How To: Verify Your Flat Purchase Documents Without A Lawyer
05 Aug 2016
Buying a home is a landmark goal and achievement in everyone’s life. Sooner or later, you’ll have to decide on buying a new home. In order to ensure authenticity of your purchase documents and protect yourself from becoming the victim of fraud, it’s very important that you inspect all the necessary documents before purchasing the flat.
Here’s what you need to watch out for when checking the documents:
Personal details: The agreement should have all the details of the developer or seller including father’s name, address, PAN number and bank account information. It should also contain the property’s location and municipal’s, tehsil’s or collector’s land record number.
Title documents: The authenticity of the title documents and transfer of ownership in agreement should be confirmed by the builder or seller. He must also state that the handing over of the property is happening in a legal and fully-attested manner. Moreover, the agreement must fully secure the buyer from any disputes related to title and possession of the property.
Date of Possession: The date of possession is the date on which the buyer is to get the possession of the property and the seller must hand over the property to the buyer.
Payment Schedule: The agreement must have the buyer’s complete payment details including that of the mortgage, if any. The payment schedule clause mentions the amount to be paid and the time within which it is to be paid. If the payment is made in instalments, the payment schedule specifies details of each instalment. This helps prevent any confusion or disputes from arising in the future.
Termination: The termination clause states the consequences imposed on the parties in case of deviation from the rules expected to be followed by them. The agreement may contain a ‘termination by convenience’ clause where either the seller or buyer can end the agreement.
Dispute resolution: The dispute resolution clause states the way by which the parties can resolve their disputes. Other ways used to settle disputes include adjudication and mediation.
Amenities: The amenities clause states the additional benefits the buyer will be entitled to after possession of the property. It also states the supplementary amount towards maintenance charges. In case of any default on the amenities to be provided, the buyer may consider it as a breach of contract.
Penalty: A penalty clause specifies the milestones and penalties in case there is backing out from the deal by both parties.
So if you don’t have a lawyer in tow, don’t worry – just check for all these elements in the purchase documents.