A Possession Certificate is an essential document that certifies property ownership, whether a plot of land, a house, or an apartment. It is a legal document issued by the property’s builder or developer and is required at the time of registration. In this article, we will cover everything you need to know about a Possession Certificate of your apartment. Hope this will help you navigate properly throughout the journey of possessing your dream home.
What is a Possession Certificate?
A Possession Certificate is a legal document that certifies the possession of a property. It is issued by the builder or developer of the property and is required at the time of registration, whether through ICICI bank home loan or any other institution or any other way. The certificate contains important details about the property, such as the owner’s name, the property’s address, and the date on which possession was given.
Why is a Possession Certificate Required?
A Possession Certificate is required to establish legal ownership of a property. It is a critical document that is needed at the time of registration of the property. Without a Possession Certificate, property registration cannot occur.
What Information is Included in a Possession Certificate?
- A Possession Certificate includes the following information:
- Name of the owner
- Address of the property
- Date of possession
- Name of the builder/developer
- Property details, such as the number of floors, the number of apartments in the building, and the size of the apartment.
Who Issues the Possession Certificate?
The builder or developer of the property issues a Possession Certificate. It is the responsibility of the builder or developer to ensure that the Possession Certificate is issued to the owner of the property.
When is the Possession Certificate Issued?
The Possession Certificate is issued by the builder or developer of the property after the property is ready for possession. The builder or developer will inspect the property and ensure all necessary approvals are in place before issuing the Possession Certificate.
How to Obtain a Possession Certificate?
To obtain a Possession Certificate, you need to follow the steps given below:
- Contact the property builder or developer and request the Possession Certificate.
- The builder or developer will inspect the property and ensure all necessary approvals are in place.
- Once the inspection is complete, the builder or developer will issue the Possession Certificate to the owner of the property.
Is the Possession Certificate Transferable?
No, the Possession Certificate is not transferable. It is issued in the name of the owner of the property and cannot be transferred to anyone else. Whether you buy the property through loans or any other means, it is important to have one.
What If the Builder or Developer Refuses to Issue a Possession Certificate?
If the builder or developer refuses to issue a Possession Certificate, you can take the following steps:
- Contact the local authorities and file a complaint against the builder or developer.
- Hire a lawyer and take legal action against the builder or developer.
- Approach the consumer court and file a complaint against the builder or developer.
Conclusion
A Possession Certificate is an essential document that certifies property ownership. It is issued by the builder or developer of the property and is required at the time of registration. The certificate contains important details about the property, such as the owner’s name, the property’s address, and the date on which possession was given flowerstips.
Without a Possession Certificate, property registration cannot occur. If the builder or developer refuses to issue a Possession Certificate, you can take legal action against them. Please feel free to share your insights regarding the discussion below in the comment section musicalnepal.
