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DO NOT GET CAUGHT IN FALSE PROMISES BY BUILDERS AND AGENTS-READ ON TO FIND HOW

2017-09-01 12:01:37
DO NOT GET CAUGHT IN FALSE PROMISES BY BUILDERS AND AGENTS-READ ON TO FIND HOW

·         Pay due attention to the information given by brokers and make sure to get all the facts double-checked before you make the decision to invest. The Real Estate (Regulation and Development Act) includes brokers in its ambit and helps the home buyers hold the agents and brokers answerable for the promises they make, inducing people to invest.

·         Do not entirely rely on the verbal promises made by the agents, and insist to get all terms in writing, and backed up with authentic information flowing from the builders and developers themselves. More often than not, it is seen that the agents who are the primary contact points for buyers, make frivolous promises to induce the purchase and get their sale done without regard to ethical practices.

·         In order to bring the promise within the purview of RERA, the said promises must be in writing as a document signed by the agent and the developer as well. The verbal promises made by brokers are not binding on the developers since a lot of these might be cooked up by the former without the knowledge of the builder.

·         Go through the marketing brochure and advertisements issued by the company or the builder, and note down the promises made thereunder. If any promise that was once made to in writing, or was advertised in public later turns out to be a false or misleading claim, you can proceed with a complaint and legal action against the builder.

·         Do a background study of the property on which the construction is purported to be made, and ensure that the builder has all the required clearances and compliances to carry on the construction. Exercise all good faith in enquiring about the property and make the investment as a bona fide buyer; if you come across faulty titles or any legal encumbrance, it is safer not to make the investment.

·         While buying a ready-to occupy flat or villa, make sure to examine the Title Deed, Sale Agreement, Mother Deed, Tax Paid receipts, etc. While buying directly from the builder, check for documents like Occupancy Certificate, Completion Certificate, Building Approval Plan, etc. as well.

·         Ask the builder to share information on construction layout, Govt permits, etc. with all related dimensions and details on the layout and plan. Also try to be aware of the basic laws governing building approvals, to be able to ask the right questions to the broker and the builder.

·         While paying the advance amount, only 10% of price needs to be paid as per the current RERA Regulations, and for any amount above 10%, a Sale Agreement has to be executed. Know your rights before making any payment.

·         Read all the terms and clauses of the Sale Agreement carefully to ensure that the provisions are not unfavorable to you in any manner. Preferably, seek the help of a lawyer to get the document reviewed because trained eyes could pick up a widely defined clause that could get interpreted broadly in favor of the builder, possibly impeding your rights.

To be aware of your rights, and to ensure that you are making the right decision, it is better to seek the services of a lawyer during negotiations; to cross-check the promises with legal regulations, and to review any document before signing. You can avail online Document Review services and Property document verification services on our website www.legalresolved.com and our App LegalResolved-Legal Advice as well, from anywhere and at your convenience. 

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