Consider These Before Buying Property from Builders

Builders are smart and know all the tricks of their trade while property buyers can be a gullible lot, often taken in due to ignorance and sometimes no alternatives. If you are thinking of buying property, this should no longer be the case. Arm yourself with knowledge and avoid being shortchanged and consult useful property sites for information and guidance. Consider these before buying property from builders.

• Check for Completion Certificate, Title clear papers, commencement certificate and intimation of disapproval as may be relevant to the city. A builder is obligated to give you the completion certification necessary for registration, resale and stamp duty. At the same time the builder should provide an occupancy certificate since without this valuable document banks may not sanction loans. Along with these he should provide you the building plan and floor plan. You must know exactly the carpet area, and the total built up area.
• It is a positive sign if sample flat is ready. 
• Clarify the rate, what is included, what extra charges will be applicable and what facilities are included.
• Ask about he banks with which he has a tie up. If it is reputed banks, you can put trust.
• Will the builder complete construction and hand over the property on schedule? Ask for a written confirmation. If he refuses be suspicious. Builders are known to delay construction and if you have taken a loan it involves additional burden without the benefit.
• Payment terms should also be clarified. Settle only for a builder who accepts payments by cheques.
• Make inquiries in the market about the builder. If you want to go into details you can visit the housing schemes or projects and ask occupants about their experience with the builder.
• Discuss terms of agreement, about initial down payment, about time allowed for you to arrange the rest through a loan or other means and the leeway you get. Some builders may strictly adhere to dates and if your loan does not go through, your booking amount would stand forfeit.
• If you are approaching a builder through property dealers, delegate these responsibilities and ask for documentary proof, never trusting the spoken words of promises of “later on”.