Check These Legal Documents Before Buying A Home

Many developers don’t care that we invest our hard-earned money for investment or for personal use. A deed of sale is one of the most important documents that forms the basis of the legal proof of sale and the transfer of ownership of the property in question. The deed of sale has detailed information about the property in question and such information is mutually determined by the buyer and the seller. The deed consists of details such as conditions, the sale price of the property, etc. Don’t get the impression that the house is delivered smoothly just because it is a project registered by RERA.

Indicates that the property is in sufficient circumstances for its profession. The developer is responsible for obtaining the occupancy certificate and will not be issued until the building has been completed in every way and is ready to be inhabited. At the end of construction, the builder receives a certificate of completion from the metropolitan authorities. Buying an apartment in the Under Construction Project may be related to the Indian psychology of buying a “NEW”.

After the implementation of RERA, a builder is responsible for delivering the project in the aforementioned time and, if not, he is responsible for paying a fee to buyers. Ready-to-use floors are more expensive than a floor under construction in the same location. You must have a solid financial position for a floor ready to move, as you must pay the full cost of the property before the builder hands you the keys. Your mortgage loan must be sanctioned and EMIs on the total loan amount will start immediately.

Several soft launch projects are canceled due to builder incompetence, in such situations house buyers are most affected because their money is stuck. Home buyers must guarantee ownership of the developer / seller by examining the title. Light full-page ads, flexible payment plans, schedules, gifts and decorated sample apartments are among the lures real estate developers use to attract potential home buyers for recently launched projects. However, if you plan to buy an apartment for an insufficient construction project, you should know the pros and cons of buying the property.

There is also a greater chance of getting a big discount when booking a floor under construction. You must ask the developer for titles and all project documents and have them examined by a lawyer. Many complexities are involved and only a professional lawyer can help. You should get details such as land use, title writing and approval documents from municipal companies. At a later stage, you can seek the help of a lawyer to also verify the professional certificate.

Before we buy a flat, we need to see its construction quality, durability and resistance. Renowned builders always try to maintain the quality of the construction. Therefore, it is better to choose floors built by renowned builders. You can check out the builder’s previous projects, which will help you understand urban treasures the builder’s reputation. Documents are required when applying for loans from a bank / financial institution or for the water / electricity connection. In case there is a current loan on the property you are buying, it is crucial to conduct due diligence and verify some documents before signing an agreement.

A home buyer should avoid developers who have run into problems with other projects. Also avoid builders involved in NCLT cases if there are multiple consumer complaints against you. Buying a house is a complicated process and buying a new building is similar and different from existing homes. Some agreements relate to the buying process, while differences can largely be found in negotiations, construction research and the future search for new neighborhood plans for the community. When you buy newly built real estate, you sometimes buy something that doesn’t exist yet. As mentioned above, and deserves to be repeated, make sure everything is written and your builder gives you a warranty.

“There is a lot of stock in the real estate sector, which gives the home buyer a wide variety of locations, institutions and low risk, as the ready-to-use segment has no construction delays. So even if you book an apartment where the builder asks 10 percent and the balance after possession, you still have to pay GST for the full amount, ”says Kadam. Under RERA law, properties must be registered with the RERA authorities in the specific state. RERA also requires builders to register their projects and provides a quick overview on their behalf of all important documents to be verified before buying an apartment from a builder. In addition, payment plans are also extended during the construction period.