Are you an aspiring homebuyer? Do you know what a Possession Certificate is?
Well, we have written this blog to help you know what is a possession certificate.
A Possession Certificate guarantees that the ownership of the property has shifted positively and the customer now owns all the rights to the property. It is by the Revenue Divisional Officer in urban localities and Tahsildar in rural localities.
A possession Certificate is a record or document that transfers the possession of the home or property from the first buyer or owner or developer to the buyer. This implies the property, as well as the investment and interest in the property. It distributes to the buyer on payment of specific sum payment. In easier terms, a possession certificate is a document that declares that the property has been maintained without any unlawful means.
Contents of the Possession Certificate
A possession certificate is published by the buyer showing the shift in possession. The Possession certificate must explicitly declare that the possession of the asset or property at hand is that shifts to the buyer. This assures that the purchaser has full interest in the property now. Both the parties must sign up on the same, that is, the inventor must sign overstating that the possession does not lie with him any higher and the buyer must conform to taking over the ownership of the property. The certificate must also hold a report of the property and the expected add-ons like a garage, parking space, etc. as received upon in the agreement of sale. The possession certificate shall be drafted and be trustworthy. It shall also specify the date of possession of the home or property.
Possession letter format
What is a Conditional Possession Letter?
Under some conditions, the users or buyers accept the possession of the property but are not convinced with it on account of any one or more features like faulty construction, pending renovation work, poor development quality, acceptance of various building elements as agreed, or the pending transfer of the Occupancy certificate or the Possession Certificate. The customers receive a Conditional Possession Letter on which all the requirements that need to be performed. It is by the inventor for receiving a conditional possession letter is completely specified.
Furthermore, the buyer can specify the payment due to the builder’s end. In case of any stay in the project and get the legal route in extreme cases.
Rights Given under the Possession Certificate
- The buyer is now in complete possession of the home and can decide to do anything he wants, subject to the rule. The possession guarantees that the buyer can now manage the property. Whichever way they want subject to the agreement with law and by-laws of the organization.
- A possession certificate moreover enables the buyer to be the official owner of the property. And, guarantee that the interests of the property owned by the tenant.
- Having a possession certificate is also important in cases of re-sale or additional sale of the home. As there is no trouble to give the possession and ownership of the property when it owns the person who is enforcing the transfer.
- After transferring the ownership of the property from the dealer to the customer, the buyer has the advantage of any change or improvement. it is in the value of the property and to the rents and gains from the property. Moreover, the trader or seller can have no claim on the benefits of the property after the purchase.
- Moreover, unless the seller improperly refuses to receive delivery of the property, the buyer has a charge on the property. Further, on the dealer for any money return in expectation of the delivery of the property.
- Further, in the state of insolvency of the seller to transfer the property, the customer has the right to get reimbursement. It is for the earnest and for the costs given to him. Further, it is a court to enforce the particular performance of the agreement.
- It is the right of the user or buyer to get data about the plan approval. The timeline for the same, design plans of the entire structure along with some necessary records as explained above. Which are properly by the competent administration.