| Smart tips to get property documentation right! | |||||||||||||
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Daunted by the paperwork involved in buying a home? Don’t let it discourage you, just get it right. In the end, the trouble you take will only benefit you. Finding the right home is exciting. Though the process of buying a home can cause heartache, it is most important that you get the paperwork right. Identity You can establish your identity through copies of passports, birth/school leaving certificates, driver’s license or organizational identity/labor cards. You may have to provide a certificate of your educational qualifications too. Proof of residence Copies of a valid resident visa stamped on your passport, utility bills or insurance premium receipts can provide proof of residence. You will need your employer to certify your designation, length of employment, passport number and salary slip, along with a copy of your latest work permit. You will also need three years’ tax returns and copies of bank statements for the past four months. Self employed If self employed, you have to provide a brief introduction to your business or profession and copies of trade licenses/certificate of incorporation, copies of balance sheets, profit and loss statements for the past three years and details of current and savings accounts for the past six months. Proposed buy The details of your proposed buy are required. These are the builder’s allotment letter, cash receipts, construction plans, cost, approved drawing and agreement of sale/sale deed. Have the deed inspected thoroughly to prevent fraud. Take out homeowner’s insurance in advance. In addition, a lender’s coverage insurance may be required. Get a completion certificate from the seller as it tells you that your home conforms to local laws. Additionally, details of assets and liabilities are required from all applicants. Finally, you may need to show your PIO card, Power of Attorney to a local representative, guarantor forms along with net worth and Continuous Discharge certificate. The paper is as important as the home itself! Don’t let this get you down; the thing to remember is that when the home is finally yours, it will have been worth the effort. Do you have tips on documentation? How did you keep track of all the paperwork? Are there any additional documentation requirements for homeowners in your part of the world? Tell us about them! | |||||||||||||
