Have you successfully purchased your dream home and finalized a date to move into your new abode? The joy of owning a home is a something that you will cherish for a long time. Safeguard your dreams and your investment by owning the necessary documents and completing all the required legal formalities. Here is a checklist of things you should do after purchasing your home.
Keep your sale deed and property related documents safely
Maintain a document list
Make a list of all the property related documents you have obtained from the builders, owners, or banks. Many a time, people forget taking these documents or end up misplacing them thinking they might not be important. Having a checklist ensures that you have all the documents you need.
Storage and copies
Make multiple copies of the sale deed and all other property purchase related documents and store them in safe locations. In case you have applied for a home loan, do not forget to get a photocopy of the original documents before submitting them in the bank. It is also preferable to keep a digitized copy that you can access in times of emergency.
Get a proof of submission from the bank
A home loan requires you to submit the original property papers and related documents in the bank after registration. Request the bank to provide a letter listing out the documents in their possession. This will prove to be useful in the future when you want to retrieve documents from the bank after repaying the loan or when you want to sell the property.
Get electricity and other utility bills transferred to your name
Register the property
A very important step, registration is the final straw in property ownership. Irrespective of whether you are purchasing the home from the previous owner or a developer, ensure that you get your documents verified at the sub-registrar office and pay the necessary stamp duty. Not registering your property might land you in a legal soup as the law does not recognise unregistered owners or their rights over the property.
Transfer the utility connections to your name
Transfer the utility bills such as electricity and water connections to your name. Also ensure that the property tax account is linked to your name. Transfer of ownership is a commonly neglected step and this might pose grave problems in the future. Having the bills withyour nameand address validates your ownership.
Get your property insured
Your property is your asset. Make sure that your home is protected against fire, theft and other damage. Opt for an insurance coverage whose value increases with the value of your home. Talk to your real estate agent to get the best deal for your home.
Consult a lawyer for necessary legal advice
Check with your lawyer
Check with your lawyer to ensure that you have not missed out on completing any important legal formalities. Get a will stating who your property should go to in case of an unfortunate incident. Additionally get your records such as bank accounts, investments, driving licences etc updated with your new address.
Even prospective home buyers can benefit from this list by preparing themselves in advance and choosing a reliable developer for their home. The Address Makers, real-estate developers in Bangalore offering luxury villas in Sarjapura road and apartments in EPIP, Whitefield, Bangalore, provides the necessary assistance to its customers through the entire process of owning a home.
We hope this checklist equips you with all the information you need as a home owner or buyer. Please feel free to share your opinions with us.
