What precautions, we need, while buying a property from a realtor or builder?
Buying a property from realtor, real estate agent, builder or a developer?
If you have made planning of buying a property, an investment in real estate or to buy a flat from a builder, realtor real estate broker or a real estate agent, you should be very careful before investing your whole life hard earned money in any real estate, builder project on the basis of rosy pictures shown by a real estate agent, builder or a realtor. To safeguard yourself, tick mark the following real estate, realtor, builder, property, apartment, real estate agents checklist, before believing blindly on realtor, real estate agent, real estate broker or on builder real estate projects.
Beware of unregistered builders, realtors, developers, real estate agent & real estate broker
: If you are planning of buying a builder flat, then before buying a property, check RERA registration number of the project along with its approval from concerned authority of the state like GMADA. Also check the real estate builder, real estate agent, realtor license carefully with its validity, from whom you are planning to buy a flat, villa or any kind of real estate property.
Beware of fake projects started, without buying a land on builder or realtor company name
: Many of the real estate agents try to develop small projects without purchasing a land, by doing joint venture with land owners. Check ownership papers of the real estate land of the realtor, on which the builder has started construction of a sample flat. The ownership may be checked online from revenue land records website of the state or UT. Also check approved maps, approved site plans with specific covered and super are specifications.
Beware of projects started on mortgaged land
: Check encumbrance certificate of the land, to make sure that the project land is free from any loan, encumbrance, lien or mortgages. If land is mortgaged then obtain copy of tri party agreement from the concerned bank.
Beware of builder prior litigation and cases
: Builder company past project experiences must be reviewed and its litigation history must be investigated thoroughly, from the website of NCDRC and ECOURTS . The status and case records could be seen for the past many years, from the column of case status, by inserting name of the builder company.
Beware of depositing token amount without reading apartment agreement
: Temporary sales team employees of the builder, may trap new buyers by saying that whole project is sold, only few flats are left etc. Buyer Apartment Agreement draft copy, must be demanded in advance, before making payment of any booking token amount to any realtor or real estate agent.
Beware of clauses mentioned in buyer apartment agreement
: Few realtors and builders prepare big agreement, which is impossible to read. All the clauses must be read carefully especially penalty clause, penalty for late payment , compensation for delay in possession, possession date, parking and club charges, super area and covered area etc.
Beware of super area and covered area trap to raise price of flat at the time of possession
: Generally most of the builders, realtors mention clause, that area mentioned at the time of booking is tentative and builder has a right to increase it, at the time of possession. This clause must be asked, to be removed otherwise at the time of possession, you may receive a huge increase in price of an apartment or flat.
Beware of payment in lump-sum at start of project
: Always choose a construction linked plan and on each payment reminder, visit and see the progress of project, before making payment of next installment.
Beware of forfeiture clause in the apartment buyer agreement
: At the time of booking a builder flat or buying a property, forfeiture clause must be read carefully and the builder must be asked to delete / alter it at the time of signing the apartment buyer agreement.
Beware of compensation for delay in possession @ 10 to 50 per sq. ft
: Generally builders and realtors charge @15% for any delay in installment along with penal interest. But on the name of compensation, for delay in possession, they mention only @10 to 50 rupees per square feet, which comes to 1 to 2% only. Ask them to put same clause of penalty for delay in compensation. At the time of taking over of possession, a copy of completing certificate must be obtained.
Consult a Real Estate Lawyer, Property Lawyers in Chandigarh?
For any query , feel free to get instant free online advice from expert property lawyers in Chandigarh and real estate attorney