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Things to consider before buying an home/plot in Chennai -Handover Document Whether you are a new apartment buyer or buying an apartment for the second time, you should be aware of the list of handover documents to be collected from the builder. While some builders provide consumers with all the documents on time, some may not offer them. To help you understand and get to know about the handover documents, we have compiled the list of mandatory documents here. If you are planning to buy a home in Chennai, this guide is perfect for listing down the documents collected from the builder. 1. Handing over certificate/ Possession Letter The new owner of the property will be issued a Possession Certificate. This certificate proves that the ownership of the property has been transferred to the purchaser and that they are now thoroughly interested in the property. Both parties must register for the same property; this means that the developer must sign a declaration stating that they no longer own the property, and the buyer must sign to accept ownership. The certificate will also include an interpretation and any necessary additional features, such as parking or a garage, as provided for in the sales agreement. If you don’t have any legal certification or registration document, you don’t have any authority over the property, and the builder lawfully owns it. In this case, the builder can also evict the resident with help from civil authorities. 2. Acknowledgment Letter for Handing over the keys. This is a document/letter that the builder provides to the apartment owner. The letter confirms that the builder has received all the prescribed money from the buyer, and they solely agreed to provide buyers with the respective apartment keys. This document is also helpful to the buyers to consider as proof that they have paid the money and own the apartment without further ado. At Isha Homes, we ensure that all our buyers receive handing-over acknowledgement letters as soon as the legal process gets over. 3. Copy of Affidavit for No Claim It is a stamped document of 20 rs (bond) that the builder provides to the consumers. This document comprises the property owner’s name, allotment number, villa/ plot number, and address of the villa. In the document, it is written that the builder has supported and enabled all the features as requested by the consumer, and they are solely satisfied with the property that has been handover. All consumers shall read the document carefully and sign, agreeing to the information mentioned in the document. Once consumers sign the document, it directly means that the consumer is fully satisfied, so the builder has proven to have delivered quality as required. 4) Final Statement of Account A settlement statement is a formal document that itemises all fees and credits resulting from a real estate transaction. It shows the line-by-line breakdown of how all the money changed hands. The statement includes commissions to real estate builders, taxes and recording fees owed to local governments, and final charges to the lender. At the bottom of the statement, you will see your net proceeds in the seller credit column and what is due from the buyer. This document serves as a receipt for your home sale. A statement of account is a financial record of your transactions with your landlord. It begins when you start owning the apartment and per the deal. Between those dates, it would include a list of all the payments you’ve made and any credits or adjustments to your account. Each payment, credit, or adjustment would then affect the balance on your account. 5) EB Card – if readily available or on receipt In Isha Homes possession, we ensure that the new apartment owners pay the electricity bill based on the units they consume. Hence, we provide them with the EB card during the handover process itself. Sometimes, there would be a delay in obtaining the card from the electricity board, and in that case, we provide new buyers with the receipt of the EB card/ proof of the EB card receiving date. To be precise, you shall pay only how much electricity you consume, thus helping you calculate and pay accordingly. 6) Summary of Additional Work In the handover report, be sure to include all meter readings, from electricity to water to the radiator. Additional works should be described in full detail, with photos whenever possible. Other components of the hand-over process include keys and locks, doors and windows, floors (carpets or tiles), walls (paint or wallpaper), and any mould. With the summary of additional work, builders should also specify when the buyer is responsible for ancillary costs. Continue Reading on https://www.ishahomes.com/blog/things-to-consider-before-buying-an-home-plot-in-chennai-handover-document/

Things to consider before buying an home/plot in Chennai -Handover Document

Whether you are a new apartment buyer or buying an apartment for the second time, you should be aware of the list of handover documents to be collected from the builder. While some builders provide consumers with all the documents on time, some may not offer them. To help you understand and get to know about the handover documents, we have compiled the list of mandatory documents here. If you are planning to buy a home in Chennai, this guide is perfect for listing down the documents collected from the builder.
1. Handing over certificate/ Possession Letter
The new owner of the property will be issued a Possession Certificate. This certificate proves that the ownership of the property has been transferred to the purchaser and that they are now thoroughly interested in the property. Both parties must register for the same property; this means that the developer must sign a declaration stating that they no longer own the property, and the buyer must sign to accept ownership. The certificate will also include an interpretation and any necessary additional features, such as parking or a garage, as provided for in the sales agreement.
If you don’t have any legal certification or registration document, you don’t have any authority over the property, and the builder lawfully owns it. In this case, the builder can also evict the resident with help from civil authorities.

2. Acknowledgment Letter for Handing over the keys.
This is a document/letter that the builder provides to the apartment owner. The letter confirms that the builder has received all the prescribed money from the buyer, and they solely agreed to provide buyers with the respective apartment keys. This document is also helpful to the buyers to consider as proof that they have paid the money and own the apartment without further ado. At Isha Homes, we ensure that all our buyers receive handing-over acknowledgement letters as soon as the legal process gets over.
3. Copy of Affidavit for No Claim
It is a stamped document of 20 rs (bond) that the builder provides to the consumers. This document comprises the property owner’s name, allotment number, villa/ plot number, and address of the villa. In the document, it is written that the builder has supported and enabled all the features as requested by the consumer, and they are solely satisfied with the property that has been handover. All consumers shall read the document carefully and sign, agreeing to the information mentioned in the document.
Once consumers sign the document, it directly means that the consumer is fully satisfied, so the builder has proven to have delivered quality as required.

4) Final Statement of Account
A settlement statement is a formal document that itemises all fees and credits resulting from a real estate transaction. It shows the line-by-line breakdown of how all the money changed hands.
The statement includes commissions to real estate builders, taxes and recording fees owed to local governments, and final charges to the lender. At the bottom of the statement, you will see your net proceeds in the seller credit column and what is due from the buyer. This document serves as a receipt for your home sale.
A statement of account is a financial record of your transactions with your landlord. It begins when you start owning the apartment and per the deal. Between those dates, it would include a list of all the payments you’ve made and any credits or adjustments to your account. Each payment, credit, or adjustment would then affect the balance on your account.
5) EB Card – if readily available or on receipt
In Isha Homes possession, we ensure that the new apartment owners pay the electricity bill based on the units they consume. Hence, we provide them with the EB card during the handover process itself. Sometimes, there would be a delay in obtaining the card from the electricity board, and in that case, we provide new buyers with the receipt of the EB card/ proof of the EB card receiving date. To be precise, you shall pay only how much electricity you consume, thus helping you calculate and pay accordingly.
6) Summary of Additional Work
In the handover report, be sure to include all meter readings, from electricity to water to the radiator. Additional works should be described in full detail, with photos whenever possible. Other components of the hand-over process include keys and locks, doors and windows, floors (carpets or tiles), walls (paint or wallpaper), and any mould. With the summary of additional work, builders should also specify when the buyer is responsible for ancillary costs.
Continue Reading on https://www.ishahomes.com/blog/things-to-consider-before-buying-an-home-plot-in-chennai-handover-document/

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