Buying a property is a significant investment, and it is essential to ensure that all legal requirements are met before making the purchase. One of the crucial documents that a buyer must obtain is a completion certificate. In this article, we will discuss why a completion certificate is important when buying property.
Legal Compliance
A completion certificate is issued by the local municipal authority or the development authority after the construction of a building is completed. It certifies that the building has been constructed in compliance with all the legal requirements and regulations. The certificate ensures that the property is legally fit for habitation and that it meets all the safety and environmental standards set by the local authorities.
Loan Approval
When buying a property, most buyers opt for a home loan to finance the purchase. Banks and financial institutions require a completion certificate as proof that the property is legally fit for habitation and that it meets all the safety and environmental standards set by the local authorities. The certificate is essential for loan approval, and without it, the loan application may be rejected.
Resale Value
A completion certificate is an important document that adds value to the property. It serves as proof that the building has been constructed in compliance with all legal requirements and regulations, which can increase the resale value of the property. When selling a property, buyers often look for properties with all legal documents in place, including a completion certificate.
Peace of Mind
Obtaining a completion certificate provides peace of mind to the buyer. It ensures that the building has been constructed in compliance with all legal requirements and regulations, which reduces the risk of any legal issues or disputes in the future. It also ensures that the property is safe for habitation and meets all environmental standards set by the local authorities.
Conclusion
In conclusion, a completion certificate is an essential document when buying property. It certifies that the building has been constructed in compliance with all legal requirements and regulations, ensures loan approval, increases resale value, and provides peace of mind to the buyer. It is important to obtain a completion certificate before making any property purchase to ensure that all legal requirements are met.