Finding your dream home is no less than looking for a life partner. We wish to get all that we have dreamt of and when you finally come face to face with your dream home, there is no limit to the excitement, for sure. But try to pause and hold your horses before you pick up the pen to sign your good name, on the dotted line, on the piece of paper called Builder-Buyer Agreement.
A builder-buyer agreement is an important document while transacting to buy a property. It holds the details of the building/flat specification cost, mode of payment, time of completion and all other clauses, terms and conditions and legal implications, signed by both. It is a legal contract, which can prove beneficial to the buyer, if the developer fails to keep his word on any of the mentioned details in the contract. Also, as it is generally favoured on the builder’s side, it is necessary for the buyer to read it before signing it. Here are the four points to ponder on before you seal the deal.
1. Possession Time-frame:
The agreement mentions a month or a date of possession of the apartment. However, it happens that the construction delays due to some reason. If it exceeds the limit of the time-frame, you can put pressure on the builder on the basis of the agreement.
2. Size of the Home:
The agreement must mention the area of the house you are purchasing. There is a clause stating that the developer can modify or make variations in the plan and designs. Make sure you go through this clause, as in the end, you may get a different size than the promised area of the house. To avoid this situation, ask the builder to mention a range of the size, so that later you are not bound to pay extra charges for an extra area.
3. Price hike Clause:
This is an important clause which you must not miss as it’s all about money. Many builders include this clause so that they can raise the price of the house. In the name of delay in construction, increase in the costs of raw materials, they try to extract money from the buyer. It’s better to discuss it at first, in the presence of a lawyer.
4. Certificate of Completion:
You have all the right to ask and own the completion certificate from the builder. It is a certificate that the builder must obtain from the municipal authorities after the completion of a building. It establishes whether the building complies with the approved plan and is built in accordance with all the safety norms and regulations. So, in case if it is not mentioned in the agreement, you can ask for the clause to be added in it.
Besides these four points, there are a lot of clauses which a builder-buyer agreement must contain. If not, you also have the right to add them. Shivalik Group always provides a buyer friendly agreement. As your dreams are more valuable to us, we always make sure to mention all the important clauses in the agreement and are open to discussing it with the buyer.
So, read and re-read the builder-buyer agreement to get what you always wanted and what you were promised.