Purchasing a plot of land is a significant investment that requires careful consideration and attention to detail.
In this blog, we’ll outline the key documents you should anticipate receiving during and after the payment process when buying a plot of land.
Documents to Expect After Making First Payment for a Plot:
1. Sales Agreement: A sales agreement is a legally binding contract between the buyer and the seller. It outlines the terms and conditions of the sale, including the purchase price, payment schedule, and any specific conditions that both parties need to fulfill. This document serves as a roadmap for the transaction and offers protection to both parties.
2. Receipt: A receipt serves as proof of payment and should include details such as the amount paid, the date of payment, and the mode of payment. It’s crucial to retain the receipt as evidence of fulfilling your financial obligation.
3. Copy of Title Deeds to Conduct Land Search: This document provides you with the necessary information to initiate a land search. Conducting a land search is a crucial step to confirm the authenticity of the property’s ownership and ascertain whether any encumbrances or liens exist on the land.
Documents to Expect After Payment Completion:
1. Title Deed: The title deed is the legal document that proves your ownership of the land. It outlines your rights, responsibilities, and limitations as the landowner. It’s essential to ensure that the title deed is accurate and properly transferred to your name after payment completion. At Zenawi Real Estate, you stand to get your title deeds after ONLY 30 days of payment completion.
2. Receipt: After completing the payment process, you should receive a final receipt that confirms the full payment for the plot of land. This receipt serves as a conclusive record of the financial transaction.
It’s important to note that you should not accept a certificate in lieu of a title deed. A certificate might indicate some form of ownership, but it doesn’t provide the comprehensive legal rights and information that a title deed does.