Investing in property or real estate is among the biggest decisions of your life, and it is quite overwhelming. From choosing the right builder to evaluating the property, a number of tasks need to be done before finalizing anything.
When buying a property, the buyer/customer has a number of queries from the builder. Since, the property is not a standard product and therefore, it’s critical to inquire about a few things from your builder before you buy the property.
To understand this, here we have few things that everyone must ask the builder before buying the property: –
1. Check the back record of the Builder: –
You may ask the builders about the details of the projects they have completed in the past. How much time have they taken to complete them? Ask them whether they have received completion and occupancy certification for those completed projects or not. In case of big and reputed builders like the DLF, ATS, GODREJ, TATA, GAUR, ABA CORP (County Group) SAYA etc. you can easily check the details on their website. You will also find the details of their projects (both completed and upcoming) on the website. This will help you get a fair idea about the projects.
2. Ask about the status of the title: –
Before you buy a flat, you must enquire whether the property is legally hassle-free or not. The best way to guarantee title is that builder should purchase the land from the landowner(s) and then start construction. Often, small and local builders enter into Joint Development Agreement with the landowners. This process has numerous legal flaws, which are mostly unintentional. Ask for documents such as Commencement Certificate and Intimation of Disapproval. If the property is still under construction, you can ask for the plan of the project and approval of drawings.
3. Ask about the Actual Price of the Property: –
The actual price of the property would include the cost of utilities such as parking space, water supply, electricity, and various other taxes. It might also include any legal and registration charges. Most of the times, builders add extra charges for any of these utilities during possession of the property.
4. Ask if they can show any sample flat: –
You can always demand from the builder to show you a sample flat or property. This will help you get an idea about how your property or flat will look. You can also check the quality of the construction.
5. Ask about the completion and the possession date: –
As a buyer, you must be aware of the date and day when the property will be handed over to you and what they are writing in the sale agreement.
6. Ask about the Utilities or facilities: –
Ask whether the builder is going to provide you with any inbuilt facilities upon the sale of the flat or not, just like furnishing, Club house, park or recreational area, shopping complex etc.
7. Certificate: –
It is also important to verify that the land is free from all legal issues and have all the required certificates or approvals from the competent authorities.
8. Visit the Project site physically: –
The layout in the brochure could be different from the reality. So, do a thorough site visit before booking the property. Interact/survey with people in the neighbourhood as they may know about any illegal occupation or other legal disputes related to the property and also consult some professional property consultants.
9. Clarity about Actual Price of the Property: –
The actual price of the property would include the cost of utilities such as parking space, water supply, electricity, club charges and various other charges. It might also include any legal and registration charges. Most of the times, builders add extra charges for any of these utilities on offer of possession.
10. List of Banks for loan: –
With real estate companies sitting on unsold inventory and not having enough cash to complete their projects, banks have become vary of financing them. There are many builders which do not get bank loans at all. So, once you finalize the property and confirm that all approvals are in place, find out banks which are ready to fund the project and go with the one offering you loan at the lowest rate of interest.
Source – Real Estate Expert
Nice information