Things To Do After Getting Possession of Your Dream HomeOctober 6, 2017
Buying a new home can be an overwhelming experience because of the strenuous documentation processes involved. And after crossing all the hurdles many tend to plan about moving in to the house as soon as they receive the possession letter. But there are other important things to be done after getting possession to ensure that the ownership is transferred completely.
Here are 4 things to be done immediately after getting possession of a new home.
1. Digitise property documents
It is always advised to make copies of all purchase-related documents soon after the registration to use for further official purposes such as address change or for a personal copy before handing over the originals to a bank in case of a home loan. Scanning and digitising the complete set of documents is also a wise step for quick references without taking out the originals from the locker.
2. Transfer public utilities
Electricity and water connections should be transferred to the owner’s name after getting the possession certificate of the house or apartment. These act as the initial address proof for updating the address in personal IDs such as Voter ID or Aadhar Card. When buying pre-owned houses, a NOC or No Objection Certificate should be obtained from the previous owner to get the connections transferred.
3. Property tax transfer
Updating the property tax documents is vital as they are also considered as rightful ownership proofs. After getting possession, a change of name in the official property tax records should be initiated and a mutation certificate should be obtained by submitting an application form to the local municipal body along with necessary documents.
4. Transfer society share certificate
If it is a flat or apartment in a co-operative housing society, each property owner has a share in the society. A society share certificate should be secured as the proof of the same if it is a new flat or a change of name should be made in case of resale purchase.
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