10 Important things you must be aware of before buying a Flat from the Builder
This Apartment Buying Legal Tips will help you to know if the following are 10 things that you should be aware of before buying a flat from a builder in Tamil Nadu:
1. RERA Approval Status of the Building Project.
Always check the approval status of the building project before making a purchase of a flat. Not only should you check the approval status of the building project, but you should also research the quality of the construction materials that were used. You don’t want to end up with a poorly constructed flat that will need expensive repairs down the line. Additionally, it’s important to be aware of the surrounding area and make sure it is a safe and desirable neighborhood. Once you’ve ticked all of these boxes, then you can start searching for your perfect flat.
2. Background Check on the Builder’s Credibility.
Do your research on the builder- look into their track record and past projects. One of the most important things you can do when buying a new home is to research the builder. You want to make sure that they have a good track record and that their past projects have been up to your standards. Buying a home is a big investment, so you want to be sure that you are getting what you pay for. There are a few things you can do to research a builder: 1. Look at their track record. How many homes have they built? How many of those homes have been sold? What is their average customer satisfaction rating? 2. Look at their past projects. This can give you a good idea of the quality of their work. Look at photos of the homes they have built and see if they meet your standards. 3. Ask around. Talk to your friends and family who have bought homes recently and see if they have any recommendations. Doing your research on a builder before you buy a home can save you a lot of time, money, and headaches down the road.
3. Know What You Are Paying For
Be sure to know what amenities are being offered by the builder and what you’re paying for the flat purchase. Of course, it’s important to be aware of the actual square footage you’re getting for the price. But, it’s also crucial to know what amenities are included in the sale. For example, will the building have a gym? A swimming pool? Or, maybe, even a concierge? Do your research ahead of time and be sure you’re getting what you’re paying for.
4. Location of the Apartment
The location is key- check the area for things like connectivity, amenities, and safety of the place where the apartment is located. In addition to location, there are a few key things to look for when choosing an apartment. Connectivity, amenities, and safety are important factors to consider. For connectivity, consider how close the apartment is to public transportation, as well as whether there are any restaurants or cafes nearby. Amenities are another important consideration. Does the apartment complex have a gym or pool? Are there laundry facilities on-site? Finally, safety is an important factor to consider. Is the area well lit? Are there security cameras in the building?
5. Construction of Building as Per Approval
Make sure the flat is as per your requirements in terms of size and configuration as per the building approval. Moving into a new home is an exciting time, but it’s important to make sure the flat is as per your requirements in terms of size and configuration as per the building approval. The last thing you want is to be disappointed when you move in and find that the flat doesn’t meet your needs. Before you sign the lease, be sure to check the following:
The size of the flat. Make sure it is big enough for your furniture and all your belongings.
The configuration of the flat. Make sure it is laid out in a way that makes sense for you and your family.
The building approval. Make sure the flat meets all the necessary requirements and has been approved by the authorities.
The price. Make sure the price is fair and in line with similar properties in the area.
The contract. Make sure you understand all the terms and conditions of the lease before you sign it.
By taking the time to do your research and ensuring that the flat is as per your requirements, you can avoid any disappointment and make the most of your new home.
6. Understand the Complete Cost
Always ask for a copy of the sale deed and check for any additional charges. When you’re buying a property, it’s important to be aware of all the costs involved. In addition to the purchase price, there are often other charges that can add up, such as stamp duty, legal fees, and insurance. Always ask for a copy of the sale deed and check for any additional charges. This will help you to avoid any nasty surprises down the line.
7. Building Approval From the Authorities
Ensure that the builder has all the necessary approvals from the authorities. Apart from the obvious legal implications, there are a few other things to keep in mind when dealing with building approval authorities. First and foremost, be prepared for a lot of paperwork. Secondly, make sure you are clear about the purpose of the building – is it for residential or commercial purposes? Thirdly, be mindful of the neighbors and try to get their approval for the building (if possible). Lastly, be patient – the process can take a while.
8. Date of Possession of the Property
Check the possession date and delay clause in the builder agreement for the purchase of the flat. When buying a flat, it is important to check the possession date and delay clause in the builder agreement. This is because the agreement will determine when you can move in and if there are any delays, it will give you an idea of how long you will have to wait. The possession date is important because you need to be aware of when you can take possession of the flat and start living in it. The delay clause is important because it will give you an idea of what the builder will do if there are any delays in providing you with the possession date.
9. Warranty and Maintenance
Be clear about the warranty and maintenance charges of the flat. When signing a lease for an apartment, it is important to be clear about the warranty and maintenance charges. These charges can vary depending on the type of apartment and the amenities that are included. For example, a studio apartment with basic amenities may have a lower monthly maintenance charge than a three-bedroom apartment with a swimming pool and fitness center. It is important to ask the landlord or leasing office about these charges so that there are no surprises later on.
10. Legal Opinion from a Lawyer
Get all the necessary documents related to the property verified by a lawyer. It is always a good idea to consult with a lawyer when you are buying property. They can help you to verify all of the necessary documents and make sure that everything is in order. This can save you a lot of time and money in the long run.
Legal Disclaimer: The information contained in this blog post is for general information and educational purposes only. Nothing contained in this blog post should be construed as legal advice from The Aran Law Firm or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter.
To know more contact: aranlaw.in