Feb 27, 2013

How to avoid Realty Traps

HOW TO AVOID REALTY TRAPS

  • Before buying any property you should: Check the title of the property. Find out who owned it for at least the last 14 years. Ensure all previous mutations are complete.
  • Ensure it is free of any sort of litigation or mortgage. Physically verify the original chain of documents.
  • Verify it has all the statutory approvals - for instance, for its building plan and certifi ed map - as well as environment clearances, change of land use approvals, completion certifi cate, etc.
  • Ensure all previous dues such as electricity bills, property tax, water bills, etc, have been paid in full. Satisfy yourself about construction technicalities of the property - the plumbing, the electrical connections, the power supply, etc.
  • While signing the agreement of sale or contract, ensure the schedule of payments is realistic and the date of registration and date of possession are clearly mentioned.
  • Check out the credibility of the builder by verifying his past performance.
  • If buying an apartment, ensure there no ambiguity about the covered area, the super built-up area and the total built up area.
  • Read the contract agreement carefully and insist on deleting clauses you are uncomfortable with. Pay special attention to the clauses pertaining to penalties, delays in construction, delays in case of late payment of EMIs, refund in case of delays, etc.
  • Maintenance cost is a huge recurring expense for the buyer. Find out the amount beforehand. Be wary of schemes such as assured returns, no payment of EMI till possession, sharing of EMI, etc.
  • Do not be taken in by the glossy brochures many builders publish. Ensure the amenities mentioned in the brochure are included in the contract. Ensure the stamp duty computed at the time of registering the sale deed is correct.

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