WHAT YOU NEED TO KNOW WHEN BUYING A HOUSE --Part 3
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WHAT YOU NEED TO KNOW WHEN BUYING A HOUSE --Part 3
DOCUMENTS
COMPLIANCE CERTIFICATE
The property owner is issued a Building Permit after building plans are approved; compliance certificate is given to the owner after the issuing body is satisfied that the work done is in compliance with the Building permit. This is the responsibility of the seller to avail to this document.
TITTLE DEED
This is proof of ownership of the seller, and the buyer should request this document upon signing the offer letter to confirm ownership. The buyer should ask for a professional to help them read the tittle deed as it contains information like Development covenant which stipulates the period that the property should be developed and the specifications. The last page of the deed also hold information about the bond and cancellation, the buyer should ensure the information in the deed is communicates what they want to buy.
RATES CLEARANCE CERTIFICATE
This is issued by the City council to show that there are no outstanding property taxes to be paid. The seller should avail this document.
TAX CLEARANCE CERTIFICATE
This requirement was introduced through a Registrars Circular no 3 of February 20 2009, if the seller is not charging Vat in the deal, a clearance certificate is issued by BURS, if the seller charges Vat, the conveyance is required to give an undertaking to BURS that the Vat is accounted for and will be paid to the seller on transfer. BURS issue a letter to Deeds registry that is the Tax clearance certificate.
Author: Apex Properties