Due dili­gence vi­tal when buy­ing a house

Make sure you ask for the chain of doc­u­ments and go through the builder-buyer agree­ment care­fully

HT Estates - - FRONT PAGE - SK Pal

Con­sid­er­ing the num­ber of dis­putes pend­ing be­fore var­i­ous fo­rums con­cern­ing apart­ment al­lot­ments, de­lay in com­ple­tion, miss­ing ameni­ties, sub­stan­dard qual­ity of con­struc­tion, wrong­ful can­cel­la­tion, in­ad­e­quate com­pen­sa­tion for de­lay in com­ple­tion, es­ca­la­tion and hid­den costs etc, it is all the more im­por­tant that care is taken at the time of book­ing an apart­ment to avoid any dis­il­lu­sion­ment and men­tal agony in the long run.

Chain of doc­u­ments: The apart­ment buyer should de­mand the chain of doc­u­ments which in­cludes the rights and ti­tle of the land and the build­ing in which the apart­ment has been pro­posed. It is im­por­tant to know about all en­cum­brances on such land or build­ing or any right, ti­tle, in­ter­est or claim of any per­son over such land or build­ing. A clear state­ment with re­spect to any pend­ing le­gal pro­ceed­ings or or­der in­volv­ing the land and build­ing is im­por­tant. Build­ing sanc­tion: The cer­ti­fied copy of t he build­ing lay­out plan and the floor plan of the apart­ment build­ing sanc­tioned by the pre­scribed author­ity with the seal and date of ap­proval are also im­por­tant. Buy­ers should see that the prom­ises or claims by pro­mot­ers match the sanc­tioned plans. The lay­out plans handed to buy­ers along with the sales brochure is not an au­then­ti­cated doc­u­ment and may vary from the ac­tual sanc­tioned plan. The copy of the li­cence is­sued to the pro­moter and the no ob­jec­tion cer­tifi­cate (NOC) is­sued by the fire depart­ment, air­port author­ity and en­vi­ron­ment depart­ment should also be col­lected.

Deed of dec­la­ra­tion: The pro­moter is re­quired to sup­ply the copy of the deed of dec­la­ra­tion which gives the de­tails of all apart­ments, the com­mon ar­eas and fa­cil­i­ties, be­sides giv­ing the list of com­mon as­sets l ike wa­ter pumps, wa­ter tanks, lifts, and el­e­va­tors etc.

Builder- buyer agree­ment: It is im­por­tant to go through the con­tents of the builder- buyer agree­ment and en­sure that the time of com­ple­tion of the pro­ject is set out clearly. It is im­por­tant to ver­ify whether the developer will ad­e­quately com­pen­sate the buyer in case of de­lay in com­ple­tion of the pro­ject and the du­ra­tion within which a buyer can de­mand full re­fund and com­pen­sa­tion on grounds of de­lay. It is im­por­tant to un­der­stand the terms of ex­it­ing the pro­ject and the earnest money

IMAGESBAZAAR

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