Real Estate: What should you take care of before signing a contract for a house?
Real Estate: There is a possibility of development, school, college, hospital, railway station, your place of work, etc. The house should be determined by considering how far away the falCon currently, you should find out the relevant builder's name, credit history, and level of craftsmanship. Legal issues like contracts must be resolved after this is established.
At the moment, renting a home is growing more popular than buying one.ilities are.
It can be seen that there is a growing feeling among the younger generation that living on rent is worse than paying huge loan installments throughout life. Everyone should decide whether this is wrong or right.
Real Estate: The RERA Act has brought a lot of relief to consumers. Registration of every project as per the RERA Act is mandatory for the builder or promoter. Now, as per the RERA Act, a written registered agreement is required with the buyer before taking 10% (earlier MOFA Act 20%) or more of the price of the flat.
Real Estate: The prime condition is that the agreement must be in writing and registered," i.e., registered. An unregistered or only notarized M.O.U. or similar instrument to save money does not acquire any right to the premises. Drafting of such an agreement is provided in the RERA Act. The builder cannot make any changes to the contract that would violate the provisions of the Act.
"Many times in such contracts, real estate builders include terms against the law or unilaterally, which violates the fundamental rights of consumers, and the reason for this is that the Centre should make a strict law in this regard," said senior lawyer Ashwini Upadhyay. A public interest litigation is understood to have been filed in the Supreme Court, and the Centre has been summoned by the Court.
Similarly, as per the new Consumer Act, the State Consumer Commission is empowered to remove unfair terms from a contract. So such a draft agreement covers the following major things:
Real Estate land ownership:
The contract mentions the "title" of the place on which the planned construction is going to be done by the builder, if there are any disputes or court cases about the place, the title certificate of the lawyers, the agreement between the land owner and the builder, the development agreement, and the Kul mukhtar letter. Consumers have the right to scrutinise such agreements. Also, it is mandatory for the builder to upload information about various such agreements on the RERA website.
Real Estate: Various Licenses:
First of all, the project needs to have a RERA registration certificate. Any construction needs to get different permits, and depending on the nature of each place, it increases more or less. Some time-planned building if it is adjacent to a highway, future road widening, etc. Keeping in mind that NOC has to be obtained from the Public Works Department,.
Along with the Town Planning Act, Slum Redevelopment Act, etc., permissions may also be required under the Act. Also, it is necessary to see whether the high-tension electric wire is not going from the place. In places like Pune and Mumbai, if the planned building is near a railway line or near an airport, then construction cannot be done without permission from the concerned departments. At present, it is also necessary to obtain a no objection certificate from the "Environment Department." These certificates may change according to each building.
Most everyone has the ambition in life to have their own home, and this...
Most importantly, if these necessary permits are not obtained, the related construction may be unauthorised, and your hard-earned money may be wasted. Don't believe in the fallacy of "contract first, permits later.".
Real Estate: Approved Building Map:
Be it any construction, whether it is a new house or a 'second sale' house, it is necessary to see whether its design, i.e., the building plan, has been approved by institutions like the municipality or municipal corporation or not. The construction cannot be started without the "Certificate of Commencement of Construction," a copy of which is affixed to the contract. It is sold only if there is space as per the approved plan, which should be considered. The builder has no right to modify such an approved plan under Section 14 of the RERA Act. "Minor" changes, as hereinafter mentioned in the said clause, may be made only with prior notice to the client as advised by the architect.
It is for him to decide whether the place is as per the Vaastu Shastra or not. But there is no alternative to checking the legal side properly, as I would like to say here from professional experience!!
Real Estate: Price and Location Description:
The total number of storeys of the building or project, the area or flat we are going to buy, its carpet area, and square boundaries are described in the contract. Also, the total amount of land to be purchased and how the amount is to be paid in stages are also written in the agreement. Along with different charges, taxes, cesses, etc. Who is also mentioned? Uncovered or un-enclosed parking cannot be sold to the builder. At the same time, it is necessary to properly describe the amenities and comforts that the builder is going to provide. The responsibility of paying the appropriate stamp duty and registration fee on this is the responsibility of the purchaser.
Real Estate: Penalty in case of possession and delay:
A contract is the foundation of your ownership rights. In this contract, the description of the premises, the price, when the possession of the premises will be obtained, and under what circumstances (force majeure) the period can be extended, as well as the penalty interest to be paid by the customer if the possession of the premises is not given within the stipulated period and the penalty interest to be paid by the customer in case of delay,. . As per RERA rules, interest can be charged at a maximum of two percent more than the maximum lending rate of the State Bank of India.
Real Estate: Price Return:
If the builder is unable to complete the project or hand over possession of the premises to the customer within the time stipulated in the contract, then the builder is bound to pay the amount paid by the customer plus interest within 30 days on demand by the customer. Suppose a customer wants a flat, then the builder is obliged to pay the penalty interest to such a customer every month till he gets possession of the flat. Similarly, the draft agreement also mentions that if the customer defaults three times, the builder can demand such money by giving a written notice of 15 days. However, if the customer does not pay even after such notice, the builder has the right to cancel the contract.
Real Estate, Society, or Apartment:
The first contract with the builder is colloquially known as "sathe-khat." However, within 3 months after receiving the occupancy letter, it is the responsibility of the builder to execute the apartment deeds (i.e., the purchase deed) with the customer in the case of the apartment association and the conveyance deed of land and building in the name of the society.
It is always beneficial to consult an expert lawyer to enter into or negotiate an agreement that contains several terms and conditions, as above. Be aware that doing something on your own based on partial information on the Internet or reading other people's contracts to read attorneys' fees can result in high court costs and a lot of heartache later on.
Website : https://postboxindia.com
Facebook : https://www.facebook.com/indiapostbox
Instagram : http://www.Instagram.com/indiapostbox
LinkedIn : https://www.linkedin.com/in/postboxindia
Tumbler : https://postboxindia.tumblr.com/
Twitter : https://twitter.com/IndiaPostbox
Telegram : t.me/postboxindia
Pinterest : https://in.pinterest.com/postboxlive/
#subscribers and be a part of the movement to make wisdom go viral :
https://www.youtube.com/channel/UCto0Bz28y5CzJyFvgDghxmw/about
Subscribe and be a part of the movement to make wisdom go viral : https://www.youtube.com/channel/UCto0Bz28y5CzJyFvgDghxmw/about
0 Comments