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Bought Your New Home? 5 Things You Must Do Immediately

March 7, 2022

Bought your new home? 5 things you must do immediately

Congrats! You just bought a new house! This is one of the most exciting times of your life. But, before you prepare for a house-warming party there are certain things you should take care of.

Storage of Property Documents: Immediately after buying a home, you should make at least 2-3 set of photocopy of all documents related to your purchase. If you have bought home on loan, please ensure you have taken a photocopy of all the documents before handing over the originals to lender.

Digitize them: Maintain a digital copy of all these documents with you along with keeping two to three sets of printed photocopies. Keep the digital copy safe with a password lock in a pen drive or even e-vaults and keep the hard copies at a different yet safe location which only you or your family members know of.

Transfer of property: Transferring the property tax records, EC & Khaata in the owner’s name is a mandatory task. It is often assumed that it is automatically done based on property registration but that is not the case. It is the responsibility of the homeowner to undertake this activity.

Transfer of utility connections: Ensure to transfer utility connections like electricity and water supply to your name, as these are authentic proofs for property ownership. However, it becomes difficult to follow up with property-sellers after you make the payment. Thus, look for NOC formats for such transfers and get the documents ready during property registration so that you can have them signed by the previous owner at the earliest.

Update all records with the new address: Make sure you get all your records including passport, Aadhaar card, PAN card, voter id, bank details, driver license etc. updated with your new permanent address. Make sure you also inform your bank, credit card company, investment partners including insurance policy agent, stock broker and even others informed about the change and ask them to update the same in their records.

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