INTRODUCTION

In Tamil Nadu’s real estate landscape, a range of critical documents ensures the smooth and lawful execution of property transactions. From the Sale Deed to the Closing Statement, each document serves a specific purpose – be it establishing ownership, ensuring legal compliance, or safeguarding interests. This concise guide offers insights into these essential documents, highlighting their roles and significance in property dealings across Tamil Nadu.

Sale Deed

This primary legal document transfers property ownership from the seller to the buyer, detailing property specifics, price, and terms.

Title Deed

Establishes legal ownership and history of the property, tracing back to the original owner.

Encumbrance Certificate (EC)

Records all registered transactions on the property, indicating any claims or debts, crucial for ensuring the property is free from hidden liabilities.

Property Tax Receipt

Proof of payment of property taxes, confirming that all taxes are up to date.

Power of Attorney (POA)

Authorizes a representative to manage property transactions on behalf of the owner, especially useful when the owner cannot manage their property due to various reasons.

Building Approval Plan

Issued by the local municipality, confirming that the property complies with building regulations and safety standards.

Occupancy Certificate

Permits the occupation of a building, ensuring it is habitable and meets safety standards.

Sale Agreement

Preliminary agreement outlining the proposed sale’s terms and conditions.

Rental Agreement

Legal document setting out the terms and conditions of a tenancy arrangement, as per the “Tamil Nadu Regulation of Rights and Responsibilities of Landlords and Tenants Act, 2017”.

Partition Deed

Used when joint property owners want to distribute their respective shares.

Gift Deed

Transfers property ownership voluntarily without monetary considerations.

Will

Outlines a person’s wishes for the distribution of their property and assets posthumously.

Patta

Land document issued by the revenue department as proof of land possession.

Completion Certificate

Verifies that a building’s construction follows the authorized plan and meets safety criteria.

Allotment Letter

Issued by developers, assigning a specific unit or plot to a buyer.

Home Inspection Report

Advised for buyers to assess the property condition before purchase.

Appraisal Report

Assesses the fair market value of the property, often required by lenders.

Insurance Policies

Including homeowners, title, and flood insurance, providing protection against potential losses.

Closing Disclosure

It summarizes the essential terms of a real estate deal, including sale price, financing, closing costs, and other key details

Closing Statement

Final accounting of the transaction, detailing all financial exchanges.

CONCLUSION

Understanding these documents is crucial for a smooth, transparent, and legally sound real estate transaction in Tamil Nadu.