To possess & live peacefully in a swank apartment in Newtown. Is this one of your life’s prime dreams?
While wishing you all the success in fulfilling this dream, here comes a query:
◘ Are you aware of one essential hack in own home-buying endeavor?
◘ That ensures no errors or issues related to ownership or construction of your house
Not much of an idea? Well, it’s your consciousness about the included clauses in the home purchase agreement.
One legally mandatory document, this agreement lays down T&C-s both the home-buyer & the seller need to abide by.
The contract also protects the interests of both parties involved & turns prime to complete a smooth & flawless home buying & selling process.
Now, what essentially is to be conscious about in this piece of paper? As a house-buyer?
Not much– but certain significant aspects
Home-Buyers Must Review & Then Sign The Home Buyer Contract
Geared-up to learn? Let’s begin:
#1 Price Check Perfectly
From registration fees to applicable taxes, & water charges to parking space price & electricity, the home purchase deed must include every major & minor amount you are paying along with the apartment’s core purchase value.
Thus, check cautiously whether all legal, civic & amenity-based costs have been mentioned & notice if the builder/realtor is charging you anything not included in the agreement.
Generally, no prices beyond those we cited should be there in your home buying deed.
#2 Inspect The Indemnity
This stays an important term, which the seller and buyer need to agree upon as a safety measure; and thereby avoid any accidental loss or harassment for own selves.
Since lots of steps & complexities stay involved in the buying and selling of a home, cropping up of legal issues is almost unavoidable.
Thereby, sit with the realtor & consciously draft this provision – as comprehensive & water-tight protection against every probable & possible issue potential to affect your or the seller’s interest.
#3 Agreement Call Off
A clause especially to safeguard the buyers’ welfare. Right to Call Off Agreement needs to be present in a property purchase agreement, therefore allowing a home purchaser to withdraw from the buying deal given to situations like-
◘ Non-Approval of Bank Loan
◘ Seller’s Failure in offering lawful papers on the day of signing home purchase agreement (ex: Completion Certificate)
◘ Buyer finding any major fault in construction or the land before entering into the agreement
#4 Special Clause Ground
What’s this? A distinctive term that clarifies the exact Do-s for both the purchaser & builder in event of ‘special’ circumstances. Example?
Seller must finish abiding by all hygienic & safety standards before the apartment’s hand over
Buyer’s right to pay deposit money only after completing house survey & getting satisfied
Either party getting penalized for sudden withdrawal from the deed without valid reason
#5 Also, Don’t Miss Out…
To check whether:
◙ A tentative date of possession is given in the agreement
◙ The real-time size of your desired apartment in Newtown is clarified, along with the builder’s right to alter, modify or add to the house’s design & other structural specifications
◙ Carpet area given is 15-30 percent less than super built-up area & not beyond that
Noting the tips down? And surely feeling savvy as a prospective house purchaser? Then progress to complete that purchase with Realtech.
From offering exclusively designed apartments in Newtown to helping you complete one most lawful & foolproof home buying journey – our team is there for you at every step.
