5 Things to know before you buy a house or flat Are you planning to buy your dream house? Have you made the final choice for your ideal home and just left with signing of the house agreement? Is your home loan approved? Are you also done with all the other major formalities? If the answer to the above questions is a yes, which makes you think that half of your burden is gone and the things ahead will go on in a smooth and orderly fashion, then you actually need to rethink. I say this because, even with the major work done, one still has the big task of protecting his/ her dream coming true, from the legal traps of the builder. In such a scenario, some points that need to be remembered and certain measures that should be taken against those tricks. • Actual selling price of the house: According to the property agreement, the buyer is required to bear the purchase price of the house. This cost includes the utility expenses such as water, electricity, parking, various taxes levied, and registration costs too, at times. The builder might also impose certain extra charges on any of these thereafter. Actual size of house: In your house agreement, the size of the house is clearly stated, but it will also contain a clause stating that the plans, design and specifications to be temporary, with the developer reserving the sole right to make any changes. So, you never know if you will actually get the same size for which you agreed upon. • The Carpet Area: The area of an apartment excluding the wall area is termed as the carpet area. This is the area where the carpet can be laid. Then, there is the built-up area which includes area of walls and the balcony, and the carpet area. This built-up area, along with common areas such as lifts, lobby, staircase, gardens, pool, etc. is termed as the super built-up area. • Possession Date: The agreement will generally have a tentative date of house possession. Although, there have been instances where the possession date mentioned has been delayed for more than a year. • Certificate of Completion: The builder is also supposed to provide a completion certificate, while handling the house to you. This certificate is issued by the municipal authorities, which is an establishment of the compliance with the approved plan. This certificate is required for house registration and other legal formalities.
Posted on: Thu, 30 Oct 2014 08:21:39 +0000
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