It can take many years to buy a home. After exhaustive bargaining, when you seal the deal, make sure to go through all the essential documents before signing on the dotted line.
We recomened the different kinds of factors which you should examine carefully before signing a property agreement.
A property agreement is a mutual contract from the buyer between the seller of a piece of property to go ahead with the negotiation deal according to the specified terms and conditions.
The property agreement could either be between the seller and buyer or between the lesser and lessee.
There maybe specific points that may be missed in a hurry, which is why care must be taken to make sure that it is properly understood before it is signed.
Here are the 5 important aspects you need to take consider before you enter into a home purchase agreement with a developer.
A home purchase agreement provides details about the various costs that you will need to bear before you purchase a house. This would involve the cost for utilities like electricity, water, parking space, many other kinds of taxes, and in some cases even charges for registration.
The size of the house will be clearly mentioned in the home purchase agreement. The clause would be stating designs, plans and specifications which are tentative and developer has the right to modify. You may agree for a certain size but the developer may agree for another size.
The agreement includes a tentative date of possession which can get extended.
The builder needs to provide a completion certificate before handing over the house to you. This is issued by municipal authorities and should comply with the building plan. This certificate is needed for the registration of your house and other government formalities. Make sure that you procure this completion certificate before signing on the home purchase agreement.
The area of an apartment or building minus the area of the walls is known as the Carpet Area. This is the area where a carpet can be laid in the house. The built-up area is the area of walls, including the balcony which is calculated with the Carpet Area. The built-up area which includes areas under the common spaces like lobby, lifts, stairs, garden and swimming pool is called Super Built-Up Area.
Carpet area is 15-30 per cent less than super built-up area. The exact size cannot be known until the property has been built.
Bonus Tips : Important points to know before signing a lease agreement.
The lease agreement gives lessers and lesses with a legally enforceable contract and it’s essential that this document has the necessary elements to provide protection to both the renter and landlord. A good lease agreement defends your interests and avoids misunderstandings that could land you in litigation.
Parties to the Lease – the lease agreement should include the names of the landlords and tenants who are bound by the terms in the agreement.
Terms of rent – The rent amount in rupees should be in the agreement as well as due date of the rent, which place should the rent be sent to and how it will be accepted (by draft, check etc). The terms for late rent should also be included in the agreement.
Whether you are buying a property or renting it out, it is imperative to include the terms and conditions in a written document which could be a home purchase agreement or lease agreement will keep the contract between the two parties unambiguous and favourable.
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