Every Property is supposed to have certain legal documents that show the overall information about the property. These documents are provided by the local municipality and also other government departments. Planning to buy a property? Well, get ready for major paperwork as the process involves providing (to authorities and the bank in case you are taking a home loan) and acquiring several documents (this ensures your ownership over the property). Here is a list of documents that are required for buying an Apartment in Sri Lanka:
Title Deed of the Apartment
Every Property in Sri Lanka has a Deed which is a formal document that confirms the interest, right, for the property and Title is a legal term that establishes the lawful ownership of a property owned by an individual or an organization. The “Title” is very important because it establishes the history of the property and it shows how ‘healthy’ is the property. The accepted practice is to check the pedigree of the “Title” going back 25 to 30 years. Therefore, the first step is to get the title clearance through an independent Lawyer/ Notary Public whom you can trust.
Condominium Declaration
Condominium Declaration is a legal document filed in the county or district in which a condominium will be located. Once filed with the appropriate public official, this document establishes the existence of the project and divides airspace into layers of ownership. A Condominium Declaration, also sometimes known as Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property. It is regulated by the Condominium Act and it includes legal descriptions of the condominium and of each individual unit, the nature and scope of the development project (when applicable), and several provisions regarding the use of the condominium units and common areas.
Building Plan
Every Building or Apartment Complex has a building plan that shows the overall plan of the building and this is an important document that gests verified by the Municipal Council in the respective District or City.
Certificate of Conformity (COC)
The Certificate of Conformity (COC) is a formal certification that approval or certificate of conformity is granted to a product that meets a minimum set of regulatory, technical, and safety requirements. It is important to obtain the Certificate of Conformity (COC) and it ensures that the Apartment fulfills all the safety requirements of the Municipality.
Approved Lot Plan of the Land
Every Land has a master plan in which every plot of land is surveyed and there is a approved lot plan that is approved by the government. This approved documents is essential in the registration process.
Certificate of Ownership
This is an approved and certified certificate that shows the actual owner of the property or Apartment. This document is also very vital in the registration process. It is provided by the Assessment Department of the relevant Municipal Council in the respective District or City.
Non-Vesting Certificate
Non-Vesting Certificate is also an important document that is required for the Apartment registration and it is obtained by the relevant Municipal Council in the respective District or City.
Street Line Certification
This is also a formal document that is certified and issued by the local Pradeshiya Sabha and this document will clarify the actual street line of the property. The importance of this certificate is that the Pradeshiya Sabha is empowered to take action on building constructed by violating the street line.
Extracts of the Apartment
Extracts are a formal document that shows the overall history of the land and it is essential to check the extracts of a certain land before purchasing it. This document is proof that the property has an entry in the local municipal records and the construction has been done according to an approved plan. Banks ask for this paper before granting you a home loan. It is important to obtain extracts of the land going back to at least 25 – 30 years.
Valuation
Valuation is a formal document that is obtained after the Licensed Valuer values the Apartment in order to show the overall value of the Apartment. The Valuation Process is important because there is a part in the registration process where the buyer has to submit the actual value provided by the valuer to the Inland Revenue Department and then they approve it in order to pay the stamp duty.
