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.
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 which declares that the property has been maintained without any unlawful means.
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.
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.