New Delhi. Whether you are buying property in your own name or in the name of a company or firm, there are some documents which if you keep ready, you will not have to face any kind of problem. The deal will also be done quickly and there will be no scope for loss. What documents should a buyer keep ready while purchasing a property so that he does not face any last minute problems? Whether you are buying a property with your partner or an NRI wants to buy a property, they all require certain documents. Pradeep Mishra, an expert in property matters and founder of property advisory firm Homements, has prepared a list of some important documents.
Individual ownership is most important
Individual ownership means that when a single person buys a property from a newly created or previous owner, he has to provide PAN card i.e. Permanent Account Number as well as Personal Identity Card issued by the Government of India. This identity card can be presented as Aadhaar Card, Voter Card, Passport, Driving License or any other valid identity card issued by the Government of India. A part of the amount to be paid for the purchase of property can be made through means such as banking draft, banker’s cheque, transfer from a bank account.
When to buy property in company name?
Apart from individuals, property is also registered in the name of comp.es and in such a situation, the ownership of that property is in the name of that company. When a property is purchased in the name of a company, in that case the owner of the company needs the PAN card of the company, Memorandum and Articles of the company, SIN of the company i.e. Corporate Identification Number, Board Resolution, Officer appointed by the company, Signatory Authority is required. That is, to purchase it on behalf of the authorized person of the company, the personal identity document of the authorized person as well as the GST number of the company will have to be presented. Third party payment is not allowed in this.
Separate rules for NRIs
NRI i.e. foreign citizens of Indian origin have full right to buy property in their country. Also, they do not need to take any special permission from any department of India. Not only this, foreigners of Indian origin are entitled to buy not only residential but also commercial property in India, but they cannot buy agricultural land, any garden or farm house. If NRIs want to purchase any residential or commercial property, it is mandatory for them to submit documents prescribed for a normal person such as passport along with personal identity card and PAN card. An NRI can also purchase property jointly with an Indian resident living in India.
