FSI in Construction

EC In Real Estate Concepts: Introduction

So are you trying to wade through the properties in b’lore and you heard the terms ‘EC’ and ‘CC’ associated with the property? These two abbreviations stand for ‘Encumbrance Certificate’ and ‘Completion Certificate,’ respectively. Thus, in this article, we will explain the concepts of the Encumbrance Certificate and Completion Certificate and how you can obtain an EC in Bangalore.

Table of Contents

  1. What does encumbrance certificate EC mean in real estate?
  2. What is CC (Completion Certificate)?
  3. How to Get an EC for Property in Bangalore
  4. Significance of EC
  5. When Will You Need an EC?
  6. How to Apply for EC Offline
  7. Summary

What Does EC Mean In Real Estate?

An EC is an Encumbrance certificate and it is a very critical document during the buying and selling of property. It is said that, if a property has a degree of subdivision includes such mortgage loans, every outstanding loan, or any rights and settlement of the agreements. It is prescribed by the state s or nature-approved register the property over the past Cerificate.

Encumbrance Certificate: Brief Description

Let’s start understanding this by stating the main reason for which the Encumbrance Certificate is needed:

  • Property Title: It assures that the title of the property is clear, unchallengeable andEligible for purchase, sale, or even a mortgaging.
  • Previous Ownership: An EC shows the history of ownership of the property and transfers of other operations that have been carried out on the property, through its previous owners.

What is a CC?

On the other hand, CC also signifies Completion Certificate. This certificate is issued to a contractor by the local authority or agency all relevant authority. This certificate serves as evidence that within a parcel of land, there exists a building structure that has been put up in accordance with the building plan; is also in line with the regulations that are guiding the construction industry.

READ ALSO  Promised Employment Options with Establishment of Six Lane Road

Considerations for a Completion Certificate

Here’s why a CC is important and, at times, obligatory:

  • Legal Requirements: It guarantees that the property indeed conforms with all the relevant legal requirements in regards to the construction of the property including the relevant building codes and regulations.
  • Occupancy Certificate: A CC is usually needed for an OC to make use for, or to let out the said property in a legal manner.

Having learned what EC and CC stand for, let us move on to the process of obtaining an EC for your property located in Bangalore.

How to obtain EC on a property in Bangalore

Step by Step Procedure

  1. Go to the Sub-Registrar Office: In Bangalore, the first step you need to do to acquire the EC is to go to the Registrar Office where the property is stated to be situated. For this process it is necessary for you to go to the office physically.
  2. Application Form: Get the Application Form for the Encumbrance Certificate. These forms are available in the office at times or even on the Government Mechanics websites.
  3. Complete the Form: The application form should be filled out with precision containing information pertaining to the property, like its address and the period of time the EC is required.
  4. Attach Proofs: It is a crucial step because an application form will also require the sale deed of the property, possession proof as well as relevant documents vide which the application is being made.
  5. Deposit the Fees: For obtaining EC, it is required by law fees to be paid, which determines how long a certificate is applied.
  6. Submission of Application: Submit the completed application form together with the certificates and the fee at the Sub-Registrar Office. Make sure that you keep a copy of your acknowledgment receipt as a reference.
  7. Processing and Issuance: The Sub-Registrar Office shall authenticate the particulars which were filled in the form that was submitted. If all the documents are alright, the Encumbrance Certificate for that specified period will be issued in due course.
  8. Reception: Attend the office on the requested date and get your Encumbrance Certificate ready to be collected.
READ ALSO  Top 3 Reasons Why the Bangalore Periphery is Gaining Real Estate Momentum

Purpose of EC

Having understood what EC is about with regard to the property documents, let us now go a step further to explore its purpose.

The encumbrance certificate would cover legal and financial interests in the property such as in the event where the owner charged a mortgage loan. In case there is any litigation related to the property, that fact should be noted in the EC Certificate. In Hindi, the burthen free certificate is known as bhar-mukt praman.

Relevance in Case of Purchasers

Purchasers need to guard themselves against any encumbrances that could be passed on to them when they acquire the property as purchasing a house is a big financial decision. As far as property is concerned, a purchaser is assured of the fact that there are no armed or unarmed interest on the property in the form of encumbrances certificates.

Which One Is a Good Borrower After Making Gold As F Mortgage Essentials Or Purchase A Title Which One Is To Be Kept At The Back Of The Mind When Forming Plans And Dreams Of Buying A House Or Flat ? Is A Prime Backup To Gold When Creating A Loan Or A Mortgage.

Don’t Forget A Good Purchase Borrower When Taking A Mortgage Or When Dealing With Properties.I A Less Informal Certificate That You Will Need To Crucial When Complete A Purchase Buying Relation.

Don’t Forget To Pay Your Taxes For The Following 3 Years.Ec Meaning And Importance In Real Estate Business And When To Be Used.Ec Meaning Being A Funny And More Interesting Topic To Discuss.

READ ALSO  6 Tips to Eliminate Your Everyday Plumbing Problems

When You Own A Temporary Encumbrance On A Property Which Will Serve As A Good Mortgage Getting A Convertible Ec When Wanting To Eliminate Taxes On Houses High Class Plans. If Wanting To Kill All Conflicts Reallocation Necessary To Be Done Which Is Of A House Or A Property.

  • EC concerning the Sale of a Flat: It forms part of the documentation that a seller is expected to present to a buyer when selling a house. The seller must request for it and get it out of government’s records.

How To Apply EC Offline

The steps below are how to apply for EC offline:

  1. Go To The Sub-Registrar’s Office: Visit the sub-registrar’s office where the registration of the property was done.
  2. Fill Up Form 22: Go to the sub-registrar’s office and complete Non-Judicial Stamp Form 22 and submit it.
  3. Provide Detailed Information: Include in it full official residence address, where the property is located, what kind of properties it includes, the survey number of the said property, and its exact and reserved area and boundaries. Attach the Sale Deed and other documents supporting your claim.
  4. Make The Required Payments: Note that a small amount of money will be charged for rendering this service.
  5. Processing Period: It generally takes 15 to 30 days after the submission of the application to receive an EC, if everything is done properly. However, this time frame often changes.

Summary

An EC is an important document required in all real estate transactions as it helps you protect your legal and financial interests in the property. It’s a certificate that endorses you while dealing with real estate in Bangalore.

So, if you are traversing the property landscape in Bangalore or its outskirts do not forget to look for these certificates as they make all the difference in your quest for real estate.