Everyone has a big dream to achieve? Buying your favorite car, going on a world tour, or having a dream home in your name. Possessing a flat that you can proudly call yours is a big financial decision. And also a legal one. In this article, we explore the intricacies of possessing a flat legally and the importance of a flat possession letter.
What is a flat possession letter?
A possession letter or certificate is a document issued at the time of purchase of a flat or apartment or building or any such property. The seller provides a possession letter to the buyer which states the date of possession. A possession letter declares that the possession of a property is legally transferred from the seller/owner of the property to the buyer.
A flat possession letter is a letter that denotes ownership rights and is issued by the builder to the buyer. In this case, the buyer has the right to get a possession letter in the right flat possession letter format from the seller. If the seller fails to do so, the buyer has the right to lodge a complaint. It is issued after the developer gets a completion certificate from the designated authority. The letter is always written in the name of the buyer along with the prospective date of project completion mentioned on it.
Format of The Flat possession letter
I, ——————————–, do hereby declare:
1) That I am the owner and in possession of property bearing number ———————with the freehold rights of the land thereto and competent to handover the possession of the property. I have already executed the title documents of the said property in favor of the person now taking possession from me pursuant to the same.
2) That I have sold and transferred the property thereto to Sh.————————-
That I have delivered the actual physical vacant possession of the property thereby to the above-named purchaser on the spot. I have received the entire full and final consideration amount from the above-named purchaser.
POSSESSION HANDED OVER BY
POSSESSION TAKEN OVER
Letter for Flat possession issued by builders
SUB: Possession for Unit No ________________ situated at _______, located at ______.
Dear Mr/Ms ______________________________,
Greetings from ___ Builders.
It gives us immense pleasure to present this Possession Letter and handover the keys to your Unit No. __________ in ABC Homes purchased through the agreement dated ___________ and registered through Registration no ___________ dated ______.
We are happy to note that you have accepted peaceful and vacant possession of property bearing unit no _______ , in accordance with the provisions of the apartment/villa buyer’s agreement, after undertaking a thorough and complete inspection of the unit and other amenities / facilities provided and after being satisfied that the construction is in accordance with the terms and conditions of the builder-buyer agreement, with respect to the area measurement, workmanship of the construction, standard of the materials used, amenities, fixtures, fittings and finishing thereof and that you have no grievances/complaints of any kind whatsoever and that you waive your rights in this regard.
You hereby commit and confirm that with the acceptance of possession, you have no claims, disputes, differences or demands against the company. You also agree to sign all documents, papers, forms, etc., as may be necessary for your unit and for the purpose of formation of the association of owners.
The charges applicable for common area maintenance for your unit will commence from ________________. Our estate management team shall be available at the site, during the handover period. They can assist you throughout the possession of your home. You shall also have the right to use the open car parking space.
Flat possession with legal rights
As important as it is to find the right flat or apartment for new homebuyers, it is also essential to do the needful formalities to be legal owners of their properties. Do check out our other blogs to understand more about the legalities involved in real estate.