Things You Need To Know About the Buyer-Seller Agreement
Apr 26, 2016 Legal Guidance
Buying your dream house is not an easy task. There are many crucial things one needs to look into in order to ensure for security. Out of all, one such chief thing is the agreement that takes place between the buyer and seller, which is known as buyer-seller agreement. One needs to protect their house from the legal traps that your builder can trap you into. In order to have a secure transaction, here are certain pointers that the seller needs to keep in mind-
- Check the home agreement detail very carefully, especially on the costs that you would need to pay for the house, which includes utilities like electricity cost, water supply, parking etc. But many times the builder includes some extra levy charges. Hence, it is highly advisable to get the buyer-seller agreement get checked from a lawyer and if there is any divergence from what the builder told you, you can get them rectified from the builder. And in case the builder charges extra for the changes being made in the original plan, you can ask for a sanctioned letter from the government authorities for the changes that are required.
- The next thing you should keep in mind is that the builder mentions the correct size of your property; hence, try to include a clause in your agreement regarding the minimum and maximum size beyond that the builder will not be allowed to increase and decrease.
- Always purchase your house based on carpet area (includes the area of apartment excluding the area of walls) and also ensure that the exact carpet is area is mentioned in your agreement. Preferably try and get a clause made wherein the transaction can be terminated if the builder provides the house with less carpet area than what has been mentioned in the contract.
- When the builder hands you over that house, he is also required to hand you a certificate of completion. The certificate is issued by the municipal authorities which states the concerned building follows the plan that the builder approved. You would require this certificate of completion for the registration of your property and also for further formalities. Hence, it is important that if there is no mention of this certificate in the agreement, get a clause done for it which states that the builder needs to hand over the completion certificate.
- Another important aspect that needs to be taken care of is the tax implication and financing. Make sure that financing and tax method mentioned in the agreement is properly reviewed by a tax consultant.
- Apart from the above-mentioned points, there are other things also that the seller needs to keep in mind while agreeing to the agreement. For instance maintenance of the society, construction quality regarding which the seller could also get a clause mentioned in the contract.
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