3 August 2013

Important Points to consider When signing Purchase/Builder Buyer Agreement

Buying an house is one of the most important decisions we take in our life and after choosing on the house to buy, builder buyer agreement or the purchase agreement is the back bone of the deal to be concluded over a period of time, assuming the possession will be offered later.
Following points are important to be considered when signing the Builder Buyer Agreement:
Clear Identification of Piece of Land and clear title
Flat No., floor, Super Area, Built-up Area, clearly mentioned
Name and  Address of Allottee  correctly spelled
Pricing  of flat & other  charges /Taxes clearly mentioned along with charges to be paid at time of possession like maintenance charges, sinking fund and other common recurring charges
Payment Plan  viz. CLP/Flexi/Down payment plan
Penalty /Interest on account of delayed  Payment
Time Schedule  for Handing Over Possession of Property along with grace period if any and definition of force majeure
Penalty on Developer if  delay in Handing over  Possession of flat
Facilities & Specifications of property proposed to be delivered clearly defined
What if the buyer wants to cancel the unit or builder is unable to deliver the unit

"We at SG Estates Ltd. incorporate all the above points and clearly define the duties and responsibilities of both builder and buyer"says Gaurav Gupta, Director SG Estates Ltd. 

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