Buying a House? 5 Tips before Signing the Agreement
You may have chosen a nice apartment for you and your family and already got the home loan approved by a bank. You must have thought that this was half of the work done, but that is rarely the case. Once all the financial formalities have been finished, you still have to be careful of the legal traps that your builder may have cooked up for you. There are a number of very crucial points to consider when you are thinking about buying a house. 5 tips before signing the agreement are mentioned below:
- The actual cost of the flat/house
The agreement that you sign before buying a house has a lot of important points mentioned in it. One of that is all the costs that you have to bear before you call the house or flat your home. These include the cost for utilities like water, electricity, gas, parking space, and other taxes and registration charges. That is why when you are asked to sign the agreement, ask for a day or two to read the agreement in its entirety and check for all the applicable charges. You can also get the agreement check by lawyers to ensure that there are no legal loopholes. If the builder of the house tried to charge you extra for any change to the original building plan, you can always ask for the sanction letter from the government that is given for such changes.
- Check the actual size of the flat or house
Before deciding on the builder of your choice, it is advisable that you check on the past projects that were completed by them to see if they make changes to the actual size mentioned in the advertisements that they put up. You could try to speak with other owners who have already got their possession.
- Carpet Area
It is always advisable that a flat or apartment be bought only on the basis of carpet area – a term used to define the space of the house excluding the walls, to literally find the size of the area on which a carpet can be laid on. You should ensure that the agreement mentions the carpet area instead of some other figure. This is another one of the important things to consider before signing an agreement for buying a house. Carpet area is generally supposed to be 15% to 30% lesser than the total built up area.
- The promised date of possession
Before you sign on the dotted lines of the agreement before buying a house,take note of the date of possession mentioned in the agreement. It has rarely been heard that a project has been completed on time and you are able to move in to your new house within that date.
- Completion Certificate
Ensure that the builder hands you a copy of the completion certificate before you sign the agreement with him. If the builder employs delay tactics, it is advisable to pressure him with the help of other buyers.