Checklist Before Booking a Flat
Jun 01, 2017 Home Trading Steps
Buying a property of your dreams is a huge step one takes. Shilling out a huge amount of money for the property as down payment and taking a home loan from any financial institute or bank to help pay the rest may sound easy but it is difficult when it comes to paying the EMI. It is important to keep the EMIs and monthly expenses in balance.
Things that a buyer should check before buying the property:
1. Property price:
First and foremost, ascertain your budget and stick to it. Going out of your budget can unbalance your financial position in long run. Second, after the developer has quoted his price, check for the amenities and services and compare the price with the other builders in the same area. Check with the broker, online forums for the price assurance. It is better to negotiate with the developer on the price.
2. Builder buyer agreement:
After the buyer pays the booking amount, they receive an allotment letter. The bank, developer and the buyer enter into a tripartite agreement and the builder buyer agreement is signed between them.
Often the agreement is in the favour of the developer. Hence, it is better to read the document carefully before signing it. Some legal jargons may be difficult for a common man to understand. For this, it is better to hire a lawyer who can help you in understanding the terms and conditions. If there’s any doubt regarding the agreement it must be cleared with the developer before the agreement is signed.
3. Upcoming infrastructure:
It is better to check for the upcoming developments in the area nearby the property. A location with easy accessibility to the other parts of the city will help you in an easy settlement. You can get the details of any approved construction in the locality through the municipal department for the same.
4. Property possession:
Projects are generally delayed due to less availability of funds, internal conflicts, delay in supply of raw materials, etc. A buyer should make a conscious decision with the property and must keep the fact in mind that the sometimes the project gets delayed due unfortunate circumstances. Therefore, developers seek a grace period of six months for the final delivery of the project.
The builders will have to pay the penalty for the delay of the project ones RERA comes into full force.
5. Extra charges:
Developers add additional charges to the cost of the property like maintenance cost, club membership etc. make sure you know the details of the extra charges. At the time of registration, the cost of stamp duty is added to the price of the property and the cost of it varies from region to region.
Things that a buyer should check before buying the property:
1. Property price:
First and foremost, ascertain your budget and stick to it. Going out of your budget can unbalance your financial position in long run. Second, after the developer has quoted his price, check for the amenities and services and compare the price with the other builders in the same area. Check with the broker, online forums for the price assurance. It is better to negotiate with the developer on the price.
2. Builder buyer agreement:
After the buyer pays the booking amount, they receive an allotment letter. The bank, developer and the buyer enter into a tripartite agreement and the builder buyer agreement is signed between them.
Often the agreement is in the favour of the developer. Hence, it is better to read the document carefully before signing it. Some legal jargons may be difficult for a common man to understand. For this, it is better to hire a lawyer who can help you in understanding the terms and conditions. If there’s any doubt regarding the agreement it must be cleared with the developer before the agreement is signed.
3. Upcoming infrastructure:
It is better to check for the upcoming developments in the area nearby the property. A location with easy accessibility to the other parts of the city will help you in an easy settlement. You can get the details of any approved construction in the locality through the municipal department for the same.
4. Property possession:
Projects are generally delayed due to less availability of funds, internal conflicts, delay in supply of raw materials, etc. A buyer should make a conscious decision with the property and must keep the fact in mind that the sometimes the project gets delayed due unfortunate circumstances. Therefore, developers seek a grace period of six months for the final delivery of the project.
The builders will have to pay the penalty for the delay of the project ones RERA comes into full force.
5. Extra charges:
Developers add additional charges to the cost of the property like maintenance cost, club membership etc. make sure you know the details of the extra charges. At the time of registration, the cost of stamp duty is added to the price of the property and the cost of it varies from region to region.
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