Property valuation is an important process during buying or selling of property, be it commercial or residential. You can learn more about the importance of property valuation by clicking here.
In today’s article we’ll learn some of the most important documents that are essential during a valuation process of any property. Without these documents it’s not possible to carry out a fair property valuation.
1) Legal Documents: These documents consist of house agreement, Purchase receipt, loan statement (if loan taken). These documents need to be provided by an institute/bank/individual to the property valuation firm in order to legally state the ownership of the property which is to be valued.
2) RERA Registration No: RERA is a Real estate regulatory authority and this number is mandatory for valuation of under construction properties. This allows the valuation firm to be sure that the project is registered under RERA. And know the authenticity of a particular project.
3) Electricity Bill: This is to find the special identification code for the meter of electric connection provided to the property by the service provider.
4) Commencement Certificate: It is a document which provides approval of construction. This certificate is required to make sure that the approval number on the certificate or building permission letter matches with the sanction plan number.
5) Sanction plan: It is a layout designed by an architect for a project with completed identification of floor, building and rooms. It is also called as blue print or building plan. The plan has to be approved by the active town planning authority/corporation on basis of which construction is executed.
6) OC/BCC: In this document there are details of occupation certificate or building completion certificate granted by approving authority. The number in it should match with the sanction plan number.
7) Layout plan: If a project is huge where multiple phases are approved the layout reference number is mention which needs to be verified to match & demarcate the actual position of the building and its legal address.
So, these are some of the important documents that are referred during valuation of a particular property. By referring to all these documents it becomes much easy to carry out a fair and accurate price for the given property.
