Having a house of your own is a dream come true. We work hard day and night so that we can own a property and make it a home. It is truly a milestone to have a name tag of you outside a house.
But this happiness and excitement can be short-lived if you don’t have your affairs in order. It’s a legal matter and has lots of documents and if they are not in order or verified, you can get into a lot of trouble. So before you go and have a housewarming party, read below to know about the things you must do immediately after moving into a new flat.
6 smart things you must do just after buying your property
1. Keep your property documents organized
In India, buying any piece of property means that you take proper documents from your broker proving your ownership over the said land. Make sure that the documents are fully secure by keeping them in a storage locker or even bank locker to keep them safe. Also, be smart and have duplicate copies of the documents and if you want to be extra careful, keep them in different locations.
2. Make a digital copy
It is advised to have scanned copies of your property documents, in case the hard copy gets stolen or damaged. Digitalizing them and keeping them safe in emails, hard disk or DVDs is a smart move.
3. Register the property
Most of the time, property papers are automatically processed taking up to 60 days, but if that’s not the case you should do it on your own. According to the location of your new property, transfer the tax papers/Khata/EC to the local governing body.
In case of you living abroad or in a different location than your property, for an instance, say you are looking for flats in Jaipur, it’s better to start the process yourself and keep tabs on the process until it’s done. Sites like Mahima Group can also help you out here. But if you don’t hurry up, there might be complications later.
4. Get immediate transfer of water and electricity meter
Never delay the registration and transfer of electricity and water meter, this can get very costly and complicated for you. Never forget to take the NOC from the owner while having a witness and make sure that the NOC whether taken online or from the broker is made against the right person.
5. Watermark your sale deed
The sale deed is something that suggests that the transfer of electricity meter, Property tax papers and society membership papers between two parties. It’s advised that you should get them watermarked from the proper place so that no one can misuse it. Also, before sending any papers to any government agent get it watermarked. Follow the same procedure while closing down loan account for these properties.
6. Update your new address
It’s very crucial that you update all your identity cards Pan, Passport, bank passbooks, driving license and an Adhaar card with the new address. You can check with a local lawyer about all legal formalities you need to fulfill related to residential address and other things before you shift to your new adobe.
Legal formalities can take a lot of time but they are essential so that no one can question you about your hard-earned property. Do these things as soon as you get time so that you can enjoy the feeling of living in your own house. The happiness and celebrations should not be cut short due to one mistake you made, related to the real estate.
If not done properly, it can be a big pain, so hopefully, the above points would have made sense to you and you would make sure you do them immediately after moving into your home.