Whenever you are buying a property from a property developer, you need to keep in mind certain points so as to ensure not being cheated or duped. We hope this video will help you understand those points. This video is one of the video for the series: Filing a Complaint Against a Builder
To prevent yourself from getting into a situation I would like to extend certain advice to all of you even before you get into a formal agreement to purchase from the builders.
- Point # 1: Always, demand the Deed of Ownership of Land/Plot from the developer along with non-encumbrance certificate and get it examined in detail by a competent legal authority
- Point # 2: If the land/plot has an owner apart from the property developer, it is in your right to demand the Development Agreement that is being executed between them
- Point # 3: Always demand the relevant Power of Attorney executed between the land owner and the property developer entrusted with the task of constructing the proposed project
- Point # 4: Remember to demand the relevant sanctioned plan by the competent government authority
- Point # 5: Ensure that after you make a payment of the booking amount that is demanded by the developer you must ask the builders to execute an Agreement for Sale of the home with you. And, most important, it must be registered with the government authority on a stamp paper the fees for which can be borne either by you or the developer
- Point # 6: Remember, that unless you get the above in order no banker or financier would sanction the loan amount required to make payment of the installments for your house
- Point # 7: Ensure that the payment of prescribed installment is usually linked to the progress of construction and not in an ad-hoc manner
- Point # 8: When the bank or financer is in the process of disbursement, make sure that you demand a visit to the site by an authorized representative. This will ensure full compliance of the prescribed terms of agreement for sale
- Point # 9: It is in your interest to ensure that no further demand in contrary to prescribed terms of the consideration cost of the property is paid by you in any manner or form