Several homebuyers getting into real estate transactions are not much aware of occupancy certificate and other important documentations regarding the short listed project and the purchase of their new property. During the purchase of a property there are many documents required to be checked and verified which may be a tedious process. But it is just a one time process and when completed will lead to lifelong security and peace.
Occupancy and possession certificates are crucial document which must be sought and if the builder is not providing the same, buyers have the right to take legal action.
If you do not have these certificates you can be denied civic amenities and many other issues can crop up. Sometimes the builders just give the possession certificate and do not take much efforts to provide the occupation certificate. Even due to excessive delays by the builders in completing the project, apartment owners ignore important documents at the time when they take over the apartment. In hurry and excitement to move in, they just wish to get the possession as soon as possible.
Along with possession certificate, occupancy certificate is one of the crucial certificates, which every homebuyer must ask during moving in their new flat. Let me explain you the importance of these two documents:
Why is Possession Letter important for homebuyers?
The builder issues the possession letter in favour of the buyer stating the date of possession of the property. In case of home loan, the original copy of this document needs to be produced. It requires a OC also for legal possession of the property. The letter states that the home is now a possession of the buyer as the buyer has fulfilled all the terms and conditions.
In a simplified language, a letter of possession is a letter stating that the property has been possessed with no illegal means. And it is also stated that without the Occupancy Certificate the letter of possession would be deemed invalid.
Thus, Possession Letter and Occupancy Certificate go hand in hand. Even if you have Possession letter you may not be considered a true owner of a home without Occupancy Certificate.
Why is Occupancy Certificate for homebuyers important?
Do you have the proof that you bought a home and your are the only owner? The Occupancy Certificate is the proof that certifies that you are the owner of a property solely. You must get this certificate from the builder when you are ready to move in your new dream home. It is a proof that the home is safe to move into and the builder has followed all the guidelines while completing the project. The certificate enrolls the safety of the apartment and that it is fail safe.
During the construction of a building there are certain rules and regulations set by town planning committee which need to be followed in order to construct the building. If the project is completed according to the guidelines the same local authority issues the certificate to the builder otherwise the local town authority will not certify the project.
So, do not act in hurry while you are ready to move in. Be an educated buyer and make sure the builder provides you with all the documents. It is your right to get hold of all the property related documents and firmly ask for possession letter, occupancy certificate, and other documents. You deserve to get what you should as you have invested your hard earned moneies to buy your dream home.