03 Aug, 2013
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: 1. Clear Identification of Piece of Land and clear title 2. Flat No., floor, Super Area, Built-up Area, clearly mentioned 3. Name and Address of Allottee correctly spelled 4. 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 5. Payment Plan viz. CLP/Flexi/Down payment plan 6. Penalty /Interest on account of delayed Payment 7. Time Schedule for Handing Over Possession of Property along with grace period if any and definition of force majeure 8. Penalty on Developer if delay in Handing over Possession of flat 9. Facilities & Specifications of property proposed to be delivered clearly defined 10. 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.