- Rights an Owner is Entitled to After Buying an ApartmentJuly 14, 2018
Buying an apartment might turn out to be a hasty affair while on the run to manage different elements of the purchase and registration process. However, overlooking other vital factors are also not ideal for making a successful deal. The rights an owner is entitled to while buying an apartment is one such factor that is often neglected even while being influential in a successful buying decision. From the time of booking to the handing over, prospective owners must be aware of their basic rights which ensure a transparent purchase process free of discrepancies.
Ensure that the following things are in place after booking an apartment.
Letter of allotment
The developer should issue an allotment letter immediately after the confirmation of your booking. A receipt of any advance or initial payments should also be obtained.
According to the new RERA act which is yet to be implemented in some states, the government has capped the initial booking amount a builder can charge before entering into an agreement.
Payment Schedule according to construction
Before signing the agreement, a customer is entitled to a payment schedule which sets the dates for each milestones in construction for the builder to adhere to. A construction linked payment plan can be regarded as a basic right of the customer as he only needs to pay for the construction phases that are successfully completed.
Statement of Accounts & GST Invoice
The builder is expected to send the customer a statement of account once in 3 months or as requested by the customer. With the introduction of GST, the builder should also provide an invoice for every payment milestone crossed as stated in the agreement.
The builder is also responsible for assisting the buyer with home loans if required. The builder must comply with the request to issue a No Objection Certificate and get into a tripartite / quadripartite agreement with the buyer for the application of the home loan at the time of agreement. Also, the sale agreement should be registered.
As a buyer you are entitled to approve the agreement that depicts the execution of sale and construction of the apartment before executing it. It is also recommended to obtain copies of the floor plan and electrical & plumbing diagrams.
Confirm on the allotment of a secure car parking space provided for every buyer before executing the agreement as a convenient parking space is as important as a safe home nowadays.
Ladder Kerala, the most trusted and reliable choice for buying flats in Calicut or apartments in Calicut provide quality residential projects with world-class amenities at perfect locations. Owing to Ladder’s transparent process and impeccable customer service, buy your dream home at ease.