking each information.
So, it’s essential to get all the property related documents from the seller. If you’re taking a home loan, then it’s helpful to create a list of documents (LOD) that has to be submitted to the bank. The original sale deed is handed over to the financial institution or bank on the day of property registration or sale deed execution. Make sure you get a photocopy of the same document for personal record keeping.
Save the document on the cloud or a PC with an added layer of security.
Get an encumbrance certificate (EC)
This certificate is usually overlooked by homebuyers. If you buy plots in Lucknow or properties, it’s vital to apply for the encumbrance certificate or EC. Using this document, you can cross verify the priority registration whether it’s done on your name or not. You can apply for an encumbrance certificate after a week of your property registration. It gives you a window to cross check every references in the sale deed and find out whether it has any discrepancies.
Ensure utility services are transferred in your name
If you choose to buy apartments for sale in Lucknow that are under construction, it’s essential to streamline the utility transfer in your name. Get the water and electricity meters transferred in your name. Sometimes, you may need a no objection certificate (NOC) from the previous owner to initiate this process. Make sure your information, such as name, address, and contact details, are correctly mentioned.
Update your property revenue tax report or initiate mutation
Property mutation is the process of changing or updating the ownership details in land records of the government. The process is still handled manually in many states of India. It’s pivotal to initiate this process promptly to steer clear of complications later.
Update your record with RWA or society’s management
Submit a copy of the sale deed to the society’s management team or RWA. They’ll update your name in their records, initiating a peaceful coexistence within the society.
Keep important contact details handy
Keep a detailed contact list of lawyers, agents, neighbours, property sellers, and other individuals. These people knowing you during the property purchase can help you later if any such circumstances arise.
Take property insurance
Protecting your investment from an unforeseen urgency is of utmost importance. Property insurance safeguards your property in Lucknow or anywhere else from such incidents and offers financial security.
Disclose your newly purchased property in ITR
If you buy a property in Lucknow during the current financial year, it’s essential to disclose it in the next financial year to align with tax implications and prevent complications. The best real estate developers can guide you in doing that.
Secure and maintain your property
After you have bought plots or apartments in Lucknow, it’s important to prioritize maintenance. Complete the wall construction, install the fences, and set up the CCTVs to enhance security. Keep the neighbours’ contacts handy to reach them whenever an urgency arises.
Bottom line
Buying a property is an exhilarating journey. While it’s smooth for some who pay attention to each detail, others may face complications if ignored those details. Post property purchase, it’s important to check the EC, get the mutation done, take insurance against property, update your record within the society management, and secure it for future gains.
Follow these must-dos to enjoy the perks of buying a home from Jashn Realty.
