Pointers to Protect Yourself from the Builder Violations
Sep 19, 2016 Real Estate News
The real estate industry is a tricky and complex business. Here people use various methods to sell a property or project, sometimes the wrong way of hoax and fraud. Hence it is highly important for an investor to protect themselves from falling into such unfair practices that are undertaken by the builders.
Therefore what is required is a little caution and care on the part of the investors’ side when purchasing a property, make wise decisions and research well before finalising the deal.
Let us take a peek at the pointers that one should do to ensure a fraud-free purchase and transaction and avoid further problems:
A background check is a must.
This is an important point that investors must take care of before finalising a property. They should perform a thorough background check of the concerned builder. One should always avoid builder who does not have a good and sound reputation in the market. An investor should also look at the credibility factor of a builder.
Check on the Title Deed
Next thing which is crucial to check is the Title deed of the property. As it is the buyers duty to ensure that whatever property he or she is indulging into belongs to the builder and do not possess any legal issues. Check for the ownership and the transfer record for the past 50 to 100 year of the concerned property. Get the title deed documents legally checked by a lawyer to avoid future problems.
Other document check
Not just the title deed, there is a list of other documents also that an investor needs to check before sealing the deal on a property. Ask your builder to show you the copies of all the sanctions needed and approvals from the authorities. Check on the site to verify if or not the builder has stick to the number of floors that was permitted. Give a thorough check to the purchase agreement to ensure that due clauses in order to protect you from defaults made by the developer.
Before possession check
When you are about to take possession, do make sure to check for few documents such as the occupation certificate which is sanctioned by the municipal corporation and local government. These documents state that the property follows the rules and regulations given by the government.
Read the purchase document
another crucial point to keep in mind before taking the final and last step. Read the purchase agreement thoroughly and carefully to ensure that it mentions all the amenities and the services promised by the developers.
If by chance you get trapped in an unfair activity then the following measure are what you can do
Therefore what is required is a little caution and care on the part of the investors’ side when purchasing a property, make wise decisions and research well before finalising the deal.
Let us take a peek at the pointers that one should do to ensure a fraud-free purchase and transaction and avoid further problems:
A background check is a must.
This is an important point that investors must take care of before finalising a property. They should perform a thorough background check of the concerned builder. One should always avoid builder who does not have a good and sound reputation in the market. An investor should also look at the credibility factor of a builder.
Check on the Title Deed
Next thing which is crucial to check is the Title deed of the property. As it is the buyers duty to ensure that whatever property he or she is indulging into belongs to the builder and do not possess any legal issues. Check for the ownership and the transfer record for the past 50 to 100 year of the concerned property. Get the title deed documents legally checked by a lawyer to avoid future problems.
Other document check
Not just the title deed, there is a list of other documents also that an investor needs to check before sealing the deal on a property. Ask your builder to show you the copies of all the sanctions needed and approvals from the authorities. Check on the site to verify if or not the builder has stick to the number of floors that was permitted. Give a thorough check to the purchase agreement to ensure that due clauses in order to protect you from defaults made by the developer.
Before possession check
When you are about to take possession, do make sure to check for few documents such as the occupation certificate which is sanctioned by the municipal corporation and local government. These documents state that the property follows the rules and regulations given by the government.
Read the purchase document
another crucial point to keep in mind before taking the final and last step. Read the purchase agreement thoroughly and carefully to ensure that it mentions all the amenities and the services promised by the developers.
If by chance you get trapped in an unfair activity then the following measure are what you can do
- If you have been wronged then you should approach the Court for justice and compensation.
- One can seek help from consumer court as well if the problem is regarding the quality of goods or services.
- File a complaint and spread the word by registering in all the online and offline platforms related to real estate.
