Facts to Know Before Signing Deal on “Under Construction” Flat
If you’ve found an “under construction” flat that you’ve fallen in love with and your next step is to sign the sales agreement, it might lead you to consider some things first. Knowing what to look for in the contract and elsewhere reduces the likelihood that you’ll be unhappy with your decision later on.
Here We Discuss Key Aspects of the Sales Agreement:
The Overall Carpet Area:
Checking the size of the flat and comparing it to other documents. You also check that number against any brochures, sanctioned plans, and other booking documents you have to see if they all match up.
Details About the Flat Itself:
The more technical information you can obtain like description of flat, number of unit etc. The better you’ll feel about your purchase, so find out as much as you can about the flat itself.
Your Total Monthly Costs After Purchase:
Once you purchase your flat, you’ll naturally have expenses. Don’t just look at the note for the flat itself; look at all of the other living expenses as well so you can get a clear picture of what it will cost you to live there.
Payment Terms:
Making monthly payments will be a part of your life once you sign that sales document, so you need to be totally familiar with all parts of the contract that deal with money. Knowing your interest rate and any other costs attached to that monthly note is important.
Personal Details:
All contracts have information about the buyer in them, and you’ll want to make sure the details pertaining to you as the buyer are correct and adequately noted in all of the documents. Make sure all legal documents are correct.
Information Regarding What You’ll Pay for Before You Move in:
There are always going to be costs associated with the flat from the time you sign the document until the day you move in, so you need to double-check and make sure that you are familiar with the costs you are expected to pay.
Date of Agreement:
Sales agreements always have specific dates on them, and the date that the agreement is officially entered into may directly affect not only future documents, but also future decisions regarding taxes and much more.
Take Possession” Date:
Much like the date on the sales agreement, you also need to understand what your “take possession” date is because until this day arrives, the flat may not officially belong to you.
Penalty Clause for Late Payment:
When you’re late making a payment, which happens to most people occasionally, there is usually a financial penalty. Therefore, make sure you read the “fine print” to make yourself aware of what will happen if and when this does occur.
Registration Formalities:
Keep in mind that, like other legal documents, a sales agreement has to be registered so that everything becomes “official,” and it has to be registered with the proper authorities. Unless this happens, the agreement in essence is non-existent.
Here We Discuss Key Aspects of the Sales Agreement:
The Overall Carpet Area:
Checking the size of the flat and comparing it to other documents. You also check that number against any brochures, sanctioned plans, and other booking documents you have to see if they all match up.
Details About the Flat Itself:
The more technical information you can obtain like description of flat, number of unit etc. The better you’ll feel about your purchase, so find out as much as you can about the flat itself.
Your Total Monthly Costs After Purchase:
Once you purchase your flat, you’ll naturally have expenses. Don’t just look at the note for the flat itself; look at all of the other living expenses as well so you can get a clear picture of what it will cost you to live there.
Payment Terms:
Making monthly payments will be a part of your life once you sign that sales document, so you need to be totally familiar with all parts of the contract that deal with money. Knowing your interest rate and any other costs attached to that monthly note is important.
Personal Details:
All contracts have information about the buyer in them, and you’ll want to make sure the details pertaining to you as the buyer are correct and adequately noted in all of the documents. Make sure all legal documents are correct.
Information Regarding What You’ll Pay for Before You Move in:
There are always going to be costs associated with the flat from the time you sign the document until the day you move in, so you need to double-check and make sure that you are familiar with the costs you are expected to pay.
Date of Agreement:
Sales agreements always have specific dates on them, and the date that the agreement is officially entered into may directly affect not only future documents, but also future decisions regarding taxes and much more.
Take Possession” Date:
Much like the date on the sales agreement, you also need to understand what your “take possession” date is because until this day arrives, the flat may not officially belong to you.
Penalty Clause for Late Payment:
When you’re late making a payment, which happens to most people occasionally, there is usually a financial penalty. Therefore, make sure you read the “fine print” to make yourself aware of what will happen if and when this does occur.
Registration Formalities:
Keep in mind that, like other legal documents, a sales agreement has to be registered so that everything becomes “official,” and it has to be registered with the proper authorities. Unless this happens, the agreement in essence is non-existent.
Infinity IT Lagoon. Floor 6th Room
No 607,Plot No K 1 Block EP-GP,
Sector V Salt Lake City
Kolkata - 700091
+91 9024121121
No 607,Plot No K 1 Block EP-GP,
Sector V Salt Lake City
Kolkata - 700091
+91 9024121121