What Is a Possession Certificate and Why Is It Important?
Buying a home is one of the biggest financial decisions in a person's life. After completing the property purchase, receiving the keys and moving into the house are important milestones. However, before taking possession of a property, buyers should understand the importance of a Possession Certificate. A possession certificate is an important document in real estate transactions. It confirms that the seller or builder has handed over the property to the buyer. It also serves as proof that the buyer has received possession of the property. Understanding this document can help homebuyers avoid legal complications and protect their property ownership interests. 1. What Is a Possession Certificate? A Possession Certificate is an official document issued by a builder, developer, or relevant authority confirming that a property has been handed over to the buyer. It generally contains important details such as: Name of the property owner. Property address and identification details. Flat...