Checklist After Obtaining Possession Of New Property

Have you obtained a possession checklist for your home? Have no idea what to do next? By the time you take ownership of your home, you’ll have successfully completed the post-possession tasks. Yet there are certain essentials that you must address immediately after acquiring possession of new property.

Let’s take a look at the key actions after gaining possession of new property, as advised by Mr. Anurag Goel, the director at Goel Ganga Developments.

Storage and digitisation of property documents

The first thing you should do after gaining possession of new property is make at least two or three sets of photocopies of all purchasing documentation. Before handing over the originals to the bank, make duplicates of such papers.

Keep the original paperwork in the bank locker. Keep one or two copies at home for reference, and a third in your workplace. It is also prudent to digitise any papers before putting them in a bank locker. Scan the whole collection of documents and save the soft copies to an external hard disk/pen drive or compact disc. Make a minimum of three CD copies.

Transfer of electricity and water metres

The most reliable proof of property ownership is an electricity and water metre in your name. Having these in your name serves as the first address proof, allowing you to obtain your Aadhar Card and voter ID from the new location. These invoices will be issued in the developer’s name until the flat is completed. It is also recommended that, after having ownership of the flat, one transfers the bill by installing a separate metre.

Although the procedure varies between electricity and water boards, most require that you submit ‘Proof of Address’ (Aadhaar, Passport, Voter ID, and Driving Licence), ‘Proof of Identity’ (PAN Card, Aadhaar Card, and Passport), and ‘Proof of Ownership’ (a copy of conveyance deed / a copy of the registry of sale deed) along with duly completed application forms.

For resale property No Objection Certificate (NOC) from the prior owner in order to have the bills transferred. Most brokers get this NOC created before registering the property. Within two months of filing an application at the appropriate offices, the altered name begins to appear on invoices.

Property tax transfer

The majority of homebuyers believe that the registered sale deed is the sole valid proof of property ownership. As a result, altering the name in property tax records is frequently ignored. Unless the new buyer starts a change of name in the official property tax records and receives a mutation certificate, all existing receipts are created in the name of the previous purchase, making this exercise equally crucial for the seller and buyer. The procedure for changing a name on property tax is straightforward if you have all of the relevant documentation.

This must be done with the local municipal body. Before seeking a name change, make sure you have the last paid tax receipt, an attested copy of the sale transaction document, a NOC from the linked housing society, and a completely completed application form with your signature. Submit these documents to the Commissioner of Revenue for verification and subsequent changes to property tax paperwork, which typically takes 15 to 30 days.

Society share certificate transfer

If you bought a flat in a cooperative housing society, you must get the Society Share Certificate. If you bought a resale property; get it transferred into your name. It may take some time to receive the certificate, but many housing societies will not allow any rehabilitation work to be done on the unit until the flat owner has this paperwork. A photocopy of the selling deed must be sent to the registered office of the society or builder.

Check with your builder or call your broker to see if you overlooked any vital documents. Once you are certain, begin the process of amending your new address in your passport, banks, investments, driver’s licence, ration card, and voter registration. A savvy buyer should consult with a local property lawyer. Make a will that specifies who will inherit property after him/her in the event of an unexpected situation.