Purchasing your dream home in Siliguri is a long-term investment. If you are among those who are planning the same, then wait! This blog is for you. Before you check out any commercial property for sale in Siliguri, please be ready with all the mandatory legal documents. Without proper documents, you might not get the approval for properties, even if they are on sale.
You must have all statutory authority approvals for the land or the plot designed for commercial purposes only. Even verify the originality of the allocation letter with all agreements, resolutions, and ordinances. Whether you are opting for any commercial space for Sale in Siliguri or moving to normal deals, be aware of the list of legal documents, mentioned below.
Commercial Property for Sale in Siliguri: List of Mandatory Legal Documents
It might seem easy to get commercial plots in Siliguri. But, this is not the actual case. You should know the importance of each document. Always check those properties for sale in Siliguri that hold clear ownership. We have attached a list of enclosed documents that need your attention in this blog ahead for more clarification.
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Parent Deed or Mother Deed
An important legal document while opting for any commercial property is the parent or mother deed. It helps to trace the property's ownership since starting, even if you check for any commercial space for sale in Siliguri. In case it's not available, you can get a certified copy from the registering authorities.
This includes the change in the ownership of the commercial property. It can be through sale, partition, or any inheritance. It should include the references of the ownership in a complete sequence. In case any sequence is missed, you can refer to the records of the registration office, revenue records, or recitals in other documents.
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Khata Certificate/Khata Extract
Another essential document to check out is the Khata document. Once you are done cracking the deal of the properties for sale in Siliguri, get the Khata certificate. It is needed while you are purchasing and getting trade licences. A Khata and B Khata are the two records for the same. In A Khata, the properties listed under Municipal corporation or with legal construction are listed, while in B Khata, you have commercial spaces under local jurisdiction with violated property constructions.
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Encumbrance Certificate
Any charges in the ownership or the liabilities created on a property that is against the home loan as security is deemed as an encumbrance. It’s proof of a particular purchase for your commercial space. It’s evidence of your purchase of the commercial property. You need to submit a copy of the sale deed to get an EC. It will take 3 to 7 working days or more for processing, depending on the period chosen by you.
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Power of Attorney (POA)
A legal document in the real estate agreement in which there is a transfer of legal rights to the agents, who can manage the principal property easily, even if the principal person is not present at that time. Be it any commercial property for sale in Siliguri deal or any residential one, power of attorney gives the special power of attorney of transferring the rights to the purchaser from the owner. So, if you are purchasing any commercial plot, please take this document.
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Stamp Duty
Stamp duty is the same as sales or income tax collected by the government, which is paid full-time and must be paid on time. With the complete stamp duty on any document, it is important to consider this authorised legal document. For all the properties for sale in Siliguri, keep your document ready with the stamp duty. Unless there is any agreement to the contrary, it’s a kind of liability that you have to give as a purchaser.
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Approval for building loan from authority
Basically this is being sanctioned by your respective municipality authority. Some of the parameters for sanctioning building approval loans are zonal classification in Siliguri, road width, and floor area ratio. So, it is one of the significant documents that should be submitted by you to get the approval for your building.
Summing Up
So, we hope that you are aware of all the legal documentation required for checking any commercial space for sale in Siliguri. Although you can get help from the legal assistant, like Mega Developers. We have provided a general idea of the legal documents that should be there while you crack the deal for commercial plots in Siliguri.
