Whether you are buying a flat to live in or just adding an another one to your collection of properties, whatever is your motive, it is important that you know all the ins and outs of buying a flat from a builder.
Without knowing exactly what goes in the process of buying, there are chances that you might have a bad deal from a builder. There are many tricks builders use to lure people in purchasing an over priced or lower quality property.
However, knowing the right and legal process to buy a flat from builder will help you to have a better and secure deal. In this article, you will find all the details you must know while purchasing a flat from a builder.
Without knowing exactly what goes in the process of buying, there are chances that you might have a bad deal from a builder. There are many tricks builders use to lure people in purchasing an over priced or lower quality property.
However, knowing the right and legal process to buy a flat from builder will help you to have a better and secure deal. In this article, you will find all the details you must know while purchasing a flat from a builder.
A Legit Procedure to Purchase a Flat from Builder
To make sure that you don’t fall in the traps of builders, follow this procedure. This process will help you buy a flat from a genuine builder:
Checking the Location
Location is the foremost factor that comes into play while assessing everything before buying a flat. Ask your builder for visit of the flat you are interested in and assess the surroundings.
Now you will be able to see if the neighbouring area is suitable to live according to your needs and requirements.
For example, having kids necessitates you to look for an area where education institutes like schools or colleges are nearby. Or if you have old people living with you, then you should buy a flat where emergency services like hospitals are in the walking distance.
Now you will be able to see if the neighbouring area is suitable to live according to your needs and requirements.
For example, having kids necessitates you to look for an area where education institutes like schools or colleges are nearby. Or if you have old people living with you, then you should buy a flat where emergency services like hospitals are in the walking distance.
For more information on choosing the location of the flat, check this blog.
Inspecting the Flat
Inspecting a flat from inside as well as outside is also as important as finding the suitable location. Check the flat for any issues whether it is in the plumbing or electrical system etc.
To know how to thoroughly inspect your property, you can check out this blog.
Quality and Delivery
Ask your builder what quality of material has been used from the beginning to finishing the project.
Apart from asking the quality of the project, asking about the delivery schedule assured by the builder is also important. You must ensure that the delivery is on time to avoid any disadvantages to your investments and also it should not affect your move-in date.
With the introduction of RERA, this has become easy to ensure the delivery schedule. However, it is also mandatory that the builder adhere to the guidelines of RERA in order to complete the delivery of the flat on time.
Apart from asking the quality of the project, asking about the delivery schedule assured by the builder is also important. You must ensure that the delivery is on time to avoid any disadvantages to your investments and also it should not affect your move-in date.
With the introduction of RERA, this has become easy to ensure the delivery schedule. However, it is also mandatory that the builder adhere to the guidelines of RERA in order to complete the delivery of the flat on time.
Check Important Documents Before Buying a Flat from a Builder
Before purchasing a property, you should check important documentsto make sure that you are not buying a property that might create problems for you in the future. Here is the list of the documents you need to check:
Documents of Building Approval
Check the documents for the approval of the building in which you want to buy a flat. These documents prove that the project is good to go according to the local authorities and has no legal issues.
Encumbrance Certificate
Encumbrance Certificate is the document ensuring that there are no disputes for the piece of the property you want to buy. Moreover, it also provides you the information that a property has no loans against it.
Title Deed
Title Deed is the document that legally make you the owner of the property. This document is mandatory to check as it enables us to know the real owner of the flat.
Possession Certificate
You must ask your builder for the Possession Certificate. Usually, builders give this document to the buyer of the property for his or her own benefits as well as to state the possession date.
This document also states that the buyer needs to pay the final payment. If you are applying for the home loan, this document is mandatory to have.
This document also states that the buyer needs to pay the final payment. If you are applying for the home loan, this document is mandatory to have.
Completion Certificate
Once the construction of the project is complete, a builder must get a Completion Certificate from civic authorities. Then officials examine if the construction is in the accordance to the approval plan.
They verify if the building has earthquake resistant structure, if it has an impressive drainage system or not, etc. When authorities complete all the verifications, they give a Completion Certificate to the builder.
They verify if the building has earthquake resistant structure, if it has an impressive drainage system or not, etc. When authorities complete all the verifications, they give a Completion Certificate to the builder.
Occupancy Certificate
After getting a Completion Certificate, it is now a time for a builder to get an Occupancy Certificate from the local authorities.
Builders get this document from civic body when the project is completed. Occupancy Certificate ensures that project is built according to the appropriate rules and regulations; therefore, making the building acceptable to live in.
So, check these all legal documents to make sure that you are buying a property having no legal disputes or issues.
Builders get this document from civic body when the project is completed. Occupancy Certificate ensures that project is built according to the appropriate rules and regulations; therefore, making the building acceptable to live in.
So, check these all legal documents to make sure that you are buying a property having no legal disputes or issues.
Conclusion
Whether you are purchasing a flat for the purpose of investing or you are going to live in it, it is a big thing as it involves hefty amount of your hard-earned money. Hence, it is necessary to know the right and legal process of buying a property from the builder.
It is also true that purchasing a property from a builder involves lot of things to check. Therefore, it is kind of complicated process. But in the end, these efforts will help you to get a deal that is worth your money.
So, don’t be unconfident anymore? Follow the above explained process and secure a great deal.
It is also true that purchasing a property from a builder involves lot of things to check. Therefore, it is kind of complicated process. But in the end, these efforts will help you to get a deal that is worth your money.
So, don’t be unconfident anymore? Follow the above explained process and secure a great deal.
