4 key things to keep in mind before signing the home agreement
Buying a house for investment purposes or for personal use, doesn’t happen spontaneously. It takes a lot of pre-planning, agreements, responsibilities, and homework. EMI Calculator Mohali Phase 2
From a good amount of loan approval and monthly installments to the locational benefits, identity of the seller, and a lot more things lead up to making or postponing of the decision to buy a home.
Here are 4 key points to keep in mind before you sign on the home agreement papers
Get a clear picture on your choice of home
If you’re a first-time buyer, then don’t worry, no one ever really knows what kind of home they want when they start house hunting. However, to make the process easy, create a wish list for your first outing. After touring a few homes, sit down and reanalyze your needs and wants. You may have to re-adjust your expectations based on what's available in your target neighborhoods and most importantly, in your price range.
Land Records
While you see the flat/house, ensure that you also ask the dealer or seller about the soil quality and topography of the land on which the house is constructed. Not just that, also ensure that the plot is registered and clear of all dues. Take help from the dealer and ask him to verify all the details of title deed like the rights, ownership, and obligations towards the property.
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Builder-Buyer Agreement
Once you’ve decided the flat or house that you want to buy, you can book the same by giving a token amount and in return of which, you get an allotment letter. This lets you enter a tripartite agreement between the buyer, the bank, and the builder for the rest of the amount. Verify this agreement by thoroughly reading and understanding the details before signing it. Get helps from a lawyer if you need and understand all the clauses clearly—if any doubts, you must raise it to the buyer at this point itself.
RERA compliance
As a buyer, it’s your responsibility to take due diligence in understanding and verifying all the clauses of your purchase for your benefit. While you read the documents, ensure that the developers have registered their project with RERA, and as a buyer, verify if all the provisions have been complied with.
The author is a lawyer, Supreme Court of India
Declarations Made by The RERA Bill - Hero Realty
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