Indians have always been attracted to property or nowadays buying Builder Flats. It could be buying a home for the family or Could be buying a Land for Investment Purposes.
For many people, it could be their lifetime savings that they are putting into buying one property. So, This makes it all the more important to have a proper knowledge about the laws governing property so as to prevent any Fraud later on. You can always consult a Lawyer in Faridabad.
Precautions to be taken while Buying a Flat from a Builder
- The first and foremost thing to look for is the ‘Approved Building Plan’ of the project that the Builder is selling. In case the plan is under approval then no investment should be made under that project.
- No Objection Certificate from relevant authorities – Person buying the property from the builder should verify that the No Objection Certificate can be procured from the Authorities of water & Electricity so that he/she can get the services without any hampering.
- Free from Encumbrances – Another thing to look for is that the Land on which the Property is being sold should be free from any encumbrance and has a clear title. This means that it should be a freehold land and should not be leased or Mortgaged to anyone. Only when the Land is a Freehold Land the Execution of Sale Deed and Conveyance Deed is possible. Such execution can be made possible by taking help of a good lawyer in Faridabad.
- Builder Buyer Agreement – Some Essential Points should always be checked while signing the Builder Buyer Agreement.
- The size of the flat which would include the carpet area as well as the super area.
- Car parking space & details of various other amenities like a clubhouse.
- Date of completion of the said project and which would include the Furnishing of the same too.
- Execution of the sale deed.
- The penalty that would be imposed in case the Builder fails to fulfill the duties.
- Schedule of Payment that has to be followed.
If you don’t have the right knowledge about the Legal Terms in the Agreement then you could always hire a Lawyer in Faridabad that could help you understand the terms and point out flaws if any are there.
