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Points to be checked while flat selection and caluse in agreements.

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Points to be checked while flat selection and caluse in agreements.

Last updated: May 24 2010
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  • Points to be checked while flat selection and caluse in agreements.

    Hello,

    Could you all please tell me the points to be checked while flat selection and caluse in agreements. I am not talking about the personal preferances.. Talking about the check points like " quality of work can be verified from old projects of the same builders " , " time of possesion, will he meet the commitments ", drainage and other things.
    Also, its good if you can reply with the clause to be checked in agreement.

    I hope the reply to these post will help many visitors of the post..

    Paresh
    Paresh
  • #2

    #2

    Re : Points to be checked while flat selection and caluse in agreements.

    There was another thread from realacres which covered many aspects. Let me tell you some microlevel details which i found in the agreement.

    - There need to be a clause that the Builder will pay penalty if the project is delayed more than x months. This is must in current environment. I had a huge fight with the builder on this before I cancelled my booking.

    - Get your car parking marked and registered. Another must have as you might be paying 1.5L - 2L for something the builder will not be showing. It will not be shown as car parking, but shown as Infrastructure charges which is okay. But get this marked and registered. In the rented apts where i stay there is a problem because of which another guy parks on the same place.

    - one funny clause i found in agreement which you need to correct: If water, electricity are not available after the posession of property, builder might be able to arrange for it from outside, and the owner will bear the charges.
    Make sure you correct this to your favor before signing the agreement. Why do you want to bear such charges apart from paying the EMI ? You paid for a home and not just concrete.

    - payment schedule: Have one last payment reserved on possession time after the day of signing the possession letter.

    - Do not handover any cheques to the builder which do not fall into the cost indicated in the agreement. Some builders hide these in the agreement and just before handing over posession, asks for a blank cheque and says this is for the service tax. One of my friends had to fight for 2 weeks to get the key of the flat after he has paid 100% amount shown in the agreement. poor guy has to go thru all the stress.

    - most important: Hire a good lawyer to verify the papers and agreement, the fee you pay will defenitely help you having good sleep. The Bank will not bother to check the clauses in the agreement that i mentioned above.

    - Before you pay the booking amount, make sure to verify that this is refundable in case you revert back your buying decision. And also make sure that you can take loan from banks like SBI who is very strict in checking the property documents which means no room for foul play.

    Hope this helps.

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    • #3

      #3

      Re : Points to be checked while flat selection and caluse in agreements.

      Well replied tsongt. Many people don't include parking in their agreement. Builder may say that you need to pay 5% stamp duty on this too, but it is worth it. Don't try to save 5% of parking value especially when 100% is at risk!

      Btw, visit this link of this forum:-

      ]http://www.indianrealestateforum.com/pune/t-safeguards-while-buying-a-house-5213.html[/URL]
      If you are happy, you are successful.

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      • #4

        #4

        Re : Points to be checked while flat selection and caluse in agreements.

        What is the meaning of following clause? Does it say buyer do not have right of air and light?

        "...A declaration that the Purchaser/s shall not be entitled to any easement or right of light or air which would restrict or interfere with the free use of any neighbouring or adjoining premises and a declaration that the access and user of light and air to and for the premises purchased by the Purchaser/s for any structure, erection for building for the time being erected and standing therein from and over the neighbouring premises of the Developers is enjoyed under the express consent of the Developers."

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