Identifying a property to buy, is indeed an all-consuming endeavour. After crossing this hurdle, the next herculean task is to make sure that your investment goes through in a systematic and diligent manner. This not only safeguards your investment but also secures your future interests arising out of this property.
Always remember, when you pay the advances towards purchase of a property, the first thing you are required to do is to execute an “agreement to sell” with the seller. This agreement to sell document should record the total consideration or price, and advances agreed to be paid for the property. If it is an ‘under construction property’, the builder may ask you to sign two documents i.e. Agreement to Sell and Construction Agreement. By signing these documents, you agree with the terms and conditions set out there. However, most of us don’t read these documents carefully, or rather, we don’t know which are those essential clauses which need to be specifically looked into.
What does it mean when one refers to “evaluation of a property”?
A property needs to qualify against certain parameters to hold a marketable competence in the reality sector. Before we decide to invest in any property, it is important to know what are the essential parameters based on which it could be evaluated. In a more generic sense ‘Evaluate A Property’ means assessment of a property to determine the risk factors involved. This assessment help us to analyse and determine whether to invest in a particular property or not.
Parameters for evaluation are broadly based on location, sale price, payment schedule, delivery of possession, legal sanctions and requisite approvals obtained for the building and the clear marketable title of the property itself. Read More
The newly enacted Real Estate (Regulation and Development) Act, 2016 (the “Act”), is a welcome and much awaited step towards transparency and effectiveness in the realty sector. The Act intends to regularize the real estate practice by setting up proper legal structure, imposing liabilities and obligations on the developers, in order to protect the interest of buyer’s rights and to bring accountability on the developers for both commercial and residential real estate projects. Here’s a synopsis: Read More