What are the Clauses that you Should Check for While Purchasing an Apartment?

Residential Apartments

When you purchase an apartment or a flat in a residential complex, you should evaluate the clauses in the agreement carefully. Purchasing of a property is essentially a legal transaction. Hence, you should ensure that all the clauses incorporated in the agreement are strictly in adherence to the law of the land. Additionally, the agreement should be drawn in favour of the buyer to safeguard the rights and the investment of the purchaser.

Importance of Evaluating the Buyer-Seller Agreement

Before signing the agreement, it is advisable that you get the legal papers evaluated by a renowned civil lawyer. This will ensure the legality of the transaction and also safeguard your rights as a homeowner. Moreover, you should always purchase the apartment from a real estate development firm that has excellent goodwill in the market. Renowned real estate development firms usually invest in extensive properties like townships or hi-tech cities. Additionally, the real estate development firm’s legal team will ensure that the property documents are all updated and the agreement itself is drawn up, taking into consideration the welfare of the buyer. Nevertheless, there are some points that you should take into consideration while evaluating the buyer-seller agreement and these have been discussed below.

Clauses which should not be incorporated in the Buyer-Seller Agreement

The management of a real estate development firm with a vested interest in developing a New Township in Ghaziabad mentions that buyers should check for the following clauses in the buyer-seller agreement:

  • The realtor should not have the right to make changes in the layout of the property, without consensus and approval of the homeowners. This is done to protect the structural integrity of the property. The real estate development firm should also address all objections of the home buyers’ association and also the individual home owner.
  • The realtor cannot change the super built up area of the property, without getting it sanctioned from the homeowners. Moreover, the realtor cannot change the size of the unit. If the realtor increases the area of the unit, you might end up paying more than you had planned. Similarly, if the promoter decreases the size of the unit, then you might have to settle for a smaller flat. Thus, the realtor cannot reserve the right to change the size of the super built up area or the individual units.
  • The developer cannot decide the ownership rights of the property. This is applicable for not only for the individual units but the built-up and super built-up areas, as well. Sometimes homeowners only take into consideration the area of the individual units. However, you will be paying for the built-up and super built up area. Hence, you should be given ownership of these parts of the property as well.

Hence, it is essential that you evaluate the entire buyer-seller agreement carefully, before proceeding with the transaction. This will safeguard your rights as a homeowner and also the investment that you make, in order to purchase the flat.

(Source: https://www.evernote.com/shard/s414/sh/23c32e8d-8b16-46b1-988d-430fcb0e0d8d/c704bc7a7eba8f2187586be750e0066a)

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