Verify your Property Buying Documents Carefully Without A Lawyer
Apr 14, 2017 Legal Guidance
Real estate industry lack transparency and it is better to verify all the documents thoroughly before buying the property. Hiring a lawyer for the same is a wise step to take, but not always one can afford a lawyer. So how can you check it yourself without the lawyer?
We have the list of points that a buyer must look into before buying the property.
1.Personal details:
The agreement should not only have yours but also seller’s complete details like fathers name, PAN number, address, bank account number. It must also have the exact location and address of the property including municipal area under which it falls, tehsil, collector’s land record number. The agreement should have the signature of two witnesses each from the seller’s side and buyer’s side.
2.Title document:
The seller must confirm to the ownership and title if the property in the agreement. He should also confirm that there are no outstanding bills and payments due for the mentioned property by the seller.
3.Date of possession:
The agreement must mention the date on which the property has to be handed over to the buyer by the seller. If the agreement does not include the same, the buyer has the right to sue the seller.
4.Payment schedule:
The agreement must mention the amount paid to the seller and the amount remaining. If some payment is due from the buyer, the agreement should mention the timeframe in which it has to be paid and the instalment details that are due, to avoid any future ambiguity.
5.Termination:
This clause includes the consequences that the party will have to face if they deviated from the code of conduct expected from them. There is also a clause ‘termination by convenience’, where both the parties can terminate the agreement.
6.Dispute resolution:
It includes the method by which both the parties can resolve the dispute that may arise. It is an alternative method to avoid the litigation.
7.Amenities:
It includes the amenities and the additional benefits the buyer will be entitled to. It also mentions a number of maintenance charges. In case of any default on amenities to be provided, the buyer can take this as a breach of contract.
8.Penalties:
It includes the penalties that both the buyer and seller will suffer if the milestones agreed by them are not met or provided.
The agreement document is a very important document for the buyer as all the details are incorporated in it. The buyer should go through he document carefully and thoroughly before the agreement is drafted to seek any changes from the seller. Once it is registered, any changes will not be made without the consent of the seller.
We have the list of points that a buyer must look into before buying the property.
1.Personal details:
The agreement should not only have yours but also seller’s complete details like fathers name, PAN number, address, bank account number. It must also have the exact location and address of the property including municipal area under which it falls, tehsil, collector’s land record number. The agreement should have the signature of two witnesses each from the seller’s side and buyer’s side.
2.Title document:
The seller must confirm to the ownership and title if the property in the agreement. He should also confirm that there are no outstanding bills and payments due for the mentioned property by the seller.
3.Date of possession:
The agreement must mention the date on which the property has to be handed over to the buyer by the seller. If the agreement does not include the same, the buyer has the right to sue the seller.
4.Payment schedule:
The agreement must mention the amount paid to the seller and the amount remaining. If some payment is due from the buyer, the agreement should mention the timeframe in which it has to be paid and the instalment details that are due, to avoid any future ambiguity.
5.Termination:
This clause includes the consequences that the party will have to face if they deviated from the code of conduct expected from them. There is also a clause ‘termination by convenience’, where both the parties can terminate the agreement.
6.Dispute resolution:
It includes the method by which both the parties can resolve the dispute that may arise. It is an alternative method to avoid the litigation.
7.Amenities:
It includes the amenities and the additional benefits the buyer will be entitled to. It also mentions a number of maintenance charges. In case of any default on amenities to be provided, the buyer can take this as a breach of contract.
8.Penalties:
It includes the penalties that both the buyer and seller will suffer if the milestones agreed by them are not met or provided.
The agreement document is a very important document for the buyer as all the details are incorporated in it. The buyer should go through he document carefully and thoroughly before the agreement is drafted to seek any changes from the seller. Once it is registered, any changes will not be made without the consent of the seller.
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