Legal Terms in Real Estate -Terminologies & Words (A3)
A3. Property Validation Documents
17. Property Tax Receipts
Property tax receipts serve as proof that the annual taxes related to the property, that must be paid to the local government or municipal corporation, are up-to-date.
18. Encumbrance Certificate
The encumbrance certificate provides evidence that the property is free from any legal or monetary liabilities such as a mortgage or pending loans.
19. Municipal Certificate (Khata Certificate)
In the context of Bangalore (and many other parts of India), a Khata certificate is an important document issued by the municipal corporation. It implies that the property owner has an account with the municipality for paying the property tax.
20. Commencement Certificate
This is granted by the local authorities and allows the builder to begin construction. It's typically required for properties in a building or complex.
21. Completion Certificate
Completion certificate indicates that the construction of a building is completed and is issued after the inspection authority examines and is satisfied that the project has been completed abiding by the building laws and as per the approved sanctioned plan.
22. Occupancy Certificate
This certificate is issued by the local municipal authority certifying that the building complies with its approved plan and is ready for occupation.
23. Land Conversion Certificate
Conversion certificate certifies that the land use has been converted from agricultural to non-agricultural purposes.
24. Building Approval Plan
The Building Approval Plan, sanctioned by the local municipal body or city development authority, validates that the construction of the building complies with all the rules and regulations.
25. Joint Development Agreement
If the property is being developed by a builder on land owned by the previous owner or someone else, a Joint Development Agreement between the builder and the landowner should be in place.
Courtesy: ASSURE SHIFT
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